Accounting MCQ Questions and Solutions with Explanations | Commerce

A. all the partners severally

B. all the partners jointly

C. Both A and B

D. None of these

A. Allotment of the whole item without division to a particular department

B. Allotment is the distribution of proportionate items of cost

C. It is a suitable basis for sub-division of the cost by cost centres

D. Allocation and appropriation are both more or less same

E. Products, departments or machineries are the basis on which allocation is usually made

A. at par

B. at premium

C. out of free reserves

D. all of these

A. Operating ratio

B. Sales turnover ratio

C. Current ratio

D. Acid test ratio

A. 15%

B. 20%

C. 18%

D. 16%

A. Average collection period

B. Inventory turnover ratio

C. Fixed assets turnover ratio

D. All of the above

A. Loss due to bad debts

B. Loss of stock due to fire

C. Loss on shares held as stock in trade

D. Loss of a machine due to theft

A. Rs. 3,500

B. Rs. 7,500

C. Rs. 9,000

D. Rs. 11,000

A. Income statement

B. Cash flow statement

C. Balance Sheet

D. Funds flow statement

A. Interest will not be charged on partner's drawings

B. Interest will be charged @ 5% p.a. on partner's drawings

C. Interest will be charged @ 6% p.a. on partner's drawings

D. Interest will be charged @ 12% p.a. on partner's drawings