Accounting MCQ Questions and Solutions with Explanations | Commerce

A. Decrease in assets and increase in capital

B. Increase in assets and increase in capital

C. Decrease in assets and increase in liabilities

D. Increase in assets and increase in liabilities

A. amortised cost

B. net book value

C. fair value

D. historical cost

A. 1, 2 and 3

B. 2, 1 and 3

C. 3, 2 and 1

D. 2, 3 and 1

A. It begins with a credit balance

B. It is a Real A/c

C. Only revenue items are recorded in it

D. The closing balance indicates profit or loss of the year

A. $$\frac{{{\text{Gross Profit}}}}{{{\text{Gross Sales}}}} \times 100$$

B. $$\frac{{{\text{Gross Profit}}}}{{{\text{Net Sales}}}} \times 100$$

C. $$\frac{{{\text{Net Profit}}}}{{{\text{Gross Sales}}}} \times 100$$

D. $$\frac{{{\text{Gross Receipts}}}}{{{\text{Net Sales}}}} \times 100$$

A. Reserves and surplus

B. Current liabilities and provisions

C. Share capital

D. All of these

A. Company Law Board

B. Government

C. Issuing Company

D. Securities and Exchange Board of India

A. Capital profit = Rs. 60,000

B. Revenue profit = Rs. 60,000

C. Capital profit = Rs. 20,000 and Revenue profit = Rs. 40,000

D. Capital profit = Rs. 1,20,000

A. Gross profit = Net sales - Cost of goods sold

B. Gross profit = Sales + Closing stock - Opening stock Purchase

C. Cost of goods sold + Gross profit = Sales

D. All of the above

A. only by issue of fully paid bonus shares

B. only by making partly paid shares fully paid

C. by A and B both

D. none of the above