Commerce · all questions

Accounting
practice.

Practice every MCQ with options. Use Show answers when you want the correct option and solution.

2,968

Questions

25/149

Page

Pick an option on a question to see the right answer and solution.

Q481

A company XYZ (parent co.) is required to present consolidated financial statements, except if it meets certain conditions. You need to identify those conditions from the following.
1. It is a subsidiary of another entity and all its other owners, including those not otherwise entitled to vote, have been informed about and do not object to, the parent not presenting consolidated financial statements.
2. Its debt or equity instruments are not treaded in a public market.
3. Its ultimate or any intermediate parent produces Ind AS complaint consolidated financial statements available for public use

Select an option to see the answer and solution.

Q482

A debenture holder gets:

Select an option to see the answer and solution.

Q483

Which one of the following is not an example of 'financing activities' with reference to cash flow statement?

Select an option to see the answer and solution.

Q484

The first accounting standard issued by the Accounting Standard Board of India (ASBI) relates to:

Select an option to see the answer and solution.

Q485

Double Entry System was propounded by-

Select an option to see the answer and solution.

Q486

Sale of furniture by a furniture dealer for cash is debited to:

Select an option to see the answer and solution.

Q487

Both of the old companies willnot exist in . . . . . . . .

Select an option to see the answer and solution.

Q488

Which one is the principle of 'double entry system'?

Select an option to see the answer and solution.

Q489

Purchases of a firm during the year is Rs. 60,000. Opening stock and closing stock for the year is Rs. 12,000 and Rs. 9,000 respectively. Gross profit is

\frac{1}{5}^{th}

of sales. Amount of gross profit is

Select an option to see the answer and solution.

Q490

A department transferred goods to B department at cost + 25%. Out of it, stock of Rs. 10,000 remains with B department. Therefore, the amount of stock reserve will be

Select an option to see the answer and solution.

Q491

Rights shares are the shares

Select an option to see the answer and solution.

Q492

Balance of petty cash book represents

Select an option to see the answer and solution.

Q493

A limited company issued equity shares of Rs. 100 each. It has called-up Rs. 75 on each share, but received only Rs. 60 per share. The share capital account will be credited with

Select an option to see the answer and solution.

Q494

Which of the following is not correct:

Select an option to see the answer and solution.

Q495

Rearrange the following items on Asset side of the Balance Sheet of Company Account according to the Schedule VI of Part I
1. Current Assets
2. Investments
3. Fixed Assets
4. Miscellaneous expenditure

Select an option to see the answer and solution.

Q496

Prepaid rent appearing in trial balance should be shown in

Select an option to see the answer and solution.

Q497

Match the items in Column-I with the items in Column-2

Column-1	Column-2
a. Materiality concept	1. The same accounting method used by a firm from one period to another
b. Going Concern concept	2. An inappropriate assumption of a firm being bankrupt
c. Historical Cost concept	3. A normal basis used for accounting assets
d. Consistency concept	4. Relates to the importance of an item or event

Select an option to see the answer and solution.

Q498

Rent earned by a trading company is:

Select an option to see the answer and solution.

Q499

A company can reissue its forfeited shares:

Select an option to see the answer and solution.

Q500

X company purchased a machine paying cash Rs. 50,000, sold inventory for cash Rs. 10,000 (at cost), and collected bills receivables of Rs. 5,000 during a month. The net effect on fund flow would be:

Select an option to see the answer and solution.

Prev 23 24 25 26 27 Next