Commerce · all questions

Accounting
practice.

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

2,968

Questions

29/149

Page

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

Q561

AS-37 does not apply to contingent liabilities of

Select an option to see the answer and solution.

Q562

X Ltd. goes into liquidation and a new company Z Ltd. purchases the business of X Ltd. It is a case of:

Select an option to see the answer and solution.

Q563

Arrange the following in correct sequence in the event of dissolution of a partnership firm.
1. Residue, if any, divided among the partners.
2. Paying to each partner for his capital.
3. Paying the debts of third party.
4. Paying to each partner for advances made by him.
Select the correct answer:

Select an option to see the answer and solution.

Q564

Subscription recieved in 2009 is
For the year 2008 ⇔ Rs. 1,300
For the year 2009 ⇔ Rs. 10,000
For the year 2010 ⇔ Rs. 1,200
Subscription outstanding on 31^st December, 2009 ⇔ Rs. 700.
The amount of subscription to be posted to Income and Expenditure account of 2009 will be

Select an option to see the answer and solution.

Q565

An asset was purchased for Rs. 5,00,000 with the down payment of Rs. 1,00,000 and bills adopted for Rs. 4,00,000. What would be the effect on the total asset and total liabilities in the Balance Sheet?

Select an option to see the answer and solution.

Q566

Securities premium can be used by a company for

Select an option to see the answer and solution.

Q567

By underwriting of shares, it is-

Select an option to see the answer and solution.

Q568

You are given the following items-
1. Bill received
2. Investment
3. Debtors
4. Interest earned but not received
Which of the following arrangement in order of liquidity is correct?

Select an option to see the answer and solution.

Q569

According to which of the following concepts, fixed assets are depreciated over their useful life, rather than over a shorter period, on the expectation of early liquidation?

Select an option to see the answer and solution.

Q570

X, Y and Z are partner in a partnership firm who share profits and loses in 4 : 2 : 1. It is decided that Z's share of profit will not be less than Rs. 7,500. If profit for the year is Rs. 31,500 then how will be profit distributed between each partner?

Select an option to see the answer and solution.

Q571

Garner Vs. Murray rule is applicable when-

Select an option to see the answer and solution.

Q572

Current liabilities are equal to-

Select an option to see the answer and solution.

Q573

The equation to find opening stock is

Select an option to see the answer and solution.

Q574

Mortgage loan is shown in

Select an option to see the answer and solution.

Q575

When does the buyer get the ownership in the hire purchase method?

Select an option to see the answer and solution.

Q576

If closing stock is given in adjustment then it would be shown in-

Select an option to see the answer and solution.

Q577

Which one of the following is not a generally accepted accounting principle:

Select an option to see the answer and solution.

Q578

Which of the following statement is wrong?

Select an option to see the answer and solution.

Q579

Over-capitalization results in:

Select an option to see the answer and solution.

Q580

Cash sales during the year - Rs. 46,000
Cash collected from customers during the year - Rs. 1,26,000
Amount regarded as collected from the customers at the end of the year decreased by Rs. 4,940 as compared to the collectable amount at the beginning of the year. One account of the amount of Rs. 1,300 was determined worthless during the year. The amount of credit sales during the year was

Select an option to see the answer and solution.

Prev 27 28 29 30 31 Next