Q1301
Open questionFixed assets are reported in the Balance Sheet at historical cost basis. This is done in order to comply with the accounting principle of:
Select an option to see the answer and solution.
Commerce · all questionsAccounting
Accounting
practice.
Practice every MCQ with options. Use Show answers when you want the correct option and solution.
2,968
Questions
66/149
Page
Pick an option on a question to see the right answer and solution.
Q1302
Open questionIssue of debenture is a-
Select an option to see the answer and solution.
Q1303
Open questionArrange the following categories of share capital of a company in the correct order.
1. Paid-up capital
2. Issued capital
3. Called-up capital
4. Subscribed share capital
1. Paid-up capital
2. Issued capital
3. Called-up capital
4. Subscribed share capital
Select an option to see the answer and solution.
Q1304
Open questionThe term 'risk capital' denotes:
Select an option to see the answer and solution.
Q1305
Open questionBonus Shares can be issued out of:
Select an option to see the answer and solution.
Q1306
Open questionThe source of cash inflow in cash flow statement is:
Select an option to see the answer and solution.
Q1307
Open questionIf the average stock of a firm is Rs. 40,000 and its opening stock is Rs. 5,000 less than the closing stock, what would be the value of Opening Stock?
Select an option to see the answer and solution.
Q1308
Open questionCapital account is opened in case of:
Select an option to see the answer and solution.
Q1309
Open questionAccording to Section 80 of the Companies Act, 1956, a company cannot redeem its Preference shares out of:
Select an option to see the answer and solution.
Q1310
Open questionA person starts a business with a capital of Rs. 45,000. He purchased goods on credit worth Rs. 5,000. These transactions can be expressed in an accounting equation as-
Select an option to see the answer and solution.
Q1311
Open questionMr. X a partner in a partnership firm withdraws Rs. 2,000 at the end of each month. Rate of interest is 5%. Interest on drawings at the end of the year will be
Select an option to see the answer and solution.
Q1312
Open questionX and Y are partners sharing profits and losses in 3 : 1. They admitted Z in the partnership and he bring Rs. 8,000 as his share of goodwill. New profit sharing ratio between X, Y and Z is 2 : 1 : 1, goodwill will be distributed to.
Select an option to see the answer and solution.
Q1313
Open questionMatch the following
| List-I | List-II |
| a. The document related to sales return is . . . . . . . . note. | 1. Business |
| b. Bank reconciliation statement is prepared by the . . . . . . . . enterprise. | 2. Credit |
| c. Purchases account will always have a . . . . . . . . balance. | 3. Cash |
| d. When the word 'paid' occurs, it means reduction of . . . . . . . . | 4. Debit |
Select an option to see the answer and solution.
Q1314
Open questionAccounting standard 8 is concerned with:
Select an option to see the answer and solution.
Q1315
Open questionAll the possible losses should be anticipated in advance. This is in accordance with
Select an option to see the answer and solution.
Q1316
Open questionAt what price the stock is valued under conventional method:
Select an option to see the answer and solution.
Q1317
Open questionWhich of the following is not a formula of P/V Ratio?
Select an option to see the answer and solution.
Q1318
Open questionIf an equal amount is withdrawn by a partner at the beginning of each month for a period of 6 months, the interest on the total amount will be charged for
Select an option to see the answer and solution.
Q1319
Open questionThe question contains two sentences. One is statement (A) and the other is Reason (R). You have to examine both the sentence carefully and decide whether statement (A) and reason (R) correct and if so, reason is the correct explanation of statement. Mark these items in the answer sheet:
Statement (A): Wages paid for installation of new machine is treated as capital expenditure.
Reason (R): It is related to giving work to new asset.
Statement (A): Wages paid for installation of new machine is treated as capital expenditure.
Reason (R): It is related to giving work to new asset.
Select an option to see the answer and solution.
Q1320
Open questionGoodwill of a firm of A and B is valued at Rs. 30,000. It is appearing in the books at Rs. 12,000. C is admitted for share. The amount of goodwill, which he is supposed to bring, will be:
Select an option to see the answer and solution.