Commerce MCQ Question and Answer

Commerce MCQ Question and Answer
111. Given—
Purchases — Rs.50,000
Sales — Rs.90,000
Closing Stock — Rs.7,000
Manufacturing Exp. — Rs.5,000
Rate of gross profit — Rs.331
3% on cost
What is the opening stock ?
  • Rs. 20,000
  • Rs. 19,500
  • Rs. 22,500
  • Rs. 25,000
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112. A particular firm provided the following data for a year—
Current Ratio 2•5 : 1
Liquid Ratio 1•5 : 1
Net Working Capital
Rs. 3,00,000
What are the current assets and current liabilities of this firm, respectively ?
  • Rs. 3,00,000 and Rs. 1,50,000
  • Rs. 5,00,000 and Rs. 2,00,000
  • Rs. 2,00,000 and Rs. 5,00,000
  • Rs. 3,00,000 and Rs. 1,00,000
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113. Depreciation is a process of which one of the following ?
  • Valuation of assets
  • Allocation of acquisition cost over the estimated useful life of the asset
  • Allocation of realizable value over the estimated useful life of the asset
  • Estimating the market value of the asset on the balance sheet date
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114. The share of new partner in the profits is 1/5 and his capital is Rs. 20,000. The new profit sharing ratio is 3 : 1 : 1. The share of partners in total capital will be—
  • 60,000 : 20,000 : 20,000
  • 80,000 : 20,000 : 20,000
  • 50,000 : 20,000 : 25,000
  • None of the above
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115. At the time of dissolution the loss of the business, will be compensated first of all from—
  • Capital
  • Profits
  • Personal resources of the partners
  • Donations
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116. Given :
Depreciation on the basis of Fixed Instalment Method Rs. 2,000 p.a.
Establishment expenses Rs. 5,000
Scrap value Rs. 1,000
Span of life 10 years
The cost of assets will be—
  • Rs. 20,000
  • Rs. 16,000
  • Rs. 12,000
  • None of these
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117. Given :
Cost Rs. 1,00,000
Scrap Value Rs. 10,000
Span of Life 10 years
Rate of depreciation 20% p.a.
The amount of depreciation for the first year on the basis of diminishing balance method will be—
  • Rs. 20,000
  • Rs. 18,000
  • Rs. 9,000
  • Rs. 10,000
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118. Match the following List-I with List-II and select the correct answer from the answer codes given below—
List-I
(a) AS-6
(b) AS-10
(c) AS-26
(d) AS-20
List-II
1. Accounting for Earning per share
2. Accounting for intangible and fictitious assets
3. Accounting for fixed assets
4. Depreciation Accounting
Codes :
  • 1 2 3 4
  • 3 2 1 4
  • 1 3 2 4
  • 4 3 2 1
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119. Establishment expenses of a new machine will be debited to—
  • Expenses Account
  • Profit and Loss Account
  • Machinery Account
  • None of the above
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120. Goodwill is—
  • Floating Asset
  • Wasting Asset
  • Fictitious Asset
  • Intangible Asset
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