Commerce MCQ Questions and Answers

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 ?

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 ?

Depreciation is a process of which one of the following ?

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-

At the time of dissolution the loss of the business, will be compensated first of all from-

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-

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-

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 :

Establishment expenses of a new machine will be debited to-

Goodwill is-