Commerce MCQ Questions and Answers

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Q121
A Balance Sheet shows only-
  • A Personal Accounts and Nominal Accounts
  • B Real Accounts and Nominal Accounts
  • C Personal Accounts and Real Accounts
  • D Personal, Real and Nominal Accounts
Answer: Option C
Q122
Discount on Issue of Shares A/c is shown at the-
  • A Debit side of P & L A/c
  • B Assets side of B/S
  • C Liabilities side of B/S
  • D None of the above
Answer: Option B
Q123
Pre-incorporation Profit is transferred to-
  • A General Reserve
  • B Capital Reserve
  • C Profit and Loss A/c
  • D Trading A/c
Answer: Option B
Q124
 Which of the following is shown in Profit & Loss Appropriation A/c ?
  • A Provision for Income Tax
  • B Provision for Depreciation
  • C Provision for Doubtful Debts
  • D Contribution to General Reserve
Answer: Option D
Q125
On liquidation of a Company first payment is made in respect of-
  • A Liquidator’s remuneration
  • B Legal expenses
  • C Preferential creditors
  • D None of the above
Answer: Option C
Q126
Workmen’s Compensation Fund is a-
  • A Provision
  • B Surplus
  • C Current liability
  • D Loan
Answer: Option B
Q127
Debentures of Rs. 4,25,000 are issued against the purchase of assets of Rs. 4,50,000. In this case the amount of Rs. 25,000 is-
  • A Capital Reserve
  • B Securities Premium
  • C Revenue Profit
  • D Goodwill
Answer: Option A
Q128
A Company can reissue its forfeited shares-
  • A At a premium
  • B At a face value
  • C At a discount
  • D All of the above
Answer: Option D
Q129
Which of the following is an example of capital expenditure ?
  • A Insurance Premium
  • B Taxes and Legal expenses
  • C Depreciation
  • D Custom duty on import of machinery
Answer: Option D
Q130
Given : Average profit of a firm Rs. 21,000 Normal Profit Rs. 18,000 Value of goodwill on the basis of 3 years purchases of super profit shall be-
  • A Rs. 39,000
  • B Rs. 9,000
  • C Rs. 3,000
  • D Rs. 12,000
Answer: Option B

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