NET, IAS, State-SET (KSET, WBSET, MPSET, etc.), GATE, CUET, Olympiads etc.: Commerce MCQs (Practice_Test 55 of 99)
Doorsteptutor material for competitive exams is prepared by world's top subject experts: get questions, notes, tests, video lectures and more- for all subjects of your exam.
- Consider the following statements:
- Closing stock is valued on the principle of cost price or market price whichever is lower
- The manufactured goods in a year are transferred from the manufacturing account to trading account at selling price
- The going concern concept assumes that a business will continue its operations indefinitely
- Revenue is not increased by taking loans although assets and liabilities are increased
- Which of the above statements are correct?
- 1,3 and 4
- 1 and 2
- 2 and 3
- 2,3 and 4
- In case of disclosure of accounting policies, the following fundamental accounting assumptions may NOT be required to be stated if they are followed in the preparation of final accounts of a company
- Materiality and accounting period
- Going concern and consistency
- Accrual basis of accounting
- Conservatism and accounting period
- Select the correct answer using the codes given below:
- 2 and 3
- 1 and 4
- 1,2 and 3
- 1,2, 3 and 4
- Match List I (Accounting Standards (AS) issued by the Institute of Chartered Accountants of India) with List II (Standard on) and select the correct answer
Table Supporting: NET, IAS, State-SET (KSET, WBSET, MPSET, Etc.) , GATE, CUET, Olympiads Etc. : Commerce MCQs (Practice_Test 55 of 99) List-I List-II - AS-1
- AS-2
- AS-3
- AS-6
- Valuation of Inventories
- Disclosure of Accounting Policies
- Depreciation Accounting
- Cash Flow Statement
- A
- B
- C
- D
- 2
- 3
- 4
- 1
- 4
- 1
- 2
- 3
- 4
- 3
- 2
- 1
- 2
- 1
- 4
- 3
- Which one of the following pairs is not correctly matched?
- Match Item 1: Accounting equation
- Match Item 2: Assets-Liabilities-Capital
- Match Item 1: Accounting year
- Match Item 2: 1st April 31st March
- Match Item 1: Accrual concept
- Match Item 2: Recognizing revenue on receipt of cash
- Match Item 1: Cost concept
- Match Item 2: Recognizing transactions at historical cost
- Included in production overhead of hardware division of ₹ 3,00, 000 is ₹ 50,000 being the cost of prototype computers manufactured by the company itself. These are not to be sold but to be kept for demonstrating alive the medical imaging software programme. The cost of prototype computers of ₹ 50,000 should be treated as
- fixed assets
- deferred revenue expenditure
- production overhead cost of hardware division
- advertising cost
- The loss on the sale of old furniture is debited to
- profit & loss account
- furniture account
- trading account
- depreciation account
- If the purchases made during the year were ₹ 60,000, the balance of stock in trade at the beginning and at the end of the year were ₹ 12,000 and ₹ 9,000 respectively and the gross profiting sale was th then which one of the following represents the figure of gross profit for the year?
- ₹ 15.750
- ₹ 14,000
- ₹ 12.500
- ₹ 17,250
- Given: Opening stock: ₹ 5,000 Closing stock: ₹ 7,000 Purchase: ₹ 10,000 Manufacturing expenses: ₹ 20,000 Loss of materials due to fire: ₹ 1,000 The cost of production would be
- ₹ 28,000
- ₹ 29,000
- ₹ 27,000
- ₹ 30,000
- A and B are sharing profits in the ratio of 2: 1. They admit C into the firm with th share in profits for which he brings ₹ 12.000 as his share of capital. Therefore, the adjusted capital of B will be
- ₹ 48,000
- ₹ 12,000
- ₹ 16,000
- ₹ 24,000
- While making an adjusting entry in respect of interest on capital, we credit
- capital account
- profit & loss account
- interest on capital account
- drawing account
- A and B are partners sharing profits ⧵and losses, in proportion 2: 1. They admist new partner C whom they give th share in profits. The new profit-sharing ratio will be
- 8: 4: 3
- 3: 2: 1
- 2: 1: 1
- 4: 2: 1
- Match List I with List II and select the correct answer:
Table Supporting: NET, IAS, State-SET (KSET, WBSET, MPSET, Etc.) , GATE, CUET, Olympiads Etc. : Commerce MCQs (Practice_Test 55 of 99) List-I List-II - Revaluation Account
- Realization Account
- Piecemeal Distribution
- Gaining Ratio
- Retirement of a partner
- Maximum loss method
- Admission of a partner
- Dissolution of partnership firm
- A
- B
- C
- D
- 2
- 1
- 3
- 4
- 3
- 4
- 2
- 1
- 2
- 4
- 3
- 1
- 3
- 1
- 2
- 4
- Dividend can be paid generally out of
- share premium account
- capital redemption reserve account
- current years profits
- All of these
- The following four assets normally appear in the balance sheet:
- Advance salary
- Copyright
- Preliminary expenses
- Loose tools
- The correct order in which these are to appear in the balance sheet if drawn in order of permanency will be
- 4,2, 1,3
- 3,2, 4,1
- 1,2, 3,4
- 2,4, 1,3
- What is the correct sequence of the following items of current assets in the balance sheet of a company as per the Companies Act, 1956?
- Cash balance on hand
- Interest accrued on investments
- Stores and spare parts
- Loose tools
- Sundry debtrs
- Stock-in-trade
- Work-in-progress
- Select the correct answer using the codes given below:
- 2, 5, 4, 6,7, 3,1
- 1, 2, 4, 3,5, 7,6
- 7, 6, 4, 1,2, 5,3
- 2, 3, 4, 6,7, 5,1