Accounting Mcqs

Page No. 41

From the following details what will be the partners commission? Net profit before charging partners commission 65,000. Partners commission 11% before charging such commission


a6441

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b5431

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c7150

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d5876

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View Answer 7150

From the following details what will be the partners commission? Net profit before charging partners commission 65,000. Partners commission @ 11% after charging such commission.


a6441

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b5431

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c5431

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d9876

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View Answer 6441

Riaz holds an average inventory of 36,000(CP) with an inventory turnover of 5 times. If the firm makes a gross profit of 25% on sales, find the total sales of the company.


a2,40,000

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b2,10,000

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c2,00,000

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d1,80,000

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View Answer 2,40,000

Which of these is not an operating income?


aIncome from sale of trading goods

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bBad debts recovered

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cInterest on FDs

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dNone

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View Answer Interest on FDs

Carriage on goods purchased is shown in:___________?


aProfit and Loss A/c

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bCapitalized with work in progress

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cTrading A/c

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dShown in Balance Sheet

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View Answer Trading A/c

Profit on sale of old plant is:___________?


aIn Trading A/c

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bIn Profit and Loss Appropriation A/c

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cProfit and Loss A/c

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dBeing a non operating item ignored

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View Answer Profit and Loss A/c

Depreciation Account appearing in the Trial Balance is shown in:


aProfit and Loss A/c

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bTrading A/c

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cDeducted from the concerned assets A/c

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dShown on the liability side

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View Answer Profit and Loss A/c

Closing stock appearing in the Trial Balance is shown in:


aTrading A/c and Balance Sheet

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bProfit and Loss A/c

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cBalance Sheet only

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dTrading A/c only

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View Answer Balance Sheet only

Closing entries are generally passed:


aAt the time of opening new books of account

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bAt the time of closing the accounts

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cDuring the course of accounting period any time

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dAfter certification of accounts

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Which of the following are current assets of a business? 0 i. Income received in advance ii. Stock iii. Debtors iv. Pre-paid expenses v. Accrued income


aBoth (i) and (iv) above

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bBoth (ii) and (iii) above

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c(i),(ii) and (iii) above

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d(ii),(iii),(iv) and (v) above

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