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Accounting MCQs

Commerce Objective Questions

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813. Accounting in modern age is regarded as:
A. the art of recording, classifying and summarising the business transactions in monetary units
B. the language of business
C. the source of business information
D. all the above
Discussion
814. If Rs. 3,000 was outstanding at the beginning of the year towards subscription, and Rs. 20,000 is received during the year, with Rs. 5,000 still outstanding at the end of the year, the amount to be taken to Income and Expenditure Account will be:
A. Rs. 22,000
B. Rs. 17,000
C. Rs. 20,000
D. Rs. 28,000
Discussion
815. On standard asset a minimum provision of . . . . . . . . is required.
A. 0.25%
B. 0.10%
C. 0.40%
D. None of these
Discussion
816. Which of the following is not included into the final accounts?
A. Trading and profit and loss account
B. Profit and loss appropriation account
C. Cash-book
D. Balance sheet
Discussion
817. The liability of shareholder in a public company is limited to
A. Amount paid on shares
B. Nominal value of shares
C. Market value of shares
D. None of the above
Discussion
818. In the event of recoupment of short workings by the lessee, the lessor debits
A. Minimum Rent Account
B. Lessee's Account
C. Royalty Reserve Account
D. Profit and Loss Account
Discussion
819. . . . . . . . . implies issue and allotment of shares to a selected group of persons and not to general public.
A. Initial public offer
B. Right issue
C. Private placement
D. Pre-emptive right
Discussion

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