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Accounting MCQs

Commerce Objective Questions

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1576. The following is (are) the type(s) of Journal
A. Purchase Journal
B. Sales Journal
C. Cash Journal
D. All of the above
Discussion
1577. Which of the following would NOT be considered as a component of 'cost' of stock?
A. Transportation inward costs
B. Import duties
C. Salaries of selling staff
D. Purchase price
Discussion
1578. Consider the following information:
Net profit before depreciation and tax Rs. 44,000
Depreciation for the year Rs. 8,000
Goodwill written off Rs. 10,000
Rate of tax       50%

Cash flow from operation will be
A. Rs. 36,000
B. Rs. 28,000
C. Rs. 26,000
D. Rs. 13,000
Discussion
1579. GAAP required to:
A. Global harmonization in accounting
B. Value
C. Price
D. Journal
Discussion
1580. Environmental accounting concept is applied on
A. cement industries
B. steel industries
C. textile industries
D. All of these
Discussion
1581. The cost of a machine having a span of life 5 years is Rs. 10,000. It has a scrap value of Rs. 1,000. The amount of depreciation in the first year under the sum of year's digit method will be:
A. Rs. 1,600
B. Rs. 1,800
C. Rs. 2,500
D. Rs. 3,000
Discussion
1582. Which of the following statement is correct?
A. Accounting principles represent laws fixed by the respective governments
B. Accounting principles represent laws fixed by accounting expert
C. Accounting principles represent inviolable laws fixed by a legal board
D. Accounting principles represent a consensuses at a particular time to the recording of accounting transactions
Discussion

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