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Accounting MCQs

Commerce Objective Questions

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2129. Fees paid to lawyer for drawing a purchase deed of land is which type of expenditure?
A. Capital expenditure
B. Revenue expenditure
C. Deferred revenue expenditure
D. None of the above
Discussion
2130. Subscriptions outstanding from the members of a club are shown on the:
A. Liability side of the Balance Sheet
B. Assets side of the Balance Sheet
C. Debit side of the Income and Expenditure Account
D. Payment side of Receipt and Payment Account
Discussion
2131. If closing stock is shown in Trial Balance, then it should be shown in
A. Trading A/c
B. Balance Sheet
C. Cash A/c
D. Profit & Loss A/c
Discussion
2132. X draws a bill on Y. X endorsed the bill to Z. ____ will be the payee of the bill.
A. X
B. Y
C. Z
D. None of the above
Discussion
2133. If sales are Rs. 14,900, Gross Profit Rs. 3,300, Net Loss Rs. 500. The operating expenses will be:
A. Rs. 2,800
B. Rs. 3,800
C. Rs. 11,100
D. Rs. 11,600
Discussion
2134. Under capitalisation method, goodwill is calculated by
A. Number of years purchase × Average profit
B. Number of years purchase × Super profit
C. Average profit + Expected rate of return
D. Super profit + Expected rate of return
Discussion
2135. A and B are partners sharing profit and loss in the ratio of 4 : 3. They admit C to the partnership for $$\frac{1}{5}$$ profit of the firm to be borne $$\frac{3}{{20}}$$ by A and $$\frac{1}{{20}}$$ by B. The new profit sharing ratio of A, B and C will be:
A. 15 : 13 : 7
B. 23 : 17 : 10
C. 33 : 23 : 14
D. 59 : 53 : 28
Discussion

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