Accounting MCQs

Commerce Objective Questions

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379. Match the following:

List-I	List-II
a. Admission	1. Gaining ratio
b. Retirement	2. Equal ratio
c. Revaluation	3. Sacrificing ratio
d. No partnership deed	4. Old ratio

A. a-4, b-3, c-2, d-1

B. a-2, b-1, c-4, d-3

C. a-3, b-4, c-1, d-2

D. a-3, b-1, c-4, d-2

380. In the absence of any agreement to the contrary, the partners have to share profits:

A. In the ratio of their contribution to the capital of the firm

B. In the ratio of time devoted by them to business

C. In the ratio of sales effected by each of them

D. In equal proportion

381. Which of the following is not correct in case of 'stock' of a company?
The 'stock':

A. is always fully paid

B. can be directly issued to the public by the company

C. do not bear distinctive number

D. may be of unequal amounts

382. The information for the preparation of receipt and payments account is taken from . . . . . . . .

B. income and expenditure

C. cash book and balance sheet

D. revenue account

383. Obsolescence means decline in the value due to:

A. Fall in market price

B. Physical wear and tear

D. Efflux of time

384. Match the following:

List-I	List-II
a. Goodwill of a company	1. Current liability
b. Overdraft	2. Fixed assets
c. Preliminary expenses	3. Reserves surplus
d. Premium on issue of shares	4. Fictitious assets

A. a-2, b-1, c-4, d-3

B. a-1, b-2, c-4, d-3

C. a-1, b-2, c-3, d-4

D. a-2, b-1, c-3, d-4

385. Cash sales during the year - Rs. 46,000
Cash collected from customers during the year - Rs. 1,26,000
Amount regarded as collected from the customers at the end of the year decreased by Rs. 4,940 as compared to the collectable amount at the beginning of the year. One account of the amount of Rs. 1,300 was determined worthless during the year. The amount of credit sales during the year was

A. Rs. 1,27,700

B. Rs. 1,22,360

C. Rs. 1,32,940

D. Rs. 1,36,730

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