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Commerce MCQs Practice Test 1
Commerce MCQs Practice Test 1
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a. The owner of a unit and the unit itself is one and the same
3. Which one of the following accounting conventions stipulates that contingent assets
appear as a footnote in the balance sheet?
a. Materiality
b. Consistency
c. Disclosure
d. Conservatism
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Straight-line Method
5. Match List I (Standards issued by ICAI) with List II (Objects/areas covered) and select the
correct answer:
List-I List-II
A B C D
a. 4 1 2 3
b. 4 1 3 2
c. 1 4 3 2
d. 1 4 2 3
6. On 31st March 2001, the closing stock of X Ltd. Was Rs. 3, 45, 000. On April 1, 2001, stock
of Rs. 2, 25, 000 was destroyed by fire. The company closes its account on 31st March. If
the balance sheet of the company on 31st March 2001 was finalized on 25th April 2001,
then the balance sheet will show the closing stock at
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a. 8% Debentures of X Co. Ltd (Rs. 6, 000). Interest payable on 31st March and 30th
September.
b. 7% Debentures of Y Co. Ltd (Rs. 4, 000). Interest payable on 30th June and 31st
December.
c. 10% Debentures of Z Co. Ltd (Rs. 9, 000). Interest payable on 1st June and 1st
December.
a. Rs. 335
b. Rs. 1, 025
c. Rs. 195
d. Rs. 830
8. Which one of the following is correct with respect to going concern convention?
a. The enterprise is not going to terminate its operations in the period ahead
d. The enterprise may not revalue its assets during the current accounting
Period
c. The business enterprises can develop financial statements of value to the end-users.
i. 1, 2 and 3
ii. 2, 3 and 4
iii. 3 and 4
iv. 1 and 4
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10. Which one of the following will lead to understate merit of net profit?
12. After the construction of their new factory building M/s XYZ Co. Shifted to it. During this
process Rs. 20, 000 were s1d on pulling down the old structure and Rs. 2, 000 were spent
on shifting the stocks to new building. These expenditures are to be classified as
a. Capital expenditure
b. Revenue expenditure
13. Match List I with List II and select the correct answer
List-I List-II
A B C D
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a. 2 1 3 4
b. 1 2 3 4
c. 1 2 4 3
d. 2 1 4 3
15. Match List I with List II and select the correct answer:
List-I List-II
A B C D
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a. 2 1 4 3
b. 1 2 4 3
c. 1 2 3 4
d. 2 1 3 4
16. If opening stock = Rs. 2, 45, 000; purchases = Rs. 15, 00, 000; sales = Rs. 17, 40, 000 and
rate of gross profit = 20% on cost of goods sold, then the closing stock would be at
Please provide answer of multiple choice question of Commerce MCQs practice test 1 of 99
( - ku...@ on 25-Mar-2019)
1 Answer
1 Answer
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5/12/2019----Competitive Exams: Commerce MCQs (Practice Test 1 of 99)- Translation in Hindi, Kannada, Malayalam, Marathi, Punjabi, Sindhi, Sindhi,
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1 Answer
Refer https://www.doorsteptutor.com/Exams/UGC/Commerce/
- Examrace on 04-Dec-2018
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