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CBSE Questions for Class 11 Commerce Accountancy Financial Statements 1 Quiz 5 - MCQExams.com

Sales day book is opened to record __________.
  • All trading sales
  • All trading sales other than on cash basis
  • All trading sales other than on credit basis
  • All sales of value less than Rs. 5,000 per invoice
Which of the following method of inventory valuation is generally accepted by tax authorities.
  • FIFO
  • LIFO
  • Standard cost
  • Base stock price
There are three partners in a firm A, B and C, D is admitted into the firm with 1/4 share of profit with a guaranteed profit of Rs. 15,000 p.a. given by A. The firm's total profit is Its. 56,What would be share of profit of A
  • Rs. 20,000
  • Rs. 13,000
  • Rs. 12,500
  • Rs. 17,500
Goods distributed as free sample are treated as.....
  • Sales
  • Consumption
  • Sales promotion expenses
  • Dead loss
Trading A/c shows ......
  • Gross profits only
  • Gross loss only
  • Gross profit or loss
  • Net profit
ABC Ltd. purchased a plant for Rs.60,000 payable Rs.15,000 in cash and balance by issue of 16% debentures of Rs.100 each. How many debentures would be required to be issued to the vendor
  • 455 debentures of Rs.100 each
  • 450 debentures of Rs.100 each
  • 435 debentures of Rs.100 each
  • 460 debentures of Rs.100 each
What is new profit sharing ratio in Q. No. 37
  • 2:6:5
  • 6:4:5
  • 4:6:5
  • 5:6:4
Accumulated losses are shown on the
  • Assets side
  • Liability side
  • Profit and loss appropriation A/c
  • Deducted from share capital
Divisible profits includes the following except.
  • Dividend equalization reserve A/c
  • Capital reserve A/c
  • Profit and loss A/c
  • General reserve A/c
Which of these expense are part of profit and loss A/c
  • Power and fuel
  • Wages and salary
  • Carriage inward
  • Salesmen's salary
On 31st December 2013. A of Ahmedabad consigned 1000 Boxes of SET TOP Box to D of Delhi (Cost price 1,60,000) at a Proforma invoice price of 25% profit in cost. Consignment accounted would be credited for stock loading by.
  • Rs. 40,000
  • Rs. 45,000
  • Rs. 50,000
  • Rs. 33,000
Which of these expenses are shown in trading A/c
  • Carriage inward
  • Carriage outward
  • Postage and telegram expenses
  • Salary
From the following details calculate the commission payable to the Manager if the commission to be paid is 11% of the net profit after charging such commission.
Profit before charging commission Rs. 66,750
Rate of Commission 11% of net profit after charging commission.
  • Rs. 6,521
  • Rs. 6,013
  • Rs. 6,400
  • Rs. 6,675
Loss of stock to fire would lead to ___________.
  • no charge in total assets
  • total assets to decrease
  • total assets to increase
  • total assets and owners equity to decrease
What are the consequences of debiting freight and transport charges incurred on a fixed assets to Freight and Transport A/c
  • Under statement of profit
  • Over statement of loss
  • Under valuation of fixed assets
  • All the three
In which of the following circumstances an offer lapse?
  • When there is change in the law
  • On the offer becoming illegal subsequently
  • Non-acceptance of the offer within the prescribed time
  • All the three
Wages and salary is shown in...........
  • Trading A/c
  • Profit and loss A/c
  • Profit and loss appropriation A/c
  • Profit and loss adjustment A/c
When a person selling goods on credit he becomes a _________ in the books of the buyer.
  • Creditor
  • Debtor
  • Defaulter
  • Offender
Profit and loss a/c is also known as a/an ...........
  • Positional statement
  • Income statement
  • Fund flow statement
  • Cash flow statement
Which of these account will appear in Manufacturing account?
  • Salary
  • Power and fuel expenses
  • Telephone expenses
  • Sales return
A, B and C are three partners in a partnership firm dealing in building materials. A on his own without knowledge and consent of remaining partners signed a export order on which he made substantial profit. A is liable to ___________.
  • Retain the profit with him
  • Render the true account of profit to the firm
  • Share the profit with other partners
  • Give some part of profit to other partners also
Which of these is an example of extraordinary items?
  • loss due to major fire
  • profit on sale of raw materials
  • arrears of wage revision paid in the current year
  • all the three
Purchase of office equipment on 30 days credit will be recorded in ..
  • Purchase day book
  • Purchase a/c
  • General journal
  • Cash book
How would you treat Rs. 5250 spent on the over haul of a second hand machine purchased
  • Revenue expenditure
  • Loss in profit and loss A/c
  • Capital expenditure
  • Depreciation
From the following details, how much should be charged to profit and loss a/c as bad debts during the current year.
Provisions for bad debts a/c as on 1−1−14 Rs. 20,000
Actual bad debts a/c as on 31−12−14 Rs. 18,000
Debtors balance as on 31−12−14 Rs. 100,000
Provisions for bad debts to be made @5% of total debtors.
  • Rs. 3,000
  • Rs. 4,000
  • Rs. 3,500
  • Rs. 4,500
Which of these A/c can have debit/credit balance.
  • Wages A/c
  • Interest A/c
  • Dividend paid A/c
  • Cash in hand A/c
Specific identification method of inventory valuation involves __________.
  • keeping track of the purchase price of each specific unit
  • keeping track over the units being sold
  • pricing closing stock at the actual price of each and every item not sold
  • all the three
What is the new profit sharing ratio in question No. 43
  • 5:4:3:3
  • 3:4:5:3
  • 5:3:4:3
  • 3:2:11:6
From the following calculate credit purchases during the year.
Creditors as on 1−04−13 Rs. 36,500
Payment made on creditors Rs. 60,000
Discount given by creditors for early payment Rs. 5,500
Creditors as on 31−03−14 Rs. 21,000
  • Rs. 50,000
  • Rs. 54,000
  • Rs. 61,250
  • Rs. 52,800
Debit balance is F profits Loss a/c is
  • Shown on Assts side
  • Deducted from reserves & surplus
  • Shown under miscellaneous expenses A/c
  • Any of above three
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