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MCQs

Total Questions : 842 | Page 19 of 85 pages
Question 181. When obligation is not probable or the amount expected to be paid to settle the liability cannot be measured with sufficient reliability, it is called
  1.    Contingent liability
  2.    Provision
  3.    Secured loan
  4.    None of the above
 Discuss Question
Answer: Option A. -> Contingent liability
Question 182. Error which affect only one account can be
  1.    Error of complete omission
  2.    Error of posting
  3.    Compensatory errors
  4.    None of the above
 Discuss Question
Answer: Option B. -> Error of posting
Question 183. In case goods are manufactured and segregated for specified consumers, the best method for valuation of inventory would be
  1.    FIFO
  2.    Simple average
  3.    Base stock
  4.    Specific identification method
 Discuss Question
Answer: Option D. -> Specific identification method
Question 184. Economic life of an enterprise Is split into periodic interval as per ____ concept
  1.    Materiality
  2.    Periodicity
  3.    Accrual
  4.    Conservation
 Discuss Question
Answer: Option B. -> Periodicity
Question 185. Overriding commission is generally calculated on
  1.    Cash sale only
  2.    Total sales exceeding invoice value/cost
  3.    Credit sales
  4.    None of the above
 Discuss Question
Answer: Option B. -> Total sales exceeding invoice value/cost
Question 186. Present liability of uncertain amount, which can be measured reliably by using a substantial degree of estimation is termed as
  1.    Contingent liability
  2.    Liability
  3.    Provision
  4.    Reserve
 Discuss Question
Answer: Option C. -> Provision
Question 187. When the goods are returned to a supplier
  1.    A Debit note is sent to him
  2.    An Account sale is sent to him
  3.    A receipt is sent to him
  4.    Either 'b' or 'c'
 Discuss Question
Answer: Option A. -> A Debit note is sent to him
Question 188. Bills receivable endorsed are debited to
  1.    Bills Payable A/c
  2.    Debtor's A/c
  3.    Endorsee A/c
  4.    Bills Receivable A/c
 Discuss Question
Answer: Option C. -> Endorsee A/c
Question 189. Del-credere Commission is allowed to cover
  1.    All types losses
  2.    Abnormal loss
  3.    Normal loss
  4.    None of the above
 Discuss Question
Answer: Option D. -> None of the above
Question 190. Interest on Capital is _____ for the business
  1.    Revenue
  2.    Expense
  3.    Gain
  4.    None of the above
 Discuss Question
Answer: Option B. -> Expense

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