Question Paper Commerce
1. The statement sent along with purchase return is:
A. Credit note
B. Bills payable book
C. Debit note
D. Purchases return book
Answer : A
2. Errors of carry forward from one year to another year affect.............
A. Personal account
B. Real account
C. Nominal account
D. Both personal and real account
Answer : A
3. Error of commission do not allow............
A. Correct totalling of the balance sheet
B. Correct totalling of the trial balance
C. The trial balance to agree
D. Correct totalling of the day boom
Answer : C
4. Assets are held for the purpose of........
A. Earning revenue
B. Resale
C. Conversion into cash
D. Personal purpose
Answer : A
5. Stock is valued at.............
A. Cost price
B. Market price
C. Cost of market price whichever is lower
D. Odd price
Answer : C
6. Unearned income account is............
A. Asset
B. Liability
C. Expense
D. Income received in advance
Answer : B
7. Depreciation is provided on.............
A. Fixed assets
B. Outward charges
C. Current assets
D. Intangible assets
Answer : A
8. Heavy advertising to launch a new product is a..........
A. Capital expenditure
B. Revenue expenditure
C. Deferred revenue expenditure
D. Other expenditure
Answer : C
9. Accounts receivable includes...........
A. Sundry debtors
B. Bill receivable
C. Promissory note
D. All of the above
Answer : D
10. Provision for bad debts is calculated on..............
A. Creditors
B. Sales
C. Purchase
D. Debtors
Answer : D
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