Question Paper Commerce
1. According to shedule VI Companies Act which item is not shown on Asset side of Balance sheet:
A. Investment
B. Current Loan & Advances
C. Provision
D. Lease Holds
Answer : C
2. Trade Payables are recorded in...........
A. Asset side of B/S
B. Liability side of B/S
C. P & L a/c
D. None of the above
Answer : B
3. Investment of X company profit in shares of other company PQR Pvt. Ltd are recorded in ............
A. Asset side of Balance sheet
B. Liability side of Balance sheet
C. Profit & Loss a/c
D. Not recorded in Balance sheet
Answer : A
4. Preliminary expense are recorded in .........
A. Equity and liabilities - Liability side of B/S
B. Current liabilities - Liability side of B/S
C. Fixed assets - Asset side of B/S
D. Asset side of B/S
Answer : D
5. Variable cost per unit:
A. Remains fixed
B. Fluctuates with volume of production
C. Varies in consideration with the volume of sales
D. None of the above
Answer : B
6. The books to be compulsorily maintained by a company are:
A. Cash book and ledger
B. Sales and purchase book
C. Journal
D. All of the above
Answer : D
7. Carriage outward is charged to:
A. Debit side Profit & Loss a/c
B. Debit side Trading a/c
C. Credit side of Profit & Loss a/c
D. Credit side of Trading a/c
Answer : A
8. Cash Purchases:
A. Increases assets
B. Results in no change in the total assets
C. Decreases assets
D. Increases liability
Answer : C
9. Purchases of goods on credit from A is recorded as:
A. Debit purchases a/c, credit cash a/c
B. Debit A a/c; credit purchases a/c
C. Debit purchases a/c; credit A a/c
D. Debit A a/c; credit stock a/c
Answer : C
10. Which of the following is not an example of real a/c:
A. Machinery
B. Building
C. Cash
D. Creditor
Answer : D
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