Accounting - Study Mode

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[#2516] Match the following List-I List-II a. . . . . . . . . . concept is related to recognition of income. 1. Rent b. Trading account and profit and loss account are . . . . . . . . statements. 2. Realisation c. . . . . . . . . is a tangible fixed assets. 3. Periodic d. Outstanding rent will be debited to . . . . . . . . account. 4. Land

(A) a-2, b-3, c-4, d-1

(B) a-4, b-3, c-2, d-1

(C) a-2, b-1, c-4, d-3

(D) a-2, b-4, c-1, d-3

Correct Answer

(A) a-2, b-3, c-4, d-1

[#2517] At the time of dissolution of firm, balance of cash is shown in

(A) Cash account

(B) Revolution account

(C) Profit and loss account

(D) Realisation account

Correct Answer

(A) Cash account

[#2518] Which of the following is not a source of finance for a company?

(A) Equity share capital

(B) Preference share capital

(C) Fixed assets

(D) Debentures

Correct Answer

(C) Fixed assets

[#2519] If a company buys its own debenture of Rs. 1000 from the market for Rs. 975, the difference of Rs. 25 will be considered as

(A) Profit on redemption of debenture

(B) Loss on redemption of debenture

(C) Goodwill

(D) None of the above

Correct Answer

(A) Profit on redemption of debenture

[#2520] X, the Works manager, gets 5% commission of net profits after charging his commission and Y's commission. Y, the General Manager, gets 10% commission on net profits after charging his commission and X's commission. If the profit before charging commission of X and Y is Rs. 1,000, the commission of X will be:

(A) Rs. 42.50

(B) Rs. 45.00

(C) Rs. 47.00

(D) Rs. 49.00

Correct Answer

(B) Rs. 45.00