B.COM AFM-1 | SEM-1 MCQ's




Question 691 :
Salary payable is shown in the Balance Sheet on _____ side.

  1. asset
  2. Current assets
  3. None of the above
  4. liability
  

Question 692 :
Buying an asset without having to make full payment immediately is known as

  1. Gift
  2. Online Purchase
  3. Cash Purchase
  4. Hire Purchase
  

Question 693 :
Gross Margin is excess of sales over cost of goods sold.

  1. TRUE
  2. FALSE
  

Question 694 :
In Departmental Accounting, Contribution to PF is approtioned on the basis of ___________

  1. No. of employees
  2. Area occupied
  3. Sales
  4. Purchases
  

Question 695 :
The _____ statements are prepared from the books of accounts and other records maintained by the enterprise.

  1. Leagal
  2. Non–Leagal
  3. None of the above
  4. financial
  

Question 696 :
Following factors should be considered in selection of accounting policies

  1. Consistency
  2. Prudence
  3. Dual aspect
  4. Cost
  

Question 697 :
Interest on capital is debited to _____ Account.

  1. Trading
  2. Balance Sheet
  3. Profit - Loss
  4. All of the above
  

Question 698 :
Generally _____ items are sold on hire purchase basis.

  1. Costly
  2. Factory
  3. Office
  4. None of the above
  

Question 699 :
Following is not debited to General P - L A/c

  1. Power
  2. Audit fees
  3. Interest on bank loan
  4. None of the above
  

Question 700 :
R - D expenditure is always

  1. Treated as intangible assets
  2. Treated as expenses
  3. Treated as deferred revenue expenditure
  4. None of the above
  

Question 701 :
In case of default in payment the seller under hire purchase can

  1. Take back possession of goods
  2. Take legal action against the buyer
  3. Charge penalty to the buyer
  4. None of the above
  
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