Accounting Mcqs

From the following details what will be the partners commission? Net profit before charging partners commission 65,000. Partners commission 11% before charging such commission

(A) 6441
(B) 5431
(C) 7150
(D) 5876

Submitted By :Ali Uppal

From the following details what will be the partners commission? Net profit before charging partners commission 65,000. Partners commission @ 11% after charging such commission.

(A) 6441
(B) 5431
(C) 7654
(D) 9876

Submitted By :Ali Uppal

Riaz holds an average inventory of 36,000(CP) with an inventory turnover of 5 times. If the firm makes a gross profit of 25% on sales, find the total sales of the company.

(A) 2,40,000
(B) 2,10,000
(C) 2,00,000
(D) 1,80,000

Submitted By :Ali Uppal

Which of these is not an operating income?

(A) Income from sale of trading goods
(B) Bad debts recovered
(C) Interest on FDs
(D) None

Submitted By :Ali Uppal

Carriage on goods purchased is shown in:___________?

(A) Profit and Loss A/c
(B) Capitalized with work in progress
(C) Trading A/c
(D) Shown in Balance Sheet

Submitted By :Ali Uppal

X draws a Bill of Exchange on Y for 10,000 on 1-1-2013 for 3 months. The due date of the bill will be_________?

(A) 4-4-2013
(B) 3-4-2013
(C) 1-4-2013
(D) 31-3-2013

Submitted By :Ali Uppal

Which of these are not required in a promissory note?

(A) Acceptance
(B) Unconditional promise to pay
(C) Properly stamped
(D) Payment to be made legal currency

Submitted By :Ali Uppal

A foreign bill of exchange is generally drawn up in___________?

(A) Triplicate
(B) Duplicate
(C) Single
(D) Quadruplicate

Submitted By :Ali Uppal

Which of these is not an essential feature of a bill of exchange?

(A) Unconditional
(B) Certainty of amount
(C) In writing
(D) Amount to be paid in foreign currency

Submitted By :Ali Uppal

Negotiable Instrument Act was enacted in_________?

(A) 1981
(B) 1881
(C) 1871
(D) 2001

Submitted By :Ali Uppal

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