Lecturer Commerce Solved Past Paper MCQs Online Test No. 33

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There will be 25 multiple choice question in the test.
Answer of the questions will change randomly each time you start this test.
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Test Instructions:-
Test Name	Lecturer Commerce
Subject	Commerce Test 33
Test Type	MCQs
Total Questions	25
Total Time	20 Minutes
Total Marks	100

You have 20 minutes to pass to the quiz.

Lecturer Commerce Online Test No. 33

1 / 25

Expenses paid in advance before they have fallen due are called:

Prepaid expenses

Outstanding expenses

Accrued expenses

Expenses payable

2 / 25

Gross profit is credited to:

Trading Account

Profit and Loss Account

Balance sheet

Both trading & profit and Loss Account

3 / 25

Discount to be received is:

An outstanding expense

An accrued income

A prepaid expense

An unearned income

4 / 25

The mixed method is adopted by:

Sole proprietorship

Partnership

Joint stock companies

Banks and insurance companies

5 / 25

Wages and salaries are debited to:

Trading Account

Profit and Loss Account

Balance sheet

Cash Account

6 / 25

The gradual and permanent decrease in the value of an asset from any cause; is know as:

Reduction of assets

Revaluation of assets

Realization of assets

Depreciation

7 / 25

Gross loss is debited to:

Trading Account

Balance sheet

Cash Account

Profit and loss Account

8 / 25

Income received in advance but not earned is called:

Unearned income

Prepaid revenue

Outstanding income

Accrued income

9 / 25

From the business point of view, interest on capital is regarded as:

An income

An expense

An asset

A profit

10 / 25

The unsold stock at the end of the year represents the:

Opening stock

Opening purchases

Closing stock

Closing purchases

11 / 25

A prepaid expense is:

A liability

An asset

An income

A management expense

12 / 25

Commission received in advance is to consider as:

Outstanding expense

Accrue income

Prepaid expense

Unearned income

13 / 25

Permanency preference method is adopted by:

Sole proprietorship

Partnership

Banks

Joint stock companies

14 / 25

Every business concern ascertains profit or loss of the business at the end of the year through:

Journal

Ledger

Final account

Bills of exchange

15 / 25

All expenses connected with the office and its conduct are called:

Selling expenses

Marketing expenses

Administrative expenses

Services expenses

16 / 25

The credit balance of the income received in advance will be shown on the balance sheet as:

An asset

An expense

A liability

An income

17 / 25

The outstanding income or accrued income will appears in the balance sheet as:

A liability

An income

An expense

An asset

18 / 25

Rent due but not paid is to be:

An outstanding expense

An accrued income

A prepaid expense

An unearned income

19 / 25

Unpaid salaries are to be consider as:

Outstanding expenses

Accrued income

Prepaid expenses

Unearned income

20 / 25

Closing stock is credited to:

Profit and Loss Account

Trading Account

Balance sheet

Cash Account

21 / 25

Interest due but not received is:

An outstanding expense

An accrued income

A prepaid expense

An unearned income

22 / 25

Insurance premium paid in advance is:

An outstanding expense

An accrued income

A prepaid expense

An unearned income

23 / 25

Payment for the purchase is machinery I is termed as:

Expense

Expenditure

Liability

Asset

24 / 25

Gross profit + Stock in the beginning + purchases+ Direct expenses - Stock at the end=?

Sales

Cost of goods sold

Cost of goods available for sale

Net purchases

25 / 25

From the business point of view, interest on drawings is:

An asset of the business

An expense to the business

A liability of the business

A revenue to the business

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