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Lecturer Commerce Solved Past Paper MCQs Online Test No. 32

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Note:-

There will be 25 multiple choice question in the test.
Answer of the questions will change randomly each time you start this test.
Practice this test at least 5 times if you want to secure High Marks.
At the End of the Test you can see your Test score and Rating.
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Test Instructions:-
Test Name	Lecturer Commerce
Subject	Commerce Test 32
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. 32

1 / 25

Goods given as charity should be credited to:

Purchases a/c

Charity a/c

Sales a/c

Drawing a/c

2 / 25

A balance sheet discloses the financial position of a firm:

For a given period

On a particular point of time

On a certain fixed date

After the fixed date

3 / 25

Stock in trade is:

A current Asset

A fixed Asset

An intangible Asset

A wasting Asset

4 / 25

Sales are equal to:

Cost of goods sold+ Profit

Gross profit - Cost of goods sold

Gross profit+ Cost of goods sold

Cost of goods sold - Gross profit

5 / 25

Expenses relating to sale of goods are shown in:

Trading Account

Profit and Loss Account

Balance sheet

Sales Account

6 / 25

Current liabilities are such obligations which are to be satisfied:

Within one year

Within two years

Within three years

Within four years

7 / 25

If the closing stock appears in the trial balance, it taken only to the:

Trading account

Balance sheet

Profit and loss account

Both trading account and balance sheet

8 / 25

Gross profit is equal to:

Sales - Closing stock

Purchases - Closing stock

Sales - Cost of goods sold

Sales + Opening stock

9 / 25

Interest on capital is:

Expenditure for the business

Gain for the business

Income outstanding for the business

Expense for the business

10 / 25

A profit and loss Account is prepared:

For a certain given period

At a particular point of time

On fixed date

After the fixed date

11 / 25

Wages paid on the erection of a new machinery should be debited to:

Wages account

Cash account

Machinery account

None of the above

12 / 25

Sales discount is debited to:

Trading Account

Balance sheet

Profit and Loss Account

None of the above

13 / 25

The income statement has normally.

One part

Two parts

Three parts

Four parts

14 / 25

Interest on drawings is :

Expenditure for the business

Expense for the business

Gain for the business

Loss for the business

15 / 25

The loss on sale of old machinery is debited to:

Profit and loss a/c

Machinery account

Depreciation account

Sales account

16 / 25

If the profit is 1/4 of the sales then it is:

1/4 of the cost price

1/3 of the cost price

1/5 of the cost price

1/2 of the cost price

17 / 25

If the profit is 25% of the cost price then it is:

25% of the sale price

23% of the sale price

20% of the sale price

26% of the sale price

18 / 25

The balance appearing on the debit side of the trial Balance as an expenditure shown in the:

Balance sheet

Trading Account

Profit and loss Account

Income Statement

19 / 25

Net profit transferred:

Capital account

Creditor account

Cash account

Drawing account

20 / 25

Purchase of an asset is called:

An expense

An expenditure

A loss

An income

21 / 25

Net loss is credited to:

Trading Account

Profit and Loss Account

Cash Account

None of the above

22 / 25

A claim which can be enforced the assets of the firm in the court is called:

Assets

Equity

Liability

Creditor

23 / 25

Out of the following, the example of a current asset is:

Surrender value of life insurance policy

Discount on debentures

Bill receivable

Good will

24 / 25

Patents and dies are the examples of:

Tangible assets

Intangible assets

Contingent assets

Outstanding assets

25 / 25

The withdrawal of goods from the business by the proprietor should be credited:

Drawings account

Purchases account

Capital account

Opening stock account

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