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Lecturer Commerce Solved Past Paper MCQs Online Test No. 33

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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.
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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

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

2 / 25

Permanency preference method is adopted by:

Sole proprietorship

Partnership

Banks

Joint stock companies

3 / 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

4 / 25

Unpaid salaries are to be consider as:

Outstanding expenses

Accrued income

Prepaid expenses

Unearned income

5 / 25

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

A liability

An income

An expense

An asset

6 / 25

Payment for the purchase is machinery I is termed as:

Expense

Expenditure

Liability

Asset

7 / 25

Insurance premium paid in advance is:

An outstanding expense

An accrued income

A prepaid expense

An unearned income

8 / 25

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

Selling expenses

Marketing expenses

Administrative expenses

Services expenses

9 / 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

10 / 25

Discount to be received is:

An outstanding expense

An accrued income

A prepaid expense

An unearned income

11 / 25

Wages and salaries are debited to:

Trading Account

Profit and Loss Account

Balance sheet

Cash Account

12 / 25

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

An income

An expense

An asset

A profit

13 / 25

Closing stock is credited to:

Profit and Loss Account

Trading Account

Balance sheet

Cash Account

14 / 25

Rent due but not paid is to be:

An outstanding expense

An accrued income

A prepaid expense

An unearned income

15 / 25

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

Opening stock

Opening purchases

Closing stock

Closing purchases

16 / 25

A prepaid expense is:

A liability

An asset

An income

A management expense

17 / 25

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

Prepaid expenses

Outstanding expenses

Accrued expenses

Expenses payable

18 / 25

The mixed method is adopted by:

Sole proprietorship

Partnership

Joint stock companies

Banks and insurance companies

19 / 25

Interest due but not received is:

An outstanding expense

An accrued income

A prepaid expense

An unearned income

20 / 25

Gross profit is credited to:

Trading Account

Profit and Loss Account

Balance sheet

Both trading & profit and Loss Account

21 / 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

22 / 25

Gross loss is debited to:

Trading Account

Balance sheet

Cash Account

Profit and loss Account

23 / 25

Commission received in advance is to consider as:

Outstanding expense

Accrue income

Prepaid expense

Unearned income

24 / 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

25 / 25

Income received in advance but not earned is called:

Unearned income

Prepaid revenue

Outstanding income

Accrued income

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