Accounting

Master the fundamentals of Accounting with our extensive collection of Accounting MCQs with answers and detailed explanations. Covering topics like financial accounting, cost accounting, auditing, partnership accounts, corporate accounting, and managerial accounting, these multiple-choice questions are ideal for students, teachers, and candidates preparing for competitive exams (CA, ACCA, ICMA, CSS, PMS, NTS, FPSC, PPSC, UPSC, etc.). Each question is followed by a clear solution and explanation to strengthen your concepts, improve problem-solving skills, and boost exam preparation. Perfect for practice, self-assessment, and revision in Accounting.

294. Del-credere Commission is allowed to cover

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All types losses
Abnormal loss
Normal loss
None of the above
✅ The correct answer is D.
Del Credere Commission. It is a special commission given by the consignor to the consignee. When of commission is given, the consignee undertakes upon himself the risk of any .bad debts arising out of the credit So this Del Credere commission in the form of insurance premium against the risk of bed debts.

295. NRV or net realizable value of inventory is the expected selling price or market value less

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Carry value of the inventory
Expenses necessary to complete sale
Cost of the stock
Replacement cost
✅ The correct answer is B.
NRV or net realizable value of inventory is the expected selling price or market value less Expenses necessary to complete sale. Net realizable value is generally equal to the selling price of the inventory goods less the selling costs (completion and disposal).

297. Land on lease should be shown in Blance sheet contrary to the fact that the company does not own that piece of land is the implementation of which accounting concept?

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Matchig concept
Accrual concept
Prudence concept
Substance over form concept
✅ The correct answer is D.
Land on lease should be shown in Blance sheet contrary to the fact that the company does not own that piece of land is the implementation of Substance over form concept.

300. Which one of the following statement is CORRECT about long term liabilities?

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These are due within one year
These consist of all debts, payabke after 12 months
In working capital, these are deducted from current assets
All of the above
✅ The correct answer is B.
Long term liabilities consist of all debts, payabke after 12 months. Long-term liabilities are obligations not due within the next 12 months or within the company’s operating cycle if it is longer than one year.