Multiple Choice Questions & Answers on APSC Commerce Optional | GkSeries
31
It is an economic resource which is owned by a business organization and is expected to benefit future operations. It is known as
Answer: asset
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34
Matching concept relates to the preparation of
Answer: Profit and Loss Account
35
Contingent liability is shown in the Balance Sheet under
Answer: Disclosure Principle
39
Premium brought in by the new partner is shared by the old partners in
Answer: sacrificing ratio
40
On dissolution of a firm, if an unrecorded liability is paid, it is shown in
Answer: Debit side of Realization Account
41
Discount allowed on reissue of forfeited shares is debited to
Answer: Share Forfeiture Account
43
If current ratio is 2-5 : 1 and current liabilities amount to f 80,000, current assets will amount to
Answer: f 2,00,000
44
Showing revenue expenditure as capital expenditure is a/an
Answer: error of principle
45
As per SEBI guidelines, the amount payable on application on each share shall not be less than what percent of the nominal value of share?
Answer: 5%
