List of top Commerce Questions on Accounting

A Ltd purchased a machine on Hire Purchase system from B Ltd on January 1, 2024, paying immediately ₹20,000 and agreeing to pay three instalments of ₹20,000 each on December 31 every year. The cash price of the machine is ₹74,500 and Hire Vendor charges interest at 5% p.a. The amount of interest payable by A Ltd to B Ltd on December 31, 2024 is:
Accounting standards deal with various aspects of accounting events. Arrange it in proper sequence:
(A) The disclosures relating to these transactions and events
(B) Presentation of these transactions and events in the financial statements
(C) Recognition of events and transactions in the financial statements
(D) Measurement of these transactions and events
If goods are invoiced to the branch at cost, the trading results of the branch can be ascertained by which of the following methods:
(A) Debtors Method
(B) Trading and Profit and Loss Account (Final Account) Method
(C) Stock and Debtors Method
(D) Wholesale Branches Method
Which among the following are true about Hire Purchase?
(A) The title to goods passes on last payment in hire purchase.
(B) The seller can sue for price if the buyer is in default. He cannot take possession of the goods.
(C) The hirer is not responsible for risk of loss of goods if he has taken reasonable precaution because the ownership has not yet transferred.
(D) Component, other than cash price included in installment, is called Hire charges.
Match List-I with List-II:
List IList II
(A) GAAPCovers the recognition, measurement, presentation, and disclosure of accounting transactions
(B) ASBResponsible for approval of accounting standards and their modification for applicability to companies
(C) IFRSRefers to a common set of accepted accounting principles, standards, and procedures
(D) MCAResponsible for developing International Accounting Standards
Match the items shown in Financial Accounts:
List IList II
(A) Purely Financial Charges(I) Dividend Received
(B) Appropriation of Profits(II) Interest on Bank Loan, Mortgage, and Debentures
(C) Writing off Intangible and Fictitious Assets(III) Dividend Paid
(D) Pure Financial Incomes(IV) Amortisation
Choose the correct answer from the options given below: