List of top Commerce Questions on Accounting

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 I	List II
(A) GAAP	Covers the recognition, measurement, presentation, and disclosure of accounting transactions
(B) ASB	Responsible for approval of accounting standards and their modification for applicability to companies
(C) IFRS	Refers to a common set of accepted accounting principles, standards, and procedures
(D) MCA	Responsible for developing International Accounting Standards

Match the items shown in Financial Accounts:

List I	List 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: