Accounting MCQ Questions and Solutions with Explanations

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Accounting MCQ Questions and answers with easy and logical explanations. Commerce provides you all type of quantitative and competitive aptitude mcq questions with easy and logical explanations. Accounting MCQ is important for exams like B.COM, M.COM, BBA, BBM, CA, CS, CMA, CPA, CFA, UPSC, NET, Banking and other commerce department exam. Page-10 section-14

Each section contains 100 MCQs on Accounting .

Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Section 7
Section 8
Section 9
Section 10
Section 11
Section 12
Section 13
Section 14
Section 15
Section 16
Section 17
Section 18
Section 19
Section 20
Section 21
Section 22
Section 23
Section 24
Section 25
Section 26
Section 27
Section 28
Section 29
Section 30

In a reconstruction scheme, the reduction of capital may take the form of

A) reducing the liability of the shareholders in respect of any unpaid amount on the shares held by them B) paying off any paid-up share capital which is in excess of its requirement C) cancelling any paid-up share capital, which is lost or unrepresented by available assets D) all of the above

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

Which of the following is capital profit:

A) Premium paid on redemption of debentures B) Profit on sale of shares held as stock in trade C) Premium received on issue of shares D) Dividend received on shares held as permanent investment

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

Which of the following practices is not in consonance with the convention of conservatism?

A) Creating provision for bad debts B) Creating provision for discount on creditors C) Creating provision for discount on debtors D) Creating provision for tax

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

If net profit is Rs. 30,000 and non-cash charges are Rs. 10,000 then the funds from operations will be:

A) Rs. 30,000 B) Rs. 20,000 C) Rs. 40,000 D) None of the above

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

The Receipt and Payment Account of a club shows the following details of subscriptions:
Arrears Rs. 500, current Rs. 10,500 advance Rs. 800.
There are 1200 members each paying an annual subscription of Rs. 10. The amount of subscription to be credited to Income and Expenditure Account will be:

A) Rs. 11,000 B) Rs. 12,000 C) Rs. 12,500 D) Rs. 11,800

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

The word 'receivables' includes-

A) Trade creditors only B) Trade debtors only C) Trade debtors and bill receivable D) Trade creditors and bill payable

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

On the admission of a new partner, any increase in the value of Buildings is credited to

A) Buildings Account B) Profit and Loss Account C) Revaluation Account D) All Partner's Capital Account

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

The term, 'imprest system' is used in relation to:

A) Purchase Book B) Sales Book C) Cash Book D) Petty Cash Book

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

Which one of the following pair is not correctly matched?

A) Profit and Loss A/c ⇔ Dividend received B) Profit and Loss (Appropriation) A/c ⇔ Unclaimed Dividend C) Balance Sheet (Liability side) ⇔ Share-Premium A/c D) Balance Sheet ⇔ Preliminary Expenses (Assets side)

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

100

When a purchasing company pays purchase consideration, it will be debited to

A) Liquidator of selling company's account B) Business purchase account C) Assets account D) None of the above

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

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Accounting MCQ Questions and Solutions with Explanations | Commerce