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-16

Each section contains 100 MCQs on Accounting .

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Section 13
Section 14
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Section 29
Section 30

A and B are partners sharing profits and losses in the ratio of 1 : 2. They admit c and agree to give him $$\frac{1}{5}$$ of the share. The new profit sharing ratio will be:

A) 8 : 2 : 2 B) 6 : 4 : 3 C) 8 : 3 : 4 D) 4 : 8 : 3

Discuss

Answer & Solution

Answer: Option D

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

Share forfeiture account is shown in the liabilities side under

A) Reserve and surplus B) By adding it in the paid up capital C) Under current liabilities and provision D) None of the above

Discuss

Answer & Solution

Answer: Option B

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

Amount of minimum share subscritption is

A) Rs. 5 per share B) 5% of face value of share C) 10% of face value of share D) 20% of face value of share

Discuss

Answer & Solution

Answer: Option B

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

Right shares means those shares which are

A) Issued to directors B) Offered to existing share holders C) Offered to existing debenture holders D) Issued to creditors of the company

Discuss

Answer & Solution

Answer: Option B

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

When shares are forfeited, the share capital account is debited by

A) nominal value of forfeited shares B) paid-up amount of forfeited shares C) called-up amount on forfeited shares D) forfeited amount of shares

Discuss

Answer & Solution

Answer: Option C

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

Realisation principle of accounting does not apply to:

A) Long-term construction contracts B) Electricity generation and distribution C) Shipping companies D) Railways

Discuss

Answer & Solution

Answer: Option A

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

In an organization purchase book records-

A) Cash transactions B) Cash purchase transactions C) Transactions related to credit purchase of raw material D) Credit purchase of goods

Discuss

Answer & Solution

Answer: Option D

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

An insurance claim of Rs. 3,000 was accepted in respect of stock of Rs. 5,000 which was destroyed by fire. Balance of Rs. 2,000 would be debited to

A) Trading Account B) Profit and Loss Account C) Stock Account D) Bad Debts Account

Discuss

Answer & Solution

Answer: Option B

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

The balance amount in the Joint Life Insurance Policy Reserve Account is transferred to

A) Deceased Partner's Personal Account B) Remaining Partner's Personal Accounts C) All Partner's Personal Accounts D) Joint Life Policy Insurance Account

Discuss

Answer & Solution

Answer: Option C

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

100

As shareholders holding 500 shares of Rs. 10 each issued at 10% discount pays Rs. 2 on application and Rs. 3 on allotment. However he fails to pay Rs. 3 on first call. His shares were forfeited and re-issued at Rs. 6 per share. Amount transferred to capital reserve will be

A) Rs. 1,000 B) Rs. 2,000 C) Rs. 2,500 D) Rs. 3,000

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