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-20

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

The written agreement between the partners to form a partnership is called

A) Certificate of incorporation B) Memorandum of Association C) Certificate of Formation of Firm D) Partnership Deed

Discuss

Answer & Solution

Answer: Option D

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

The director of a limited company resolved to forfeit 1000 equity shares of Rs. 10 each; Rs. 7.50 paid up for non-payment of the final call money of Rs. 2.50 per share. 700 of these forfeited shares were reissued at Rs. 7 per share. The amount to be transferred to the capital reserve would be

A) Rs. 2,500 B) Rs. 1,500 C) Rs. 3,500 D) Rs. 3,150

Discuss

Answer & Solution

Answer: Option D

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

Goods withdrawn by the proprietor from business for his personal use will be credited to:

A) Sales account B) Purchases account C) Supplier's account D) Stock account

Discuss

Answer & Solution

Answer: Option B

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

According to accounting standard-14 purchase consideration is payable to which one of the following?

A) Shareholder and debenture holder B) Debenture holder and creditor C) Shareholder and creditor D) Shareholder

Discuss

Answer & Solution

Answer: Option D

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

Operating performance is best measured by the rate of return on:

A) Total Assets B) Fixed Assets C) Shareholder's Equity D) Net capital employed

Discuss

Answer & Solution

Answer: Option D

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

The 'Accounting Convention of Matching' means:

A) Profit for the period to be matched with the sales revenue B) Profit for the period to be matched with the investment C) Expenses of one period to be matched against the expenses of another period D) Expenses of a period to be matched against the revenue of the same period

Discuss

Answer & Solution

Answer: Option D

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

In the calculation of net profit of Rs. 15,00,000 for the period, Rs. 20,000 profit on sale of an asset and Rs. 10,000 depreciation have been taken into consideration. In this case funds from operations will be

A) Rs. 15,00,000 B) Rs. 15,30,000 C) Rs. 14,90,000 D) Rs. 15,10,000

Discuss

Answer & Solution

Answer: Option C

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

The following shall not be taken into account in the decision to manufacture or buy

A) Effective utilization of manufacturing capacity B) Variable cost of products C) Income from rent of the effective areas used by the production sector D) Fixed cost unchanged

Discuss

Answer & Solution

Answer: Option D

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

Which of the following should a business entity get at the earliest?

A) Scheduled sales B) Break even point C) Profit earning on investment D) Market share

Discuss

Answer & Solution

Answer: Option B

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

100

On the admission of a new partner if the partners decide to record change occurred in the value of assets and liabilities in books but not accounts then the firm prepares.

A) Profit and loss appropriation B) Profit and loss adjustment account C) Revaluation account D) Memorandum revaluation account

Discuss

Answer & Solution

Answer: Option D

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

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Accounting MCQ Questions and Solutions with Explanations | Commerce