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-26

Each section contains 100 MCQs on Accounting .

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Section 3
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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 statement sent along with purchase return is:

A) credit note B) bills payable book C) debit note D) purchases return book

Discuss

Answer & Solution

Answer: Option A

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

A bill drawn and accepted for a genuine trade transaction is termed as a . . . . . . . . bill.

A) Trade B) Time C) Inland D) Personal

Discuss

Answer & Solution

Answer: Option A

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

While discounting the bill, debit should be given to . . . . . . . .

A) bank account B) bill receivable account C) acceptor's account D) cash account

Discuss

Answer & Solution

Answer: Option A

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

Immediately after purchasing a new truck Rs. 1,000 is paid to have the name of the company and other advertising material painted on the truck this Rs. 1,000 is a:

A) Capital expenditure B) Deferred revenue expenditure C) Revenue expenditure D) None of these

Discuss

Answer & Solution

Answer: Option C

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

Right shares are issued to . . . . . . . .

A) directors B) promoters C) existing share holders D) debenture holders

Discuss

Answer & Solution

Answer: Option C

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

Which of the following should not be considered as a part of purchase consideration?

A) Payment to equity shareholders B) Payment to preference shareholders C) Payment to debentureholders D) Cash payment to shareholders

Discuss

Answer & Solution

Answer: Option C

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

Calls in advance is shown in the balance sheet as . . . . . . . .

A) current liabilities B) added to called-up capital C) current assets D) deduction from called-up capital

Discuss

Answer & Solution

Answer: Option A

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

The policy to anticipate no profit and provide for all possible losses arises due to convention of . . . . . . . .

A) Consistency B) Disclosure C) Matching D) Conservatism

Discuss

Answer & Solution

Answer: Option D

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

Expenditure incurred on research is an example of . . . . . . . .

A) capital expenditure B) revenue expenditure C) deferred revenue expenditure D) partly capital expenditure

Discuss

Answer & Solution

Answer: Option C

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

100

Unearned income account is:

A) an asset B) a liability C) an expense D) an income

Discuss

Answer & Solution

Answer: Option B

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

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Accounting MCQ Questions and Solutions with Explanations | Commerce