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-27

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

Rebate on bills discounted is also called . . . . . . . .

A) unexpired discount B) earned discount C) expired discount D) received discount

Discuss

Answer & Solution

Answer: Option A

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

The system of recording transactions based on dual aspect concept is called:

A) double account system B) double entry system C) single entry system D) single account system

Discuss

Answer & Solution

Answer: Option B

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

Receipts and payments account is a . . . . . . . .

A) Personal account B) Nominal account C) Real account D) Representative account

Discuss

Answer & Solution

Answer: Option B

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

Which of the following is/are capitalised along with the purchase price a fixed asset?
I. Import duty
II. Delivery and handling cost
III. Cash discount
IV. Cost of installation
Select the correct answer using the options given below:

A) III only B) II and III C) I, II and IV D) I, II, III and IV

Discuss

Answer & Solution

Answer: Option C

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

Accumulated depreciation account is shown in the final accounts:

A) on the liability side of the balance sheet B) on the debit side of the profit and loss account C) by deducting from the related asset account in the balance sheet D) on the credit side of the profit and loss account

Discuss

Answer & Solution

Answer: Option A

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

Buyback of shares should not exceed . . . . . . . . of paid up capital and free reserve of the company.

A) 50% B) 10% C) 5% D) 25%

Discuss

Answer & Solution

Answer: Option D

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

An example of revenue expenditure is . . . . . . . .

A) Purchase of land B) Salaries C) Lease D) Purchase of buildings

Discuss

Answer & Solution

Answer: Option B

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

Which of the following does not involve liquidation of any company?

A) internal reconstruction B) amalgamation C) absorption D) external reconstruction

Discuss

Answer & Solution

Answer: Option A

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

Which account is generally used for rectification of errors?

A) Memorandum account B) Suspense account C) Rectification account D) Adjustment account

Discuss

Answer & Solution

Answer: Option B

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

100

The balance sheet is a . . . . . . . . of the assets, liabilities and capital of a concern as on particular date.

A) Statement B) Document C) Picture D) Balance

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