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Accounting MCQ Questions and Solutions with Explanations | Commerce

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-2 section-13

Each section contains 100 MCQs on Accounting .
11
Closing stock appearing in the Trial Balance is shown in:
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Answer & Solution
Answer: Option A
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12
ABC Ltd., forfeited 20 shares of Rs. 10 each on which Rs. 6 per share were paid. If out of these shares 8 shares were reissued to Hari as fully paid up on payment of Rs. 5.50 per share, the amount that will stand to the credit of Share Forfeited A/c will be
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Answer & Solution
Answer: Option B
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13
Consider the following statements:
Assertion (A): If a shareholder fails to pay the amount of one or more calls on his shares, the company may forfeit his shares.
Reason (R): Even after the forfeiture of shares, that shareholder is responsible to pay the amount due from him until the company receives full amount on those shares.
Now select your answer:
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Answer & Solution
Answer: Option C
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14
Match List-I with List-II and select the correct answer:
List-I List-II
a. VED Analysis 1. Sources and uses of funds
b. Ratio Analysis 2. Inventory control
c. Funds Flow Analysis 3. Analysis & Interpretation of Financial Statement
d. Income & Expenditure Analysis 4. Non-Profit organization
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Answer & Solution
Answer: Option B
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15
The balance of Debenture Sinking Fund is finally transferred to
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Answer & Solution
Answer: Option C
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16
Match List I with List II and select your answer:
List-I List-II
a. Cash 1. Equity Share Capital
b. Profit 2. Fixed Assets
c. Discount on issue of Shares 3. Fictitious Assets
d. Machinery & Plant 4. Current Assets
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Answer & Solution
Answer: Option B
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17
The balance of which of the following items can also show the credit balance?
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Answer & Solution
Answer: Option B
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18
Net sales for the whole year is Rs. 2,50,000 and the debtor is Rs. 50,000, the daily average of credit sales will be
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Answer & Solution
Answer: Option D
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19
On dissolution of a firm while transferring the assets to realisation account. The realisation account is:
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Answer & Solution
Answer: Option A
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20
In the absence of a partnership Deed, the allowable rate of interest on a partner's loan account will be:
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Answer & Solution
Answer: Option C
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