Accounting MCQ Questions and Solutions with Explanations | Commerce

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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

11.
According to revised accounting standard-3, the purchase of fixed assets is considered

A. Operational activity

B. Investing activity

C. Financing activity

D. Inflow of cash

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12.
Registration of Partnership firm is . . . . . . . . .

A. Compulsory as per Indian partnership Act

B. Compulsory as per Income Tax Act

C. Compulsory as per companies Act

D. Optional

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13.
If debenture valuing Rs. 3,25,000 were issued against net assets of Rs. 3,50,000 the balance of Rs. 25,000 would be credited to-

A. Capital reserve account

B. General reserve account

C. Profit and loss account

D. Goodwill account

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14.
Current assets are convertible into cash during which of the following periods?

A. 6 month

B. 12 month

C. 18 month

D. 24 month

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15.
Management Accounting deals with

A. Quantitative information

B. Qualitative information

C. Both the A and B

D. None of the A and B

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16.
Unless written off the loss on issue of debentures is shown:

A. On the assets side of Balance Sheet

B. On the debit side of Profit and Loss Account

C. By way of deduction from the amount of debentures

D. On the liabilities side of Balance Sheet

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17.
If Price - earning ration is 0.05 and Earning per share (EPS) is Rs. 8 then the market value of shares will be

A. 40

B. 100

C. 160

D. 0.40

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18.
On admission of new partner, increase in value of assets is credited to

A. Profit and loss adjustment A/c

B. Capital A/c of old partners

C. Assets A/c

D. Profit and loss A/c

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19.
Match the following:

List-I List-II

a. Admission 1. Gaining ratio

b. Retirement 2. Equal ratio

c. Revaluation 3. Sacrificing ratio

d. No partnership deed 4. Old ratio

A. a-4, b-3, c-2, d-1

B. a-2, b-1, c-4, d-3

C. a-3, b-4, c-1, d-2

D. a-3, b-1, c-4, d-2

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20.
The first person to publish principles of double entry system was

A. Lucas Pacioli

B. Alfred Marshall

C. F. W. Taylor

D. Henri Fayol

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1 2 3 4 5 6 7 8 9 10

List-I	List-II
a. Admission	1. Gaining ratio
b. Retirement	2. Equal ratio
c. Revaluation	3. Sacrificing ratio
d. No partnership deed	4. Old ratio

Accounting MCQ Questions and Solutions with Explanations | Commerce

11. According to revised accounting standard-3, the purchase of fixed assets is considered

Answer & Solution

12. Registration of Partnership firm is . . . . . . . . .

Answer & Solution

13. If debenture valuing Rs. 3,25,000 were issued against net assets of Rs. 3,50,000 the balance of Rs. 25,000 would be credited to-

Answer & Solution

14. Current assets are convertible into cash during which of the following periods?

Answer & Solution

15. Management Accounting deals with

Answer & Solution

16. Unless written off the loss on issue of debentures is shown:

Answer & Solution

17. If Price - earning ration is 0.05 and Earning per share (EPS) is Rs. 8 then the market value of shares will be

Answer & Solution

18. On admission of new partner, increase in value of assets is credited to

Answer & Solution

19. Match the following: List-I List-II a. Admission 1. Gaining ratio b. Retirement 2. Equal ratio c. Revaluation 3. Sacrificing ratio d. No partnership deed 4. Old ratio

Answer & Solution

20. The first person to publish principles of double entry system was

Answer & Solution

Read More Section(Accounting)

11.
According to revised accounting standard-3, the purchase of fixed assets is considered

12.
Registration of Partnership firm is . . . . . . . . .

13.
If debenture valuing Rs. 3,25,000 were issued against net assets of Rs. 3,50,000 the balance of Rs. 25,000 would be credited to-

14.
Current assets are convertible into cash during which of the following periods?

15.
Management Accounting deals with

16.
Unless written off the loss on issue of debentures is shown:

17.
If Price - earning ration is 0.05 and Earning per share (EPS) is Rs. 8 then the market value of shares will be

18.
On admission of new partner, increase in value of assets is credited to

19.
Match the following:

List-I List-II

a. Admission 1. Gaining ratio

b. Retirement 2. Equal ratio

c. Revaluation 3. Sacrificing ratio

d. No partnership deed 4. Old ratio

20.
The first person to publish principles of double entry system was