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-2 section-22

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

Choose the odd one out. The court has the option to order dissolution of a firm, where
1. a partner is of sound mind.
2. a partner do not suffer from permanent in capacity.
3. a partner is not guilty of misconduct of the business.
4. a partner transfers his interest or share to a third party.
Select the correct answer:

A) Both 1 and 2 B) Only 3 C) Both 2 and 3 D) Only 4

Discuss

Answer & Solution

Answer: Option B

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

If a share of Rs. 10 each on which Rs. 8 has been called and Rs. 6 is paid is forfeited then, the share capital account should be debited with

A) Rs. 10 B) Rs. 8 C) Rs. 6 D) Rs. 4

Discuss

Answer & Solution

Answer: Option B

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

Balance of share forfeiture after re-issue of forfeited share is transferred to which account?

A) is added to paid-up capital B) is added to goodwill account C) is transferred to capital reserve D) is transferred to share forfeiture A/c

Discuss

Answer & Solution

Answer: Option C

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

When goodwill is brought by the incoming partner in the form of cash. The goodwill amount is credited to the old partners in:

A) Old profit sharing ratio B) New profit sharing ratio C) Sacrificing ratio D) Old capital ratio E) New capital ratio

Discuss

Answer & Solution

Answer: Option C

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

Charulata is a partner in a firm. She withdrew Rs. 10,000 in each quarter during the year ending on 31^st March 2019. The interest on her drawings @ 9%per annum will be

A) Rs. 1,350 B) Rs. 2,250 C) Rs. 900 D) Rs. 1,800

Discuss

Answer & Solution

Answer: Option D

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

Income received in advance is a

A) An asset B) An income C) A liability D) None of the above

Discuss

Answer & Solution

Answer: Option C

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

Which method is legally accepted for redemption of preference share?

A) Issue of equity share B) Issue of Deventures C) Sale of fixed assets of company D) Public deposit

Discuss

Answer & Solution

Answer: Option A

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

Window dressing is prohibited because of

A) Conservative convention B) Convention of disclosure C) Convention of materiality D) Arrear of book accounts

Discuss

Answer & Solution

Answer: Option B

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

Arrange the steps of adjustment of partner's capital on the admission of a new partner in sequence.
1. Calculate the adjusted capital of old partners.
2. Calculate the proportionate capital of a new partner.
3. All adjustments should be made.
4. Calculate the total capital of new firm.
Select the correct answer:

A) 3, 1, 4, 2 B) 3, 4, 1, 2 C) 4, 3, 2, 1 D) 3, 4, 2, 1

Discuss

Answer & Solution

Answer: Option A

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

Which of the following is not the purpose of admission of a partner?

A) For procuring additional capital B) For acquiring additional managerial skill C) For progress of the firm D) For increasing competition

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