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-23

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

Under Hire Purchase System, the interest for each period is computed on

A) Cash price remaining unpaid B) Installment price remaining unpaid C) The amount that has been agreed under hire purchase agreement D) Cash price minus the amount of hire purchase installment paid

Discuss

Answer & Solution

Answer: Option A

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

Which of the following is an implicit cost of increasing proportion of debt of a company?

A) P.E. Ratio of the company would increase B) Rate of return of the company would decrease C) Tax-shield would not be available on new debts D) Equity shareholders would demand higher return

Discuss

Answer & Solution

Answer: Option D

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

Net credit sales of business was Rs. 1,75,000. Debtors Turnover ratio is 8 times. Closing debtors were in excess of opening debtors by Rs. 7,000. Opening debtors will be

A) Rs. 18,375 B) Rs. 21,875 C) Rs. 25,375 D) None of the above

Discuss

Answer & Solution

Answer: Option A

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

Which of the following accounts is a personal account?

A) Drawings account B) Bank account C) Prepaid Rent account D) All of the above

Discuss

Answer & Solution

Answer: Option D

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

Dual aspect concept results in the following accounting equation

A) Revenue = Expenses B) Capital + Profits = Assets + Expenses C) Capital + Liabilities = Assets D) Capital + Drawings - Owner's Equity

Discuss

Answer & Solution

Answer: Option C

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

Posting of a transaction means - That transaction is

A) Written in two accounts B) Written in debit side of related account C) Written in credit side of related account D) Written on appropriate side of two accounts

Discuss

Answer & Solution

Answer: Option D

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

X and Y made a profit of Rs. 5,000 and invested Rs. 25,000 as capital in the firm. The expected average rate of return on capital is 15%. If it is valued at three year purchase then amount of goodwill will be

A) Rs. 7,500 B) Rs. 3,750 C) Rs. 15,000 D) Rs. 9,000

Discuss

Answer & Solution

Answer: Option B

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

Grouping of similar items and transferring those to the respective accounts is known as:

A) Journalizing B) Ledger adjustment C) Posting D) Preparation of trial balance E) Passing of adjustment entries

Discuss

Answer & Solution

Answer: Option C

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

Which of the following transactions involving the issuance of shares does not come within the definition of a 'share based payment' under Ind AS-102?

A) Employee share purchase plans B) Employee share option plans C) Share based payment relating to an acquisition of a subsidiary D) Share appreciation rights

Discuss

Answer & Solution

Answer: Option C

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

"Goods cost in transit" is an overhead of

A) Sales B) Factory C) Office D) Delivery

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