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-24

Each section contains 100 MCQs on Accounting .

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Section 9
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Section 30

X Ltd. forfeited 30 shares of Rs. 10 each fully called up for non payment of allotment money of Rs. 3 per share and call money of Rs. 4 per share. These share were re-issued for Rs. 8 per share fully paid. What is the amount to be transferred to Capital Reserve A/c:

A) Rs. 300 B) Rs. 60 C) Rs. 30 D) Rs. 90

Discuss

Answer & Solution

Answer: Option C

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

As per the decision in the Garner vs Murray case, when the partner's capital accounts are fixed, any loss arising due to the capital deficiency in the insolvent partner's capital account is to be borne by solvent partners in the ratio of . . . . . . . .

A) profit sharing ratio B) last agreed capital ratio C) sacrificing ratio D) gaining ratio

Discuss

Answer & Solution

Answer: Option B

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

Consolidated financial statements are prepared on the principle

A) In the form the companies are one entity, in sub stance they are separate B) In form companies are separate, in substance, they are one C) In form and substance, the companies are one entity D) In form and substance, the companies are separate

Discuss

Answer & Solution

Answer: Option C

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

Which of the following is not an undistributed profit?

A) General Reserve account B) Employee compensation reserve C) Security premium reserve D) Dividend Equalization reserve account

Discuss

Answer & Solution

Answer: Option A

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

Variance analysis is related to

A) Ratio analysis B) Standard costing C) Marginal costing D) None of these

Discuss

Answer & Solution

Answer: Option B

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

Bonds or debentures issued by Securitization company should bear interest not less than

A) Bank Rate B) Prime Lending Rate C) 1.5% over the Bank Rate D) 1.5% over the Saving Rate

Discuss

Answer & Solution

Answer: Option C

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

Combined leverage can be used to measure the relationship between

A) EBIT and EPS B) Sales and EPS C) Sales and EBIT D) PAT and EPS

Discuss

Answer & Solution

Answer: Option B

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

The assumption that "Anticipate no profit and provide for all losses" is based on

A) Convention of conservatism B) Convention of consistency C) Convention of materiality D) Convention of full disclosure

Discuss

Answer & Solution

Answer: Option A

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

Trade discount is allowed for:

A) Prompt payment of cash B) Purchasing products in bulk quantity C) Payment of cash within 30 days time period D) Opening of several units in different markets for business expansion E) Maintaining good relationship with the customers

Discuss

Answer & Solution

Answer: Option B

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

Security premium reserve cannot be used for

A) Payment of dividend to Members B) Issue of bonus shares to members C) Writing off pre-liminary expenses of company D) Writing off discount on issue of debenture

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