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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-27

Each section contains 100 MCQs on Accounting .
11
. . . . . . . . is a document which either creates or acknowledges a debt.
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Answer & Solution
Answer: Option A
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12
Which of the following is a statutory reserve?
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Answer & Solution
Answer: Option A
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13
A cricket club has 50 members and each member pays Rs. 200 as monthly subscription 5 members paid advance subscription for the financial year 1994-95 and 10 members failed to pay subscription for the year 1993-94. The amount to be credited as subscription to income and expenditure account would be:
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Answer & Solution
Answer: Option B
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14
Sales to Mr. Gill recorded in purchase journal would affect . . . . . . . .
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Answer & Solution
Answer: Option B
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15
When A advances money to B in the course of joint venture then A debits such money to . . . . . . . .
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Answer & Solution
Answer: Option B
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16
Salary account is of the nature of a:
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Answer & Solution
Answer: Option B
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17
Expenses incurred on research and development is an example of:
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Answer & Solution
Answer: Option C
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18
Subscriptions received in advance will figure in the . . . . . . . .
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Answer & Solution
Answer: Option A
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19
Match List-I with List-II and select the correct answer using the options given below the lists:
List-I List-II
a. Uncertain liability 1. Amortisation
b. Expiry of tangible asset 2. Long-term liability
c. Basis for all valuations in the balance sheet 3. Research and development
d. Accounting standard-As-8 4. Estimated obligation
5. Conservatism convention
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Answer & Solution
Answer: Option D
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20
Which of the following represents source of fund in the balance sheet of a company?
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Answer & Solution
Answer: Option D
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