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-28

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

The excess of purchase consideration over net assets of the transferor company acquired by the transferee company should be recognized as . . . . . . . . in purchase method.

A) capital reserve B) general reserve C) goodwill D) P&L

Discuss

Answer & Solution

Answer: Option C

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

The amount spent on unsuccessful patent rights is a:

A) Capital expenditure B) Deferred revenue expenditure (if the amount is large) C) Revenue expenditure (even though the amount is large) D) None of these

Discuss

Answer & Solution

Answer: Option C

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

In order to determine the amount of sales, to which of the following records one should refer?

A) Sales book B) Sales account C) Journal D) Total debtors account

Discuss

Answer & Solution

Answer: Option C

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

. . . . . . . . is the account created in connection with internal reconstruction.

A) Realization a/c B) Capital reduction a/c C) Adjustment a/c D) CRR a/c

Discuss

Answer & Solution

Answer: Option B

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

Life membership fee received by a club are shown in . . . . . . . .

A) balance sheet B) profit and loss account C) income and expenditure account D) revenue account

Discuss

Answer & Solution

Answer: Option A

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

Trade discount allowed on sales is:

A) debited to customer's account B) credited to customer's account C) debited to profit and loss account D) None of these

Discuss

Answer & Solution

Answer: Option C

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

Profits can be fraudulently inflated by:

A) Suppression of sales returns B) Treating capital expenditure as revenue C) Overestimation of liabilities D) Omission of prepaid expenses

Discuss

Answer & Solution

Answer: Option A

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

NPA for a period not exceeding 12 months is called as . . . . . . . . asset.

A) loss B) standard C) sub-standard D) doubtful

Discuss

Answer & Solution

Answer: Option C

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

Which one of the following entry is not recorded in the residuary journal?

A) Opening entry B) Closing entry C) Adjustment entry D) Credit sales

Discuss

Answer & Solution

Answer: Option D

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

Credit sales are recorded in:

A) sales book B) cash book C) journal proper D) purchases book

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