Accounting MCQ Questions and Solutions with Explanations | Commerce

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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

11.
If the good will raised at the time of retirement of a partner is to be written off, then the capital accounts of the remaining partners are debited in:

A. New profit sharing ratio

B. Capital ratio

C. Old profit sharing ratio

D. Sacrificing ratio

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12.
Provision for doubtful debts account is a:

A. Personal account

B. Real account

C. Nominal account

D. None of these

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13.
An amount of Rs. 1000 is debited twice in the pass book. When overdraft as per the cash book is the starting point . . . . . . . .

A. Rs. 1000 will be deducted

B. Rs. 1000 will be added

C. Rs. 2000 will be deducted

D. Rs. 2000 will be added

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14.
Income and expenditure account is prepared by . . . . . . . . concerns.

A. non-trading

B. trading

C. partnership

D. sole proprietor

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15.
In purchase method, the excess of net asset of the transferor company acquired by the transferee company over the purchase consideration should be recognized as . . . . . . . .

A. P&L

B. goodwill

C. general reserve

D. capital reserve

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16.
Prepaid insurance is:

A. Nominal account

B. Personal account

C. Real account

D. Prepaid account

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17.
The balance of the petty cash book is . . . . . . . .

A. an asset

B. a liability

C. an income

D. an expenditur

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18.
Which English alphabet is similar to the shape of an account?

A. I

B. T

C. H

D. Y

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19.
Under the scheme of buyback of shares, the company in order to perform its obligations, is required to open an . . . . . . . . account.

A. fixed deposit

B. escrow deposit

C. savings deposit

D. current deposit

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20.
The credit balance of bank account indicates:

A. amount payable by the bank

B. amount payable to the bank

C. cash at bank

D. loan from bank

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Accounting MCQ Questions and Solutions with Explanations | Commerce

11. If the good will raised at the time of retirement of a partner is to be written off, then the capital accounts of the remaining partners are debited in:

Answer & Solution

12. Provision for doubtful debts account is a:

Answer & Solution

13. An amount of Rs. 1000 is debited twice in the pass book. When overdraft as per the cash book is the starting point . . . . . . . .

Answer & Solution

14. Income and expenditure account is prepared by . . . . . . . . concerns.

Answer & Solution

15. In purchase method, the excess of net asset of the transferor company acquired by the transferee company over the purchase consideration should be recognized as . . . . . . . .

Answer & Solution

16. Prepaid insurance is:

Answer & Solution

17. The balance of the petty cash book is . . . . . . . .

Answer & Solution

18. Which English alphabet is similar to the shape of an account?

Answer & Solution

19. Under the scheme of buyback of shares, the company in order to perform its obligations, is required to open an . . . . . . . . account.

Answer & Solution

20. The credit balance of bank account indicates:

Answer & Solution

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11.
If the good will raised at the time of retirement of a partner is to be written off, then the capital accounts of the remaining partners are debited in:

12.
Provision for doubtful debts account is a:

13.
An amount of Rs. 1000 is debited twice in the pass book. When overdraft as per the cash book is the starting point . . . . . . . .

14.
Income and expenditure account is prepared by . . . . . . . . concerns.

15.
In purchase method, the excess of net asset of the transferor company acquired by the transferee company over the purchase consideration should be recognized as . . . . . . . .

16.
Prepaid insurance is:

17.
The balance of the petty cash book is . . . . . . . .

18.
Which English alphabet is similar to the shape of an account?

19.
Under the scheme of buyback of shares, the company in order to perform its obligations, is required to open an . . . . . . . . account.

20.
The credit balance of bank account indicates: