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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-29

Each section contains 100 MCQs on Accounting .
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:
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Answer & Solution
Answer: Option C
No explanation is given for this question. Let's Discuss on Board
12
Provision for doubtful debts account is a:
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Answer & Solution
Answer: Option B
No explanation is given for this question. Let's Discuss on Board
13
An amount of Rs. 1000 is debited twice in the pass book. When overdraft as per the cash book is the starting point . . . . . . . .
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Answer & Solution
Answer: Option B
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14
Income and expenditure account is prepared by . . . . . . . . concerns.
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Answer & Solution
Answer: Option A
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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 . . . . . . . .
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Answer & Solution
Answer: Option D
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16
Prepaid insurance is:
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Answer & Solution
Answer: Option B
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17
The balance of the petty cash book is . . . . . . . .
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Answer & Solution
Answer: Option A
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18
Which English alphabet is similar to the shape of an account?
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Answer & Solution
Answer: Option B
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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.
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Answer & Solution
Answer: Option B
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20
The credit balance of bank account indicates:
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Answer & Solution
Answer: Option B
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