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-5

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

In case of debit balance, the words _____ are written on the debit side

A) To Balance b/d B) To Balance c/d C) By Balance c/d D) By Balance b/d

Discuss

Answer & Solution

Answer: Option A

Solution:

In case of debit balance, the words To Balance b/d are written on the debit side.

Bank pass book is also known as

A) Bank book B) Bank account C) Bank column D) Bank statement

Discuss

Answer & Solution

Answer: Option D

Solution:

Bank pass book is also known as Bank statement. A bank passbook or statement is a truncated copy of the record of your account maintained by the bank.

Ram and Shyam are partners in a firm with capital of Rs. 4,80,000 and Rs. 3,10,000, respectively. They admitted Ganesh as a partner with $${\frac{1}{4}^{{\text{th}}}}$$ share of profit. Ganesh brings Rs. 3,00,000 as his capital. Ganesh's share of goodwill will be

A) Rs. 1,00,000 B) Rs. 27,500 C) Rs. 17,500 D) Rs. 70,000

Discuss

Answer & Solution

Answer: Option B

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

Match the items of List-I with those of the List-II and indicate the correct answer:

List-I	List-II
a. Debtors Turnover Ratio	1. Solvency Ratio
b. Proprietary Ratio	2. Liquidity Ratio
c. Operating Ratio	3. Activity Ratio
d. Acid Test Ratio	4. Profitability Ratio

A) a-2, b-4, c-3, d-1 B) a-3, b-2, c-1, d-4 C) a-3, b-1, c-4, d-2 D) a-4, b-3, c-2, d-1

Discuss

Answer & Solution

Answer: Option C

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

Ledger is an accounting book in which

A) Only Real Accounts are opened B) Only Real and Personal Accounts are opened C) All the Real, Personal and Nominal Accounts are opened D) Only Trading and Profit and Loss Accounts are opened

Discuss

Answer & Solution

Answer: Option C

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

The user group of accounting information is:

A) Owners of the business B) Managers of the business C) Potential investors of the business D) All the above

Discuss

Answer & Solution

Answer: Option D

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

In case of 'installment payment system', total interest receivable by the seller is credited to

A) Interest Suspense Account B) Interest Account C) Sales Account D) None of the above

Discuss

Answer & Solution

Answer: Option A

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

Which of the following is not an accounting equation?

A) Assets = Liabilities + Capital B) Assets = Liabilities - Capital C) Liabilities = Assets - Capital D) Assets - Liabilities = Capital

Discuss

Answer & Solution

Answer: Option B

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

The study of the effects of output volume on revenue, expenses and net income is known as

A) Budgeting B) Cash Flow C) Cost Flow D) Cost Volume Profit Analysis

Discuss

Answer & Solution

Answer: Option D

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

Which one of the following statements is not correct?

A) As per AS-26 only purchased goodwill to be recorded in the books of accounts B) Self generated goodwill will have to be adjusted through partners Capital Accounts C) Goodwill is an intangible asset D) Goodwill is a fictitious asset

Discuss

Answer & Solution

Answer: Option D

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

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Accounting MCQ Questions and Solutions with Explanations | Commerce