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-3 section-12

Each section contains 100 MCQs on Accounting .

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Section 2
Section 3
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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 balance of Capital Redemption Reserve Account is available for:

A) Redemption of redeemable preference shares B) Redemption of redeemable debentures C) Re-organisation of share capital D) Issue of bonus shares

Discuss

Answer & Solution

Answer: Option D

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

Earning return ratio shows the relationship between earning per share and whom?

A) Net profit B) Number of equity share C) Market price per share D) Divided per share

Discuss

Answer & Solution

Answer: Option B

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

Current assets are valued at:

A) Net replacement cost B) Market value C) Cost or market price whichever is lower D) Depreciated value

Discuss

Answer & Solution

Answer: Option C

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

According to which concept, it is necessary to disclose all the necessary information in financial statements?

A) Materiality concept B) Dual-aspect concept C) Concept of full disclosure D) Concept of uniformity

Discuss

Answer & Solution

Answer: Option C

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

Cost of goods sold is Rs. 20,000, gross profit is Rs. 5,000 and sales return is Rs. 10,000. On the basis of above data find sales?

A) Rs. 15,000 B) Rs. 27,000 C) Rs. 25,000 D) Rs. 35,000

Discuss

Answer & Solution

Answer: Option C

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

Bonus shares can be issued from:

A) Credit balance in Profit & Loss A/c B) Share Premium A/c C) General Reserve A/c D) All of the above A, B and C

Discuss

Answer & Solution

Answer: Option D

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

Bonus is:

A) paid to industrial workers only B) always linked with productivity C) a defered wage D) Paid out of profits only

Discuss

Answer & Solution

Answer: Option D

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

Interpretation of Financial Statement includes-

A) Criticism and Analysis B) Comparison and Trend Study C) Drawing Conclusions D) All the above

Discuss

Answer & Solution

Answer: Option D

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

Which of the following error will not affect the trial balance?

A) Posting in wrong side B) Wrong totaling of account C) Compensating error D) Ascertain wrong balance of account

Discuss

Answer & Solution

Answer: Option C

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

A company forfeited 30 share of Rs. 10 each for non-payment of allotment Rs. 3 share and call money Rs. 4 per share. The company re issued these shares as fully paid-up shares at the rate of Rs. 8 per share. Amount transferred to capital reserve will be

A) Rs. 300 B) Rs. 60 C) Rs. 90 D) Rs. 30

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