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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-3 section-17

Each section contains 100 MCQs on Accounting .
21
Z is admitted in a firm for 14 shares in the profit where he brings Rs. 30,000 for goodwill. It will be taken away by the old partners X and Y in
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Answer & Solution
Answer: Option C
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22
On admission of a new partner increase in the value of an assets is credited to
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Answer & Solution
Answer: Option B
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23
The accounting concepts related to Balance Sheet are
1. Realisation Concept
2. Cost Concept
3. Matching Concept
4. Accounting Equivalence Concept
Select the correct answer
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Answer & Solution
Answer: Option D
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24
A, B and C are partners. A's capital is Rs. 3,00,000 and B's capital is Rs. 1,00,000. C has not invested any amount as capital but alone manages the whole business. C wants Rs. 30,000 per annum as salary. The firm earned a profit of Rs. 1,50,000. How much will be each partner's share of profit?
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Answer & Solution
Answer: Option D
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25
Improvement of profit-volume ratio can be done by
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Answer & Solution
Answer: Option D
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26
Stock turnover is:
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Answer & Solution
Answer: Option B
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27
Under copyright agreement the amount of royalty is computed on the basis of
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Answer: Option D
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28
Schedule III Part II of the Companies Act, 2013 deals with which one of the following?
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Answer: Option B
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29
A company issued 50,000 Equity shares of Rs. 10 each, Rs. 8 paid up and 50,000 8% Preference shares of Rs. 100 each. Expected profits are Rs. 10,00,000 Normal rate of dividend on Equity shares is 16%, Provision for taxation 60% and 10% of the profit is transferred to reserves.
The value of equity share will be:
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Answer & Solution
Answer: Option A
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30
The installation expenses for a new machinery will be debited to:
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Answer & Solution
Answer: Option D
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