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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-20

Each section contains 100 MCQs on Accounting .
21
Accrual system of accounting is also known as
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Answer & Solution
Answer: Option B
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22
Match the following
List-I List-II
a. Ind AS-223 1. Impairment of assets
b. Ind AS-27 2. Borrowing costs
c. Ind AS-36 3. Agriculture
d. Ind AS-41 4. Separate financial statements
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Answer & Solution
Answer: Option B
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23
Earned, but yet not received income is treated as
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Answer: Option A
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24
Secret reserves may not result by:
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Answer & Solution
Answer: Option C
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25
If the operating ratio is 91.5 operating profit ratio will be:
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Answer: Option B
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26
The balance of property at cost has been Rs. 20,000 and Rs. 17,000 in 2015 and 2016, respectively. The profit on the sale of property of Rs. 2,000 is credited to capital reserve account and a new property costing Rs. 5,000 was bought in 2016. Determine the sale proceeds from the property.
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Answer & Solution
Answer: Option C
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27
In the balance sheet, the preliminary expense of Rs. 10,000 was reduced to Rs. 500. It will be considered as.
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Answer & Solution
Answer: Option C
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28
A partner of a firm becomes insolvent, loss due to it will be shared by other partners:
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Answer & Solution
Answer: Option C
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29
Minimum rent is also known as
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Answer: Option D
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30
Hire-purchase price of a machinery is Rs. 30,000 and its cash price is Rs. 24,000. Payment is to be made in three equal installments. State the interest of second installment.
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Answer & Solution
Answer: Option C
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