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-22

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

Long term solvency is indicated by

A) Asset Liability Ratio B) Debt Equity Ratio C) Interest Coverage Ratio D) All are correct

Discuss

Answer & Solution

Answer: Option B

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

Automation and Computerization make an office:

A) Workless B) Powerless C) Paperless D) Leaderless

Discuss

Answer & Solution

Answer: Option C

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

Mr. Ashok Kumar has taken a mine on lease whose minimum rent is Rs. 1,00,000. The rate of royalty is Rs. 1 per ton. The production in a particular year is Rs. 80,000 tonnes. What will be the amount to be paid by Mr. Ashok?

A) Rs. 80,000 B) Rs. 1,00,000 C) Rs. 90,000 D) Rs. 50,000

Discuss

Answer & Solution

Answer: Option B

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

After admission of a new partner the capital of all the partner must be in

A) New profit sharing ratio B) Old profit sharing ratio C) Equal ratio D) Mutually agreed ratio

Discuss

Answer & Solution

Answer: Option D

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

The convention of conservatism is applicable in:

A) providing for discount on creditors B) making provision for bad and doubtful debts C) creating reserve for financial stability D) none of these

Discuss

Answer & Solution

Answer: Option B

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

At Break-Even point, contribution is equal to

A) Variable cost B) Fixed cost C) Total cost D) Sales price

Discuss

Answer & Solution

Answer: Option B

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

Under Hire Purchase System the relationship between buyer and seller is

A) Debtor and creditor B) Pawner and pawnee C) Bailor and bailee D) Lender and the borrower

Discuss

Answer & Solution

Answer: Option C

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

Under the 'purchase method of accounting', the transferee company incorporates in its books

A) The assets, liabilities and reserves of the transferor company B) The assets, liabilities and not statutory reserves of the transferor company C) The assets, liabilities and statutory reserves of the transferor company D) The assets and liabilities of the transferor company

Discuss

Answer & Solution

Answer: Option C

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

'P' and 'Q' are partners, sharing profits in the ratio of 8 : 5 respectively. On 1^st April 2016, they admitted R into partnership. The new profit sharing ratio among P, Q and R is fixed as 6 : 4 : 3 respectively. The sacrifice ratio of 'P' will be

A) $$\frac{2}{{13}}$$ B) $$\frac{1}{{13}}$$ C) $$\frac{3}{{13}}$$ D) None of these

Discuss

Answer & Solution

Answer: Option A

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

If capitals are fluctuating, which of the following will not be added while determining capital ratio?

A) General reserve fund B) Balance of profit and loss C) Profit on realization D) Balance of cash A/c

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