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-23

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

Money received in advance from shareholders before it is called-up by the directors is:

A) Debited to calls in arrears account B) Debited to calls in advance account C) Credited to calls in arrears account D) Credited to calls in advance account

Discuss

Answer & Solution

Answer: Option D

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

In the case of hire purchase assets account is debited with

A) Hire purchase price B) Cash price C) Cost price of the seller D) None of the above

Discuss

Answer & Solution

Answer: Option B

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

A plant was purchased on 1^st January 1999. It was depreciated at the rate of 12% P.A. by diminishing balance method. It was sold on 31^st March 2001 when its depreciated value was Rs. 1,50,234. What was its value on 1^st January 1999.

A) Rs. 1,80,000 B) Rs. 1,90,000 C) Rs. 2,00,000 D) None of the above

Discuss

Answer & Solution

Answer: Option C

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

The objective of social accountings is to find out

A) efficiency B) profit earnd C) cost and benefit to society D) value of personnel

Discuss

Answer & Solution

Answer: Option C

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

A and B are partners sharing profits/losses in the ratio of 3 : 2. C is admitted as a partner. The new profit sharing ratio among A, B and C is 4 : 3 : 2. Find out sacrificing ratio-

A) 7 : 4 B) 7 : 3 C) 5 : 2 D) 5 : 3

Discuss

Answer & Solution

Answer: Option B

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

The dividend pay out ratio can be determined by dividing dividend per share by

A) Earning per share B) Number of equity shares C) Market value per share D) Book value per share

Discuss

Answer & Solution

Answer: Option A

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

What is the amount of purchases, when:
Opening stock is = Rs. 10,000
Closing stock is = Rs. 8,000
Sales is = Rs. 1,10,000
Cost of goods sold is = Rs. 80,000

A) Rs. 78,000 B) Rs. 30,000 C) Rs. 82,000 D) Rs. 92,000

Discuss

Answer & Solution

Answer: Option A

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

Classification of fixed and variable costs is important

A) In determining unit costing B) Determination in operating cost C) Determining in contract D) In determining process cost

Discuss

Answer & Solution

Answer: Option B

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

The convertible preference shares are converted into:

A) Participative preference shares B) debentures C) redeemable preference shares D) equity shares

Discuss

Answer & Solution

Answer: Option D

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

If the average collection period is 15 days and average book receivables is Rs. 60,000 then what will be the total annual credit sales?

A) Rs. 14,00,000 B) Rs. 9,00,000 C) Rs. 2,16,00,000 D) Rs. 1,08,00,000

Discuss

Answer & Solution

Answer: Option A

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

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Accounting MCQ Questions and Solutions with Explanations | Commerce