Accounting MCQ Questions and Solutions with Explanations

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-27

A bill of exchange is drawn by a:

A) Creditor B) Debtor C) Shareholder D) Debentureholder

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Answer & Solution

Answer: Option A

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Profit as per accounts from incomplete records may constructed as equivalent of:

A) Excess of assets over liabilities at the close of the period B) Excess of capital at the end over the capital at the beginning C) Excess of assets over liabilities at the commen-cement of the period D) Excess of capital at the beginning over the capital at the end

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Answer & Solution

Answer: Option B

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Depreciation is provided on:

A) Current Assets B) Liquid Assets C) Fictitious Assets D) Fixed Assets

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Answer & Solution

Answer: Option D

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Sales to Benson Rs. 500 posted to his account as Rs. 50 would affect . . . . . . . .

A) Sales account B) Bensons account C) Cash account D) Purchases account

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Answer & Solution

Answer: Option B

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The assets of a business can be classified as . . . . . . . .

A) only fixed assets B) only current assets C) fixed and current assets D) fictitious assets

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Answer & Solution

Answer: Option C

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A gross profit is transferred to the . . . . . . . . side of the profit and loss account.

A) Debit B) Credit C) Current D) Asset

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Answer & Solution

Answer: Option B

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If the rate of gross profit is 25% on cost by goods sold and the sales are Rs. 200000, the amount of profit will be . . . . . . . .

A) Rs. 50000 B) Rs. 40000 C) Rs. 45000 D) Rs. 65000

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Answer & Solution

Answer: Option B

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The short-term advances made by a bank to the stock brokers and bill brokers are called . . . . . . . .

A) money at call B) short loan C) short provision D) inter-office adjustment

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Answer & Solution

Answer: Option A

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Match List-I (financial statements and accounts) with List-II (special matters associated with statements and accounts) and select the correct answer using the options given below the lists:

List-I	List-II
a. Receipts and payments	1. Revenue account
b. Income and expenditure account	2. Cash
c. Dividend equalisation reserve	3. Liability
d. Club subscription received in advance account	4. Balance sheet
	5. General reserve

A) a-2, b-1, c-4, d-3 B) a-3, b-2, c-4, d-5 C) a-2, b-1, c-5, d-3 D) a-1, b-2, c-4, d-5

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Answer & Solution

Answer: Option A

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Assets acquired by a bank in satisfaction of a claim are known as . . . . . . . .

A) non-banking assets B) performing assets C) standard assets D) None of these

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Answer & Solution

Answer: Option A

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