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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-29

Each section contains 100 MCQs on Accounting .
21
The main purpose of this . . . . . . . . accounting is to ascertain profit or loss during a specific period, to show financial position of the business.
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Answer & Solution
Answer: Option A
No explanation is given for this question. Let's Discuss on Board
22
Given that the value of furniture on 1st Januray 1993 is Rs. 8,000, furniture purchased during the year is Rs. 4,000, sale of furniture no loss no profit basis is Rs. 2,000, and the furniture is valued at Rs. 7,000 on 31st December 1993, the depreciation for the year 1993 will be:
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Answer & Solution
Answer: Option B
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23
The preparation of a Trial balance helps in:
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Answer & Solution
Answer: Option C
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24
Rebate on bills discounted is . . . . . . . . from interest and discount in the P/L account.
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Answer & Solution
Answer: Option B
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25
Public limited companies cannot issue . . . . . . . .
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Answer & Solution
Answer: Option B
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26
When a bill is discharged, the acceptor debits . . . . . . . .
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Answer & Solution
Answer: Option C
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27
When a bill drawn by A on B (and retained till the date of maturity is dishonoured on the due date), it is debited (in the books of A) to . . . . . . . .
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Answer & Solution
Answer: Option B
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28
If the rate of gross profit on sales is 25% and the cost of goods sold is Rs. 75,000, then the amount of total sales will be:
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Answer & Solution
Answer: Option A
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29
If the cost of goods sold is Rs. 1,20,000 and the rate of gross loss is $$\frac{1}{4}$$ on sales, the amount of sales is:
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Answer & Solution
Answer: Option C
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30
Goods of the value of Rs. 1500 taken by the proprietor for his personal use should be debited to:
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Answer & Solution
Answer: Option A
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