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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-30

Each section contains 100 MCQs on Accounting .
21
Legal expenses in respect of claims of an insurance company is shown in . . . . . . . .
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Answer & Solution
Answer: Option B
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22
Where separate set of books are maintained, the ledger accounts required are . . . . . . . .
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Answer: Option C
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23
. . . . . . . . represents that part of discount received during the year by a bank which relates to the next accounting year.
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Answer: Option C
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24
What is the correct sequence of the following in the preparation of periodical financial statements?
I. preparation of Balance sheet
II. preparation of Funds flow statement
III. preparation of Trial balance
IV. preparation of Profit/Loss statement
Select the correct answer from the options given below and mark your answer sheet accordingly
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Answer & Solution
Answer: Option B
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25
Cash book prepared on imprest system is:
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Answer: Option C
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26
Match List-I with List-II and select the correct answer using the options given below the lists:
List-I (Accounting concept) List-II (Principle involved)
a. Consistency 1. Losses are anticipated and accounted for in advance but profits are not accounted for until realised.
b. Comparability 2. All the relevant financial informations should be summarised and presented in the accounting statements.
c. Conservatism 3. Accounting procedures in an entity should be followed uniformly from period to period.
d. Disclosure 4. Accounting statement of different periods of an entity and those of different entities of a period should be based on the same accounting principles and procedures.
5. Personal Judgement of accountants should not influence accounting measurements.
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Answer & Solution
Answer: Option B
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27
Dividend declared in between two annual general meeting is called . . . . . . . .
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Answer: Option B
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28
Goods destroyed by fire should be credited to:
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Answer: Option A
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29
Use of subsidiary books can be made by:
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Answer: Option D
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30
Double entry principle means:
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Answer & Solution
Answer: Option A
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