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-7

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

If cash sales is Rs. 40,000; credit sales Rs. 80,000 and the amount of debtors Rs. 20,000, the average collection period will be (consider 360 days in a year):

A) 180 days B) 120 days C) 90 days D) 60 days

Discuss

Answer & Solution

Answer: Option C

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

Recording of decline in the value of patents, copyright and goodwill is called as

A) Depreciation B) Amortisation C) Depletion D) None of the above

Discuss

Answer & Solution

Answer: Option B

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

The portion of uncalled amount of capital that can be called up only on winding up of the company is known as

A) Authorized capital B) Issued capital C) Subscribed capital D) Reserve capital

Discuss

Answer & Solution

Answer: Option D

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

Revenue is generally recognised being earned at the time when:

A) Agreement of sale is effected B) Cash is received C) Production is completed D) Goods are delivered

Discuss

Answer & Solution

Answer: Option D

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

Which of the following items should be posted to Income and Expenditure account of a club?

A) Sale of old newspaper B) Loss on the sale of some asset C) Payment of honorarium D) All of the above

Discuss

Answer & Solution

Answer: Option D

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

Which of the following is not fixed asset?

A) Building B) Furniture C) Cash D) Machinery

Discuss

Answer & Solution

Answer: Option C

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

Upon dissolution, which is the proper order for application of the firm's assets?
1. Payment of partner's loan.
2. In paying, the debts of the firm to third partiy.
3. Distribution of surplus to partners in profit sharing ratio.
4. Payment of partners capital.
Select the correct answer:

A) 1, 4, 3 and 2 B) 2, 1, 4 and 3 C) 2, 1, 3 and 4 D) 1, 2, 3 and 4

Discuss

Answer & Solution

Answer: Option C

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

Amount spent on increasing the seating capacity of a cinema hall is called

A) Personal expenditure B) Nominal expenditure C) Capital expenditure D) Revenue expenditure

Discuss

Answer & Solution

Answer: Option C

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

When the Debt Turnover Ratio is 4, what is the average collection period?

A) 5 months B) 4 months C) 3 months D) 2 months

Discuss

Answer & Solution

Answer: Option C

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

Which of the following is not a features of the Hire Purchase System?

A) Price is paid in installments B) Possession is given immediately C) On default the seller has a right to repossess the goods D) Ownership is transferred immediately

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