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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-8

Each section contains 100 MCQs on Accounting .
21
The strongest letter of credit is
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Answer & Solution
Answer: Option A
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22
Profit earned before acquisition of share is treated as
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Answer: Option A
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23
Arrange the following steps of preparation of consolidated balance sheet correctly.
1. Calculation of pre-acquisition profits
2. Calculation of minority interest
3. Calculation of post-acquisition profits
4. Calculation of cost of capital
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Answer: Option B
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24
Match the following:
List-I List-II
a. Interest on partner's capital is chargeable to the extent of available . . . . . . . . 1. competing
b. The amount due to the retiring partner can be made by . . . . . . . . payment method. 2. mutual
c. A partner must not carry on a . . . . . . . . business. 3. profit
d. Partners are . . . . . . . . for each other. 4. lumpsum
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Answer: Option B
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25
In the case of retirement of a partner, the total amount of goodwill is credited to the account of:
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Answer: Option C
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26
An asset is purchased for Rs. 50,000 on which depreciation is charged according to straight line method. The useful life of asset is 10 years and its residual value is Rs. 10,000. The rate of depreciation will be
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Answer: Option D
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27
Income and Expenditure accounts shows-
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Answer: Option D
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28
Match the items of the following two lists
List-I List-II
a. Zero-base budgeting 1. Internal reconstruction
b. Goodwill or capital reserve 2. Earnings per share
c. Reduction of capital 3. Control of expenditure
d. Basic and diluted 4. Business combination
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Answer: Option D
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29
Match List-I with List-II and select the correct answer:
List-I List-II
a. Cost of pulling down an old structure preparatory to construct a new one 1. Capital loss
b. Purchase of a new spark plug for an old car 2. Revenue loss
c. Expenditure incurred on Research and Development 3. Capital expenditure
d. Theft by cashier during business hours 4. Revenue expenditure
e. Motor car burnt during a riot 5. Deferred revenue expenditure
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Answer: Option B
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30
Shares are of following types
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Answer: Option C
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