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-4 section-11

Each section contains 100 MCQs on Accounting .

Section 1
Section 2
Section 3
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Section 5
Section 6
Section 7
Section 8
Section 9
Section 10
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Section 12
Section 13
Section 14
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Section 21
Section 22
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Section 29
Section 30

ABC Ltd has declared 40% dividend. What does it mean?

A) The company has declared 40% of net profit as a dividend B) The company has declared 40% of profits after tax as a dividend C) The company will provide a 40% dividend on issued capital D) The company will provide a 40% dividend on paid-up capital

Discuss

Answer & Solution

Answer: Option D

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

Assets which have a fixed content and the value of asset goes down as the contents are taken out are called

A) intangible assets B) fictitious assets C) wasting assets D) floating assets

Discuss

Answer & Solution

Answer: Option C

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

A company can purchase, its own:

A) Equity share B) Preference share C) Debentures D) All of the above

Discuss

Answer & Solution

Answer: Option D

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

The technique of performance appraisal management is

A) To motivate the employees B) To find out the qualifications of the employeess C) Promotion of employees D) To find out the difficulties of the employee

Discuss

Answer & Solution

Answer: Option C

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

Statement I If an entity holds directly/indirectly 50% or more of the voting power of the investee, it is presumed thus such entity has significant influence.
Statement II AS-24 deals with related party disclosures.
Which of the following is/are correct?

A) Only statement I is true B) Only statement II is true C) Both statements are true D) Both statements are false

Discuss

Answer & Solution

Answer: Option B

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

The inter-se-relations of the partners between themselves is that of

A) family friends B) business associates C) agents of each other D) close relatives

Discuss

Answer & Solution

Answer: Option C

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

What items of inventories are outside the scope of AS-2?
1. Work-in-progress arising under construction contracts.
2. Raw materials including maintenance supplies.
3. Share, debentures held as stock-in-trade.
4. Machinery spares exclusively used with fixed assets.
Select the correct answer:

A) 1, 3 and 4 B) 1, 2 and 4 C) 2, 3 and 4 D) All of these

Discuss

Answer & Solution

Answer: Option A

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

A club received the following donation in the year ending 31^st March, 2004.

	31^st March, 2003	31^st March, 2004
Outstanding Donation	Rs. 19,500	Rs. 25,500
Advance Donation	Rs. 12,800	Rs. 9,500

The donation received in the year 2003 - 04 were Rs. 2,45,000. The club donation income for 2003 - 04 was

A) Rs. 2,63,800 B) Rs. 2,80,000 C) Rs. 2,47,700 D) Rs. 2,84,000

Discuss

Answer & Solution

Answer: Option A

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

'Double entry system' refers to-

A) Every business transaction has two aspects B) For every transaction, two accounts is prepared C) Every business transaction is written twice D) All of the above

Discuss

Answer & Solution

Answer: Option A

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

Goodwill in a partnership firm can be valued at the time of

A) admission B) retirement C) death D) All of these

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