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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-4 section-12

Each section contains 100 MCQs on Accounting .
31
The application money payable on a share should not be less than the following percentage of the value of the share:
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Answer & Solution
Answer: Option A
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32
What is the effect of increase in variable cost?
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Answer & Solution
Answer: Option A
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33
Given-
Stock - Rs. 14,000;
Debtors - Rs. 20,000;
Creditors - Rs. 30,000;
Stock - turnover 5 times;
Credit collection period - 73 days;
Administrative expenses - 20% of sales;
All sales are made on credit. The net profit will be-
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Answer & Solution
Answer: Option A
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34
Consider the following information:
Net profit before depreciation and tax Rs. 44,000
Depreciation for the year Rs. 8,000
Goodwill written off Rs. 10,000
Rate of tax       50%

Cash flow from operation will be
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Answer & Solution
Answer: Option A
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35
If current ratio is 2.4 : 1 and current liability is Rs. 20,000/-, then what will be the amount of current assets
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Answer & Solution
Answer: Option B
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36
Liability of partners for firm's debt is:
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Answer & Solution
Answer: Option C
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37
The cost of goods sold is Rs. 50,000. The value of opening and closing stock is Rs. 15,000 and Rs. 25,000 respectively. The stock turnover rate will be :
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Answer & Solution
Answer: Option B
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38
Given,
1st January 31st December
Assets Rs. 30,000           -
Liability Rs. 13,000           -
Capital           - Rs. 16,500

Drawing during the year is Rs. 4,000 Capital on 1th January is:
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Answer & Solution
Answer: Option C
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39
In Companies Act, 1956 the proforma of B/S is given in:
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Answer & Solution
Answer: Option A
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40
Realisation account is a
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Answer & Solution
Answer: Option B
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