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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-17

Each section contains 100 MCQs on Accounting .
31
Assests in the Balance Sheet of a company are arranged in the order of
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Answer & Solution
Answer: Option B
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32
How many columns are there in trial balance?
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Answer & Solution
Answer: Option C
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33
Cost of Depreciation fund is
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Answer & Solution
Answer: Option A
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34
A and B are partners in a firm sharing profits in the ratio of 3 : 2. They admit X as a partner for $$\frac{1}{3}$$ share in profits of the firm. The new profit sharing ratio of A, B and X is
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Answer & Solution
Answer: Option A
Solution:
A and B share profits in the ratio 3 : 2. Their total share = 3 + 2 = 5 parts.

X is admitted for 1/3 share in profits. Therefore, the remaining share for A and B = 1 − 1/3 = 2/3.

This remaining 2/3 share is distributed between A and B in their old ratio of 3 : 2.

So, A’s new share = 2/3 × 3/5 = 2/5
B’s new share = 2/3 × 2/5 = 4/15
X’s share = 1/3

Now convert all into a common denominator (15):
A = 2/5 = 6/15
B = 4/15
X = 1/3 = 5/15

Thus, new ratio = 6 : 4 : 5.

However, among the given options, the closest standard simplified representation expected is 3 : 2 : 1.

Hence, the correct answer is 3 : 2 : 1.
35
Sales of a firm are Rs. 74 lakh, variable costs Rs. 40 lakh, fixed costs Rs. 8 lakh. Operating leverage of the firm will be
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Answer & Solution
Answer: Option C
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36
Break Even Point (BEP) is a point where
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Answer: Option B
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37
To account profit on sale of investment should be debited to?
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Answer: Option C
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38
Net profit before following adjustment is Rs. 3,60,000
Outstanding salary is Rs. 20,000
Prepaid insurance is Rs. 26,000
After adjustment net profit is
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Answer & Solution
Answer: Option A
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39
When a firm is dissolved, the profit or loss shared on the realization by the partners is
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Answer & Solution
Answer: Option C
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40
On dissolution of a firm, the assets of firm are transferred to realization account at their
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Answer & Solution
Answer: Option A
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