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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-18

Each section contains 100 MCQs on Accounting .
31
Consider the following statements:
Assertion (A): In double account system, the final accounts of a company fails to disclose the true condition of its assets.
Reason (R): Because the assets of the company are shown at their cost price even when they are completely worn out.
Now, select your answer:
Discuss
Answer & Solution
Answer: Option A
No explanation is given for this question. Let's Discuss on Board
32
The liability of partners is . . . . . . . . .
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Answer & Solution
Answer: Option B
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33
A company with total assets amounting to Rs. 15,00,000 (including Goodwill Rs. 1,50,000 discount on issue of shares Rs. 2,00,000 and accumulated loss Rs. 2,00,000) and the total liabilities amounting to Rs. 2,20,000 (including a contingent liability of Rs. 40,000) has been taken over by a new company for a purchase consideration of Rs. 11,50,000. the Goodwill a/c in the vendee company's books will appear at:
Discuss
Answer & Solution
Answer: Option C
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34
The question contains two statement. One is Assertion (A) and the other is Reason (R). You have to examine both the statements carefully and decide whether the Assertion (A) and Reason (R) are separately true? and If so, then Reason is the correct explanation of the Assertion. Mark these items in the balance sheet.
Assertion (A) Balance sheet does not reveal ownership of business.
Reason (R) Assets are just unrefined cost.
Discuss
Answer & Solution
Answer: Option A
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35
The term 'depletion' is used in relation to
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Answer & Solution
Answer: Option B
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36
A retiring partner continues to be liable for obligations incurred after his retirement:
Discuss
Answer & Solution
Answer: Option B
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37
Which of the following is not current asset?
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Answer & Solution
Answer: Option D
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38
The profit ratio of A, B and C, who are partners in a firm is 4 : 3 : 2. After D is admitted their sacrificing ratio will be:
Discuss
Answer & Solution
Answer: Option B
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39
Study the following transactions.
1. Raising of short-term loans.
2. Goods purchased for cash.
3. Payment of bonus in the form of shares.
4. Issue of shares in lieu of raw materials.
Select the correct answer:
Discuss
Answer & Solution
Answer: Option A
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40
A partnership agreement comes to an end
Discuss
Answer & Solution
Answer: Option D
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