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-19

Each section contains 100 MCQs on Accounting .

Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Section 7
Section 8
Section 9
Section 10
Section 11
Section 12
Section 13
Section 14
Section 15
Section 16
Section 17
Section 18
Section 19
Section 20
Section 21
Section 22
Section 23
Section 24
Section 25
Section 26
Section 27
Section 28
Section 29
Section 30

Sale of an asset on credit at a price higher than written down value of the asset, would

A) leave owner's equity unaffected B) increase owner's equity to the extent of less value C) increase owner's equity by the amount of sale D) increase owner's equity to the extent of profit on sale

Discuss

Answer & Solution

Answer: Option D

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

Which of the following will not be disclosed by trial balance?

A) Error in entering an amount in the account B) Wrong totaling of an account C) Decrease in gross profit percentage D) Compensating error

Discuss

Answer & Solution

Answer: Option D

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

How many columns are there in ledger?

A) 5 B) 7 C) 8 D) 10

Discuss

Answer & Solution

Answer: Option C

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

Ideal current ratio is:

A) 1 : 1 B) 2 : 1 C) 1 : 2 D) 1 : 3

Discuss

Answer & Solution

Answer: Option B

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

The margin of safety can be increased by-

A) reducing the fixed cost B) increasing the selling price C) reducing variable cost D) all the above ways

Discuss

Answer & Solution

Answer: Option D

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

In the double entry system of book keeping a transaction affects:

A) one account twice B) two accounts at the same time C) one account in two ways D) two accounts in two ways each

Discuss

Answer & Solution

Answer: Option B

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

On retirement or death of a partner, the retired or deceased partner's capital account will be credited with

A) His share of goodwill B) Goodwill of the firm C) Share of the goodwill of remaining partners D) None of the above

Discuss

Answer & Solution

Answer: Option A

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

When a business is purchased, any amount paid in excess of the total of assets, minus the liabilities taken, is called:

A) Share Premium B) Goodwill C) Capital Employed D) Working Capital

Discuss

Answer & Solution

Answer: Option B

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

A firm which manufctures boats has a fixed cost of Rs. 2,60,000/- per month. The selling price of the boat is Rs. 35,000/- boat. Variable cost per boat is Rs. 15,000/-. The boat yard can manufacture 20 boats per month. The break even output of the firm will be

A) It is not possible to determine from the above information B) 13 boats C) 25 boats D) 20 boats

Discuss

Answer & Solution

Answer: Option B

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

The amount of short working is equal to:

A) Minimum rent + Royalty B) Royalty - Minimum rent C) Minimum rent - Royalty D) Royalty - Amount paid to landlord

Discuss

Answer & Solution

Answer: Option C

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

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Accounting MCQ Questions and Solutions with Explanations | Commerce