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-20

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

Which of these is not an essential feature of a partnership firm?

A) Mutual agency B) Compulsory registration C) Association of two or more persons D) Existence of business

Discuss

Answer & Solution

Answer: Option B

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

As per section 55 of Companies Act 2013, the redemption of preference shares can be made:

A) Out of profits available for dividend B) From the issue of new shares C) Partially from available profits and partially from issue of new shares D) All are correct

Discuss

Answer & Solution

Answer: Option D

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

Break-Even Point is

A) Where total revenue equals total costs B) Where total revenue equals total fixed cost C) Where total revenue equals total variable cost D) Where total revenue exceeds the total costs

Discuss

Answer & Solution

Answer: Option A

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

Firm has earned exceptionally high profits from a contract, which will not be renewed. In such a case, this profit will not be included in . . . . . . . .

A) profit share of the partners B) calculation of the goodwill C) Both A and B D) None of these

Discuss

Answer & Solution

Answer: Option B

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

Which of the following is not a subsidiary book?

A) Purchase book B) Sales book C) Bills receivables book D) Assets books

Discuss

Answer & Solution

Answer: Option D

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

Match list-I with list-II and select your answer:

List-I (Assets)	List-II (Method of Depreciation)
a. Patterns	1. Annuity Method
b. Motor Lorries	2. Revalution Method
c. Copy-right	3. Fixed Instalment Method
d. Live Stock	4. Diminishing Balance Method

A) a-3. b-4, c-1, d-2 B) a-1, b-3, c-2, d-4 C) a-2. b-3, c-4, d-1 D) a-4, b-2, c-1, d-3

Discuss

Answer & Solution

Answer: Option B

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

A, B and C are partners sharing profits and losses in 5 : 3 : 2. What will be new profit sharing ratio between A and C if B decided to take leave from the firm?

A) 5 : 3 B) 5 : 1 C) 5 : 2 D) 3 : 2

Discuss

Answer & Solution

Answer: Option C

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

Which of the following errors cannot be located by the Trial Balance:

A) Errors in making totals of the ledger accounts B) Errors in carrying forward of totals C) Errors of omission in posting D) Errors in balancing the ledger accounts

Discuss

Answer & Solution

Answer: Option C

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

Which of the following statements is true:

A) Building account is a nominal account B) Outstanding rent account is a non-personal account C) Every debit has a corresponding credit D) Incomes are debited

Discuss

Answer & Solution

Answer: Option C

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

On 31^st March, 1995 the following balances of accounts appeared in the books of a firm Capital Account Rs. 2,00,000 General Reserve Rs. 50,000; Sundry Creditors Rs. 50,000 and Cash in hand Rs. 10,000. The firm is dissolved, and the assets realised Rs. 1,25,000. The loss on realisation is:

A) Rs. 1,75,000 B) Rs. 1,65,000 C) Rs. 1,15,000 D) Rs. 1,05,000

Discuss

Answer & Solution

Answer: Option B

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

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Accounting MCQ Questions and Solutions with Explanations | Commerce