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-21

Each section contains 100 MCQs on Accounting .

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Section 21
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Section 30

A and B are partners sharing profits and losses in 3 : 2. They admitted C in the firm. C acquired $${\frac{1}{3}^{{\text{rd}}}}$$ of A's shares and $${\frac{1}{2}^{{\text{nd}}}}$$ of B's share. What is the new profit sharing ratio?

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

Discuss

Answer & Solution

Answer: Option B

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

The original amount of preference share capital should be transferred to . . . . . . . . account in the time of amalgamation in the books of vendor co.

A) Capital reserve account B) Equity share capital account C) Preference shareholders account D) None of the above

Discuss

Answer & Solution

Answer: Option C

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

Profit prior to incorporation is credited to:

A) Profit and loss a/c B) General Reserve a/c C) Special Reserve a/c D) Capital reserve a/c

Discuss

Answer & Solution

Answer: Option D

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

The book in which credit note voucher is used for accounting is

A) Sales book B) Purchase book C) Sales return book D) Purchase return book

Discuss

Answer & Solution

Answer: Option C

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

If sales are Rs. 6000, gross profit is $$\frac{1}{3}$$ on cost, purchase are Rs. 4,900 and the closing stock is Rs. 900, the opening stock will be:

A) Nill B) Rs. 500 C) Rs. 2,000 D) Rs. 4,900

Discuss

Answer & Solution

Answer: Option B

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

Jaggi and Lau's Model is related to:

A) Social Accounting B) Human Resource Accounting C) Inflation Accounting D) None of the above

Discuss

Answer & Solution

Answer: Option B

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

Under the depreciation method, assets are shown every year at

A) At original cost B) At cost less than projected value C) At calculated, price, which remains the same D) A calculated value, which keeps on decreasing

Discuss

Answer & Solution

Answer: Option A

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

How is the amount to be paid to the land owner determined?

A) Royalty ⇔ minimum rent B) Minimum rent ⇔ Royalty C) Minimum rent ⇔ Short working D) Royalty or minimum rent, whichever is higher ⇔ Short working

Discuss

Answer & Solution

Answer: Option D

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

Which of the following is a correct accounting equation?

A) Assets = owners equity B) Assets = liability + owner's equity C) Assets = liability - owner's equity D) Assets = liability = owner's equity

Discuss

Answer & Solution

Answer: Option B

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

Income earned and collected' results in:

A) Increase of assets and increase in capital B) Decrease in assets and increase in capital C) Increase in assets and decrease in liability D) Decrease in assets and increase in liability

Discuss

Answer & Solution

Answer: Option A

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

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Accounting MCQ Questions and Solutions with Explanations | Commerce