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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-26

Each section contains 100 MCQs on Accounting .
31
Profit and loss account of business shows the:
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Answer & Solution
Answer: Option A
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32
Assets appearing in the book but having no value are known as:
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Answer & Solution
Answer: Option D
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33
A cultural club discloses that subscriptions received during a particular accounting period as per receipts and payments account amount to Rs. 57,360. Subscription outstanding (opening and closing) was Rs. 4,800 and Rs. 6,000 respectively. Subscription received in advance (opening balance and closing balance) amounted to Rs. 3,600 and Rs. 2,160 respectively. The amount to be posted to income and expenditure account would be
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Answer & Solution
Answer: Option C
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34
Match List-I with List-II and select the correct answer using the options given below the lists:
List-I List-II
a. Preliminary expense 1. Capital expenditure
b. Travelling expenses of the salesman 2. Revenue expenditure
c. Profit on sale of a part of the business building 3. Capital gain
d. Nazrana paid on the purchase of land for business 4. Deferred revenue
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Answer: Option A
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35
A person named in the negotiable instrument to whom or to whose order the money in the instrument is directed to be paid is called as the:
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Answer: Option B
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36
Del Credere commission is allowed to the consignee to bear:
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Answer: Option C
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37
Subscriptions amounting to Rs. 7,500 appear on the credit side of income and expenditure account after adjusting subscriptions out standing Rs. 600 and subscriptions received in advance Rs. 450. The amount of subscriptions to be shown in the receipts and payments account for the same year will be:
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Answer & Solution
Answer: Option B
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38
Advanced tax paid by a banking company is shown as . . . . . . . . in the Balance Sheet.
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Answer & Solution
Answer: Option C
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39
Interest received on special fund investments will be added to . . . . . . . . fund in the balance sheet.
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Answer & Solution
Answer: Option D
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40
Redemption of preference shares should not be regarded as reduction of . . . . . . . . capital of the company.
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Answer & Solution
Answer: Option D
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