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-28

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

Double entry system of bookkeeping refers to a system where:

A) the number of accounts with a debit balance must agree with the number of accounts with the credit balance B) each transaction is recorded twice, once in journal and then in ledger C) equal debit and credit entries are made for each transaction D) each transaction is recorded in two set of account books

Discuss

Answer & Solution

Answer: Option C

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

After completing . . . . . . . . years a company can issue shares at discount.

A) 2 B) 3 C) 1 D) 4

Discuss

Answer & Solution

Answer: Option C

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

On calls in advance, interest is payable @ . . . . . . . .

A) 5% B) 6% C) 4% D) Nil

Discuss

Answer & Solution

Answer: Option B

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

General insurance is a contract of . . . . . . . .

A) contribution B) indemnity C) guarantee D) None of these

Discuss

Answer & Solution

Answer: Option B

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

The following items are shown in profit and loss appropriation account as . . . . . . . .

A) Dividend declared B) Discount on issue of shares C) Non-operating expenses D) Current assets

Discuss

Answer & Solution

Answer: Option A

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

How many sides does an account have?

A) One B) Two C) Three D) Four

Discuss

Answer & Solution

Answer: Option B

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

Legacies are generally:

A) capitalized and taken to balance sheet B) treated as income C) treated as expenditure D) treated as other incomes

Discuss

Answer & Solution

Answer: Option A

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

Journal proper is issued to record . . . . . . . .

A) all purchases of goods B) all sales of goods C) all business expenses paid in cash D) all adjusting and rectification entries

Discuss

Answer & Solution

Answer: Option D

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

Which one of the following securities cannot be issued by a public limited company in India?

A) Participating preference shares B) Redeemable preference shares C) Deferred shares D) Debentures

Discuss

Answer & Solution

Answer: Option C

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

Subscription received during the year were Rs. 800 for the current year. Rs. 100 for the previous year and Rs. 100 for the next year. In the receipts and payments account the receipts from subscriptions would appear at:

A) Rs. 700 B) Rs. 800 C) Rs. 900 D) Rs. 1000

Discuss

Answer & Solution

Answer: Option D

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

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Accounting MCQ Questions and Solutions with Explanations | Commerce