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-5 section-11

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

Manager is provided 10% commission on net profit after charging such commission. If profit before commission is Rs. 77,000, then what is due/payble commission?

A) Rs. 7,000 B) Rs. 7,700 C) Rs. 8,555 D) Rs. 8,000

Discuss

Answer & Solution

Answer: Option A

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

All the centers of profit for an airline company except one

A) Magazine in flight B) Sale of goods C) Maintenance of the airplane D) Ticket sales

Discuss

Answer & Solution

Answer: Option C

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

The balance of Forfeited share Account, after the reissue of forfeited shares, is transferred to:

A) Capital Redemption Reserve Account B) General Reserve Account C) Capital Reserve Account D) Profit and Loss Account

Discuss

Answer & Solution

Answer: Option C

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

Which of the following is not a cash inflow?

A) Decrease in creditors B) Decrease in debtors C) Issue of shares D) Sale of a fixed asset

Discuss

Answer & Solution

Answer: Option A

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

Match the following.

List-I	List-II
a. Partly paid preference share	1. Premiumon redemption of preference shares
b. Capital redemption reserve	2. Current liabilities
c. Security premium	3. Redemption out of free reserve
d. Unclaimed dividend	4. Can not be redeem

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

Discuss

Answer & Solution

Answer: Option C

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

As per AS-14, purchase consideration is payable to

A) debentureholders and creditors B) shareholders and creditors C) shareholders and debentureholders D) shareholders

Discuss

Answer & Solution

Answer: Option D

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

Gautam and Mahavir are partners in partnership firm sharing profits and losses 5 : 3. They admitted navin for $${\frac{1}{5}^{{\text{th}}}}$$ share. What will be new profit sharing ratio of partners?

A) 5 : 3 : 1 B) 5 : 3 : 2 C) 5 : 3 : 3 D) None of the above

Discuss

Answer & Solution

Answer: Option B

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

A change in the registered office of the company from one State to another can be effected by:

A) A resolution of the board of directors B) A resolution passed in the General Meeting of the Company C) A special resolution of the company and approval of the Central Government D) A special resolution and confirmation of the company Law Board

Discuss

Answer & Solution

Answer: Option D

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

Which one of the following is source of funds:

A) Repayment of the long term loan B) Increase in Credit sales C) Increase in inventory D) Issue of new shares

Discuss

Answer & Solution

Answer: Option D

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

Which of the following is correct equation?

A) Opening stock + closing stock - purchases = cost of goods sold B) Opening stock + purchases - closing stock = cost of goods sold C) Purchases + closing stock - opening stock = cost of goods sold D) Closing stock - Purchases - opening stock = Cost of goods sold

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