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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-5 section-23

Each section contains 100 MCQs on Accounting .
41
If sales is Rs. 8,00,000, cost of sales is Rs. 4,80,000 and indirect expenses is Rs. 1,20,000, then the net profit ratio will be:
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Answer & Solution
Answer: Option C
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42
For the purpose of final accounts, stock is normally valued according to:
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Answer & Solution
Answer: Option A
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43
X, Y and Z are equal partners with fixed capitals of Rs. 5,00,000, Rs. 3,00,000 and Rs. 1,00,000, respectively. After closing the accounts for the year ending 31st March 2019, it was discovered that the interest on capitals was provided @ 6% per annum instead of 5% per annum. In the adjusting entry
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Answer & Solution
Answer: Option A
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44
Total Assets Turnover = 4
Net profit = 10%
Total assets = Rs. 50,000
The amount of Net profit would be:
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Answer & Solution
Answer: Option C
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45
When Partnership Act was passed?
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Answer & Solution
Answer: Option B
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46
Given,
Current ratio = Rs. 2.5
Quick ratio = Rs. 2.5
Net working capital = Rs. 30,000
The amount of current liabilities will be
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Answer & Solution
Answer: Option A
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47
The expense incurred for increasing the productive capacity of business is called as
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Answer & Solution
Answer: Option B
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48
Ashoka Ltd.purchased a machine from Tata & Sons for Rs. 1,50,000. This is
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Answer & Solution
Answer: Option A
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49
Permanent working capital is generally financed through
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Answer & Solution
Answer: Option A
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50
Arrange the following items in the order of their appearance in the preparation of financial statements.
1. Net profit
2. Gross profit
3. Cash at bank
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Answer & Solution
Answer: Option C
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