ExamVeda
Login
Home

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-26

Each section contains 100 MCQs on Accounting .
41
A Company purchased 8% bonds at a cost of Rs. 12,00,000 (face value Rs. 10,00,000) on 1st January 2003. Half yearly interest is payable on this investment on 30th June and 31st December each year. The company closes its accounts on 31st March 2003. The amount of accured interest shown in profit and loss account for the year ended is:
Discuss
Answer & Solution
Answer: Option C
No explanation is given for this question. Let's Discuss on Board
42
Provision for Income tax is shown in a bank's Balance Sheet as . . . . . . . .
Discuss
Answer & Solution
Answer: Option D
No explanation is given for this question. Let's Discuss on Board
43
Which of the following transactions will result in decrease in assets and decrease in liabilities?
Discuss
Answer & Solution
Answer: Option D
No explanation is given for this question. Let's Discuss on Board
44
In the case of joint stock companies, the assets and liabilities in B/S are arranged in the order of . . . . . . . .
Discuss
Answer & Solution
Answer: Option B
No explanation is given for this question. Let's Discuss on Board
45
Errors which affect one account can be . . . . . . . .
Discuss
Answer & Solution
Answer: Option C
No explanation is given for this question. Let's Discuss on Board
46
The main aim of . . . . . . . . is to ascertain cost relating to the various activities of the business and to have cost control.
Discuss
Answer & Solution
Answer: Option B
No explanation is given for this question. Let's Discuss on Board
47
In financial statements, adequate disclosure is ensured by companies as per the requirements of:
I. management policies
II. materiality concept
III. disclosure concept
IV. relevant provision of the Companies Act
V. internal control
Of these statements:
Discuss
Answer & Solution
Answer: Option D
No explanation is given for this question. Let's Discuss on Board
48
Match List-I with List-II and select the correct answer using the options given below the lists:
List-I (Types of accounts) List-II (Principles)
a. Real Accounts 1. Debit the receiver credit the giver
b. Nominal Accounts 2. Debit what comes in credit what goes out
c. Personal Accounts 3. Debit all expenses credit all gains
Discuss
Answer & Solution
Answer: Option C
No explanation is given for this question. Let's Discuss on Board
49
If the operating expenses exceed gross profit, the excess is referred to as:
Discuss
Answer & Solution
Answer: Option B
No explanation is given for this question. Let's Discuss on Board
50
Accounting for amalgamation is given in . . . . . . . .
Discuss
Answer & Solution
Answer: Option A
No explanation is given for this question. Let's Discuss on Board