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-29

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
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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

Which of the following is not a source of redemption of preference shares?

A) divisible profit B) securities premium a/c C) realization of asset D) proceeds of fresh issue

Discuss

Answer & Solution

Answer: Option C

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

A sale of goods to Vidhya for cash should be debited to . . . . . . . .

A) Vidhya's account B) Cash account C) Sale of goods account D) Purchases account

Discuss

Answer & Solution

Answer: Option B

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

Which one of the following accounting standards is not mandatory in India?

A) Fixed assets accounting and revenue recognition B) Inventory and depreciation accounting C) Non-monetary assets and fixed assets D) Monetary assets and depreciation accounting

Discuss

Answer & Solution

Answer: Option C

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

The amount set aside to meet the loss of bad debt is . . . . . . . .

A) liability B) reserve C) provision D) contingent liability

Discuss

Answer & Solution

Answer: Option C

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

A company cannot issue redeemable preference shares for a period exceeding . . . . . . . .

A) 6 years B) 7 years C) 10 years D) 20 years

Discuss

Answer & Solution

Answer: Option B

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

Which of the following result in reduction of capital?

A) Reducing share capital B) Reducing the amount payable to creditors C) Appreciation in the value of assets D) All of these

Discuss

Answer & Solution

Answer: Option D

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

Goods worth Rs. 200 returned by Mohan were taken into stock, but no entry was passed, is an error of . . . . . . . .

A) Commission B) Principle C) Omission D) Compensatory

Discuss

Answer & Solution

Answer: Option C

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

Which of the following amounts shall be credited to Investor Education and Protection Fund, if they remain unpaid/unclaimed for seven years from the date they become due?

A) Matured debentures of a company B) Tax arrears C) Proceeds of sale of property D) Provision for doubtful debts

Discuss

Answer & Solution

Answer: Option A

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

Provision for bad debts is calculated on . . . . . . . .

A) Creditors B) Sales C) Purchases D) Debtors

Discuss

Answer & Solution

Answer: Option D

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

Payment of compensation to a worker, who has been discharged from service, is a:

A) Capital expenditure B) Revenue expenditure C) Deferred - revenue expenditure D) Non-business expenditure

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