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-6 section-12

Each section contains 100 MCQs on Accounting .

Section 1
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Section 3
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Section 5
Section 6
Section 7
Section 8
Section 9
Section 10
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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

The accounting concept where the business is a separate entity apart from its owners

A) Going concern concept B) Dual aspect concept C) Business entity concept D) Realisation concept

Discuss

Answer & Solution

Answer: Option C

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

Cash Equivalent means

A) Cash B) Bank C) Cash and Bank D) Highly liquid investment

Discuss

Answer & Solution

Answer: Option D

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

In case of absence of a partnership deed, what is the rule for charging interest on drawings?

A) No interest is charged B) Interest @ 4% is charged C) Interest @ 5% is charged D) Interest @ 6% is charged E) A flat interest @ 10% is charged on the Capital brought in

Discuss

Answer & Solution

Answer: Option A

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

Which of the following statements is/are correct?

A) Dual aspect concept assumes an indefinite life of the entity B) In accounting, accrual basis is used for recording of transactions C) Both A and B D) None of the above

Discuss

Answer & Solution

Answer: Option A

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

On dissolution of a firm, an unrecorded liability is

A) Debited to Realization Account B) Credited to Realization Account C) Credited to Liability Account D) Debited to Revaluation Account

Discuss

Answer & Solution

Answer: Option A

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

Which of the following items would be specifically included in the statement of cash flows constructed in compliance with AS-3?

A) Conversion of debt to equity B) Acquiring an asset through lease C) Operating and non-operating cash flow information D) Purchasing a building by giving a mortgage to the seller

Discuss

Answer & Solution

Answer: Option C

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

Heavy initial expenditure on advertising to introduce a new product is classified as

A) Capital expenditure B) Revenue expenditure C) Deemed liability D) Deferred revenue expenditure

Discuss

Answer & Solution

Answer: Option D

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

Ideal acid test ratio is:

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

Discuss

Answer & Solution

Answer: Option B

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

Which of the following sets of expenses are the direct expenses of the business:

A) Salaries, wages and shop rent B) Stationery, postage and telephone C) Wages, carriage inwards, local taxes D) Advertisement, legal fees, audit fees

Discuss

Answer & Solution

Answer: Option C

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

Subscription to Newspapers and Periodicals - Rs. 350.00
Sale proceeds of old Newspapers - Rs. 60.00
What amount is posted on the expenditure side of the income and Expenditure Account:

A) Rs. 350.00 B) Rs. 200.00 C) Rs. 410.00 D) Rs. 60.00

Discuss

Answer & Solution

Answer: Option A

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

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Accounting MCQ Questions and Solutions with Explanations | Commerce