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-16

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

Pre-emptive right is:

A) A right of equity shareholders to get newly issued shares B) A right of the debenture-holders to get newly issued shares in lieu of debentures C) A right of the manager to get newly issued shares D) A right of the employees to get shares of the company

Discuss

Answer & Solution

Answer: Option A

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

When a partner retires, the decrease in the values of a liability is credited to:

A) Liability a/c B) P & L Adjustment a/c C) Realisation a/c D) None of the above

Discuss

Answer & Solution

Answer: Option B

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

Amount of underwriting commission payable on the issue of debentures is limited to:

A) 2% B) $$2\frac{1}{2}\% $$ C) 3% D) 5%

Discuss

Answer & Solution

Answer: Option B

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

Stock A/c is a

A) Personal A/c B) Nominal A/c C) Real A/c D) Statement

Discuss

Answer & Solution

Answer: Option C

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

Preference share on which a shareholder can claim voting rights due to non-payment of dividend for two years are called

A) Residuary preference shares B) Convertible preference share C) Cumulative preference share D) Non-preference share

Discuss

Answer & Solution

Answer: Option C

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

In the case of admission of a new partner, the amount of goodwill brought in by him in the firm is shared by the old partners :

A) In their old profit-sharing ratio B) In the ratio of their capital C) In their sacrificing ratio D) In their new profit-sharing ratio

Discuss

Answer & Solution

Answer: Option C

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

Current liability in the following is-

A) Outstanding wages B) Machine preference share C) Provision for depreciation on the machine D) Share profit

Discuss

Answer & Solution

Answer: Option A

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

Out of following a new partner could be admitted in a partnership with consent of

A) All existing partners B) Any of the partner in the firm C) Majority of partners D) $$\frac{2}{3}$$ majority of partner

Discuss

Answer & Solution

Answer: Option A

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

Which of the following is not recorded in current assets?

A) Debtors B) Cash C) Goodwill D) Business stock

Discuss

Answer & Solution

Answer: Option C

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

Goodwill brought in by new partner in cash is called

A) capital B) loan C) drawings D) premium

Discuss

Answer & Solution

Answer: Option D

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

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Accounting MCQ Questions and Solutions with Explanations | Commerce