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-18

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

Joint life policy is taken by the firm on the life of

A) all the partners severally B) all the partners jointly C) Both A and B D) None of these

Discuss

Answer & Solution

Answer: Option C

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

Allocation means:

A) Allotment of the whole item without division to a particular department B) Allotment is the distribution of proportionate items of cost C) It is a suitable basis for sub-division of the cost by cost centres D) Allocation and appropriation are both more or less same E) Products, departments or machineries are the basis on which allocation is usually made

Discuss

Answer & Solution

Answer: Option A

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

A company can redeem preference shares

A) at par B) at premium C) out of free reserves D) all of these

Discuss

Answer & Solution

Answer: Option D

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

The appropriate ratio for indicating liquidity crisis is

A) Operating ratio B) Sales turnover ratio C) Current ratio D) Acid test ratio

Discuss

Answer & Solution

Answer: Option D

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

From the following data, calculate P/V ratio.

	Sales	Profit
2017	Rs. 50,000	Rs. 5,000
2018	Rs. 75,000	Rs. 10,000

A) 15% B) 20% C) 18% D) 16%

Discuss

Answer & Solution

Answer: Option B

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

Which of the following comes under efficiency ratios?

A) Average collection period B) Inventory turnover ratio C) Fixed assets turnover ratio D) All of the above

Discuss

Answer & Solution

Answer: Option D

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

Which of the following is a capital loss?

A) Loss due to bad debts B) Loss of stock due to fire C) Loss on shares held as stock in trade D) Loss of a machine due to theft

Discuss

Answer & Solution

Answer: Option D

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

The director of 'M' Ltd., resolved to forfeit 2,000 equity shares of Rs. 10 each Rs. 7.50 per share paid up for non-payment of Final call of Rs. 2.50 per share. 1,000 of the forfeited shares were reissued of Rs. 6 per share fully paid up. Capital Reserve Account will be credited by

A) Rs. 3,500 B) Rs. 7,500 C) Rs. 9,000 D) Rs. 11,000

Discuss

Answer & Solution

Answer: Option A

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

Accounting equation, "Assets = Liabilities + Owners Equity", is represented through

A) Income statement B) Cash flow statement C) Balance Sheet D) Funds flow statement

Discuss

Answer & Solution

Answer: Option C

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

In the absence of a partnership deed

A) Interest will not be charged on partner's drawings B) Interest will be charged @ 5% p.a. on partner's drawings C) Interest will be charged @ 6% p.a. on partner's drawings D) Interest will be charged @ 12% p.a. on partner's drawings

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