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-19

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

Cash book is an example of-

A) Simple journal B) Special journal C) (A) and (B) both D) None of the above

Discuss

Answer & Solution

Answer: Option A

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

Liquid Ratio is calculated as follows:

A) $$\frac{{{\text{Total Assets}}}}{{{\text{Total Liabilities}}}}$$ B) $$\frac{{{\text{Current Assets}}}}{{{\text{Current Liabilities}}}}$$ C) $$\frac{{{\text{Liquid Assets}}}}{{{\text{Current Liabilities}}}}$$ D) $$\frac{{{\text{Current Liabilities}}}}{{{\text{Liquid Assets}}}}$$

Discuss

Answer & Solution

Answer: Option C

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

What is the correct order of the following relating to the shares of a company?

A) Issue, Application, Call and Forfeiture B) Application, Call, Forfeiture and Issue C) Call, Issue, Application and Forfeiture D) Forfeiture, Application, Issue and Call

Discuss

Answer & Solution

Answer: Option A

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

Which of the following items will have credit balance?

A) Deferred Revenue Expenditure B) Income accrued but not received C) Dividend declared but not paid D) Discount on issue of debentures

Discuss

Answer & Solution

Answer: Option C

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

Amount due to outgoing partner is shown in the balance sheet as his

A) Liability B) Asset C) Capital D) Loan

Discuss

Answer & Solution

Answer: Option D

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

Given the following information, what is Debt Equity Ratio?

Equity Capital	Rs. 2,00,000
General Reserve	Rs. 90,000
Debentures	Rs. 1,50,000
Accumulated Profits	Rs. 60,000

A) 15 : 20 B) 35 : 25 C) 15 : 29 D) 15 : 35

Discuss

Answer & Solution

Answer: Option D

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

What will be the treatment, if assets are taken over by a creditor of the firm at the time of dissolution?

A) Realisation A/c will be debited B) Realisation A/c will be credited C) No entry should be passed D) None of the above

Discuss

Answer & Solution

Answer: Option C

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

Which of the following match is not correct?

A) Convertible ⇔ Debenture B) Participative ⇔ Preference C) Secured ⇔ Mortgage D) Right share ⇔ Issued to new shareholders

Discuss

Answer & Solution

Answer: Option D

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

Net sales for a period is Rs. 6,00,000; cost of goods sold is Rs. 3,10,000 and operating expenses Rs. 80000. The operating ratio will be-

A) 60% B) 65% C) 66.23% D) 62%

Discuss

Answer & Solution

Answer: Option B

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

X co. Ltd. forfeited 1,000 shares of Rs. 10 each fully called up for non-payment of final call of Rs. 1 per share. 400 of forfeited shares are reissued as fully paid at Rs. 8 per share. The balance of forfeited share account will be:

A) Rs. 2,800 B) Rs. 3,600 C) Rs. 5,400 D) Rs. 9,000

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