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Accounting MCQ Questions and Solutions with Explanations | Commerce

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-21

Each section contains 100 MCQs on Accounting .
51
A, B and C are partners in a firm sharing profits and losses in the ratio of 4 : 3 : 2. They agreed to take D into partnership and gave him $${\frac{1}{8}^{{\text{th}}}}$$ share. What will be their new profit sharing ratio?
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Answer & Solution
Answer: Option B
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52
Accounting starts where book keeping ends and . . . . . . . . begins where accounting ends
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Answer: Option A
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53
A concern should select an accounting policy which enables it to
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Answer: Option C
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54
If the operating ratio is 75% then the net ratio will be
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Answer & Solution
Answer: Option B
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55
A powerhouse originally built for Rs. 4,00,000 is to be replaced by a new one. The total cost of consturction is Rs. 14,00,000. But the estimated cost of construction of the original size powerhouse at present is Rs. 6,00,000. The revenue cost will be
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Answer & Solution
Answer: Option D
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56
Match List-I with List-II and select the correct answer:
List-I List-II
a. Measurement of income 1. Accrues to the equity of owners
b. Recognition of expense 2. Recognition of revenue
c. Basis of realization 3. Matching revenue with expenses
d. Identification of revenue 4. Accounting period
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Answer & Solution
Answer: Option D
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57
A and B are partners sharing profit and losses in 3 : 2. C is admitted in the firm for $${\frac{1}{5}^{{\text{th}}}}$$ share and he brings Rs. 10,000 as capital. What will be adjusted capital of B?
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Answer & Solution
Answer: Option D
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58
Average profit Rs. 20,000, normal profit Rs. 5,000, calculate goodwill on the basis of 3 year purchase of super profit
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Answer & Solution
Answer: Option D
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59
If profits are $$\frac{1}{4}$$ of cost, what is the share of profit in sales?
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Answer & Solution
Answer: Option C
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60
A and B share profits in the ratio of 7 : 3. They admitted C as a partner. A surrenders $${\frac{1}{4}^{{\text{th}}}}$$ of his share and B $${\frac{1}{3}^{{\text{rd}}}}$$ share to C. New profit sharing ratio among A, B and C would be:
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Answer & Solution
Answer: Option D
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