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-25

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

Petty cash may be used to pay . . . . . . . .

A) the expenses relating to postage and conveyance B) salaries and wages to the final staff C) for the purchase of furniture and fittings D) other recurring expenses

Discuss

Answer & Solution

Answer: Option A

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

A debit balance in the income and expenditure account denotes excess of . . . . . . . . over . . . . . . . .

A) income, expenditure B) assets, liabilities C) liabilities, assets D) expenditure, incomes

Discuss

Answer & Solution

Answer: Option D

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

Which of the following errors will not cause the trial balance to be out of order?

A) Rs. 590 received from P. Das has been debited to (b) Rs. 10 Das B) A purchase of Rs. 258 from Lekhi has been debited to his account as Rs. 285 C) The total of the discount columm of the cash book (cr.) is Rs. 20 short D) An invoice for Rs. 460 is entered in the sales book as Rs. 640

Discuss

Answer & Solution

Answer: Option D

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

Noting charges account is debited by . . . . . . . .

A) the presenter of bill B) the discounting banker C) the acceptor D) the endorser

Discuss

Answer & Solution

Answer: Option A

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

Share application account is a . . . . . . . .

A) nominal B) real C) personal D) None of these

Discuss

Answer & Solution

Answer: Option C

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

Which of the following is considered while calculating purchase consideration under Net asset method?

A) Assets taken over B) Liabilities taken over C) Goodwill taken over D) All of the above

Discuss

Answer & Solution

Answer: Option D

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

An item of Rs. 72 has been debited to a personal account as Rs. 27, is an error of:

A) Commission B) Omission C) Principle D) None of these

Discuss

Answer & Solution

Answer: Option A

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

Purchases made on credit not recorded at all would affect . . . . . . . .

A) Purchases account B) Suppliers account C) Purchases account and suppliers account D) Wages account

Discuss

Answer & Solution

Answer: Option C

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

Bills payable book is a . . . . . . . .

A) subsidiary book B) principal book C) ledger D) memorandum book

Discuss

Answer & Solution

Answer: Option A

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

Book-keeping is often confused with:

A) Algebra B) Statistics C) Cashier D) Accounting

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