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-27

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

Which is the accounting concept that requires the practice of crediting closing stock to the trading account?

A) Going concern B) Cost C) Realization D) Matching

Discuss

Answer & Solution

Answer: Option D

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

Which of the following is not an advance given by a bank?

A) loan B) overdraft C) deposit D) cash credit

Discuss

Answer & Solution

Answer: Option C

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

Account current is a journal is . . . . . . . .

A) True B) False C) Partly true D) Partly false

Discuss

Answer & Solution

Answer: Option B

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

If payment is made on the average due date it results in . . . . . . . .

A) loss of interest to the creditor B) loss of interest to the debtor C) no loss of interest to either of them D) loss of interest to both the creditor and debtor

Discuss

Answer & Solution

Answer: Option C

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

Which one of the following arrangements represents the order of liquidity?

A) Cash, Bills Receivable, Stock, Debtors B) Cash, Bills Receivable, Debtors, Stock C) Cash, Stock, Bills Receivable, Debtors D) Cash, Debtors, Bills Receivable, Stock

Discuss

Answer & Solution

Answer: Option B

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

. . . . . . . . implies issue and allotment of shares to a selected group of persons and not to general public.

A) Initial public offer B) Right issue C) Private placement D) Pre-emptive right

Discuss

Answer & Solution

Answer: Option C

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

Depreciation, as the term is used in accounting, means:

A) physical deterioration of a fixed asset B) decline in the market value of an asset C) allocation of the cost of fixed asset over its useful life D) making a provision for the replacement of the fixed asset

Discuss

Answer & Solution

Answer: Option C

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

Returns outward book makes a record of:

A) goods returned to the suppliers B) goods returned to customers C) goods returned to proprietor D) goods returned to neighbours

Discuss

Answer & Solution

Answer: Option A

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

The balance in capital reduction a/c after writing off all accumulated loss, fictitious assets and overvalued assets are transferred to . . . . . . . .

A) capital reserve B) general reserve C) reserve capital D) goodwill

Discuss

Answer & Solution

Answer: Option A

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

Forfeiture of shares results in compulsory termination of . . . . . . . . due to non-payment of allotment/call money.

A) allotment B) membership C) subscription D) issue

Discuss

Answer & Solution

Answer: Option B

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

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Accounting MCQ Questions and Solutions with Explanations | Commerce