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-29

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 system is designed:

A) to meet the needs of small businesses B) to cover small and miscellaneous income C) to cover the small expenditure to be paid in cash D) to cover both small incomes and expenditures

Discuss

Answer & Solution

Answer: Option C

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

Which of the following assets does not depreciate?

A) Machinery and equipment B) Patents C) Land D) Furniture

Discuss

Answer & Solution

Answer: Option C

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

The main objective of providing depreciation is to:

A) create secret reserves B) reduce the book value of assets C) value the assets properly D) allocate cost of the assets

Discuss

Answer & Solution

Answer: Option D

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

Preparation of trial balance helps in the deduction of . . . . . . . .

A) error of principle B) compensating errors C) errors of whole omission D) clerical errors

Discuss

Answer & Solution

Answer: Option D

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

Bills receivable account is:

A) an expense Account B) an asset Account C) a liability Account D) a revenue Account

Discuss

Answer & Solution

Answer: Option B

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

Which one of the following is treated as revenue expenditure?

A) Cost incurred for a new exit as required under the local bodies by laws B) Interest paid on loan during the construction of works C) Cost of pulling down an old building D) A dealer in purchasing sewing machines and spent some money on the repairs

Discuss

Answer & Solution

Answer: Option A

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

Banks are required to transfer . . . . . . . . of their profits to statutory reserve.

A) 20% B) 25% C) 10% D) None of these

Discuss

Answer & Solution

Answer: Option B

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

While preparing the books of the transferee company in purchase method, the difference between purchase consideration and share capital of the transferor company should be adjusted in . . . . . . . .

A) share capital B) reserves C) assets D) liabilities

Discuss

Answer & Solution

Answer: Option B

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

A withdrawal of cash from business by the proprietor of the firm should be credited to:

A) Capital Account B) Cash Account C) Drawing Account D) Proprietor's Account

Discuss

Answer & Solution

Answer: Option B

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

Which one of the following is an example of personal account?

A) Capital account B) Building account C) Cash account D) Investment account

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