Accounting MCQ Questions and Solutions with Explanations

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

51.
Errors are _____ mistakes

A. Intentional

B. Undetected

C. Unintentional

D. None of the above

Answer & Solution Discuss in Board Save for Later

52.
Which error cannot be revealed on the preparation of trial balance?

A. Wrong totalling of account

B. Compensatory errors

C. Error of commission

D. Wrong balancing of an account

Answer & Solution Discuss in Board Save for Later

53.
Parties to a bill of exchange are

A. Drawer

B. Drawee

C. Payee

D. All of the above

Answer & Solution Discuss in Board Save for Later

54.
Accommodation bill is drawn

A. To finance actual purchase or sale of goods

B. To facilitate trade transmission

C. To cater the fund requirements of both the parties

D. None of the above

Answer & Solution Discuss in Board Save for Later

55.
Rs.5000 spent on maintenance of computer is

A. Deferred capital expenditure

B. Capital expenditure

C. Revenue expenditure

D. None of the above

Answer & Solution Discuss in Board Save for Later

56.
The assumption underlying the fixed installment method of depreciation is that of ____ of the asset over its useful life

A. Equal usage

B. Usage

C. Charge

D. None of the above

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57.
_____ will generally show a debit balance

A. Bank loan

B. Bad debts recovered

C. Drawings

D. Salary payable

Answer & Solution Discuss in Board Save for Later

58.
Profit & Loss account is prepared for a period of one year by following

A. Periodicity concept

B. Business entity concept

C. Accrual concept

D. None of the above

Answer & Solution Discuss in Board Save for Later

59.
Which of the following enhances the earning capacity of an asset?

A. Reduction in operating costs

B. Increase in working capacity of an asset

C. Replacing damage parts of an asset

D. Both 'b' and 'c'

Answer & Solution Discuss in Board Save for Later

60.
Gross profit is equal to

A. Opening stock + purchases - closing stock

B. Net profit - expenses

C. Sales - Closing stock + purchases

D. Sales - Cost of goods sold

Answer & Solution Discuss in Board Save for Later

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Accounting MCQ Questions and Solutions with Explanations | Commerce

51. Errors are _____ mistakes

Answer & Solution

52. Which error cannot be revealed on the preparation of trial balance?

Answer & Solution

53. Parties to a bill of exchange are

Answer & Solution

54. Accommodation bill is drawn

Answer & Solution

55. Rs.5000 spent on maintenance of computer is

Answer & Solution

56. The assumption underlying the fixed installment method of depreciation is that of ____ of the asset over its useful life

Answer & Solution

57. _____ will generally show a debit balance

Answer & Solution

58. Profit & Loss account is prepared for a period of one year by following

Answer & Solution

59. Which of the following enhances the earning capacity of an asset?

Answer & Solution

60. Gross profit is equal to

Answer & Solution

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51.
Errors are _____ mistakes

52.
Which error cannot be revealed on the preparation of trial balance?

53.
Parties to a bill of exchange are

54.
Accommodation bill is drawn

55.
Rs.5000 spent on maintenance of computer is

56.
The assumption underlying the fixed installment method of depreciation is that of ____ of the asset over its useful life

57.
_____ will generally show a debit balance

58.
Profit & Loss account is prepared for a period of one year by following

59.
Which of the following enhances the earning capacity of an asset?

60.
Gross profit is equal to