Accounting MCQ Questions and Solutions with Explanations

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-7 section-15

Funds will be considered inflow in the followiong situation if

A) Payment of cash to creditors B) Cash received from debtors C) Cash machine was purchased D) All of the above

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Answer & Solution

Answer: Option C

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A and B are partner in a partnership firm sharing profit and losses in 3 : 1. C is admitted for $${\frac{1}{3}^{{\text{rd}}}}$$ share. New profit sharing ratio between A, B and C is

A) 3 : 1 : 3 B) 3 : 1 : 2 C) 3 : 2 : 1 D) 6 : 5 : 4

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Answer: Option B

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The most popular system of accounting used in public utility concerns is:

A) Double Entry System B) Double Account System C) Single Entry System D) Government Accounting System

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Answer: Option B

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The term 'Amortisation' is generally used to indicate the fall in value of the following:

A) Tangible fixed assets B) Intangible fixed assets C) Current assets D) Quick assets

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Answer: Option B

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In financial accounting, ledger posting is a process of:

A) Summarising B) Classifying C) Recording D) Interpreting

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Answer: Option B

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X, Y and Z are partners sharing profit and loss equally. Their capital balances on 31^th March 2012 are Rs. 80,000, Rs. 60,000 and Rs. 40,000, respectively. Their personal assets are worth as follows: X - Rs. 20,000, Y - Rs. 15,000 and Z - Rs. 10,000. The extent of their liability in the firm would be

A) X - Rs. 80,000, Y - Rs. 60,000, Z - Rs. 40,000 B) X - Rs. 20,000, Y - Rs. 15,000, Z - Rs. 10,000 C) X - Rs. 1,00,000, Y - Rs. 75,000, Z - Rs. 50,000 D) Equal

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Answer: Option B

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When a company whatever amount is demanded after allotment is known as:

A) Call money B) Paid up money C) Profit D) Share

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Answer: Option A

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Match the following:

List-I	List-II
a. New share (Admission)	1. Old share + Gaining share
b. Gaining ratio	2. Old ratio - New ratio
c. Sacrificing ratio	3. New ratio - Old ratio
d. New share (Retirement)	4. Old share - Sacrifice share

A) a-2, b-1, c-4, d-3 B) a-3, b-4, c-2, d-1 C) a-4, b-3, c-2, d-1 D) a-4, b-3, c-1, d-2

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Answer: Option C

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Which of the following equation is not correct?

A) Purchase + Opening stock - Cost of goods sold = Closing stock B) Opening stock + Purchases - closing stock = Cost of goods sold C) Closing stock + cost of goods sold - Purchases = Opening stock D) Cost of goods sold - Closing stock - Purchases = Opening stock

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Answer: Option D

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If the gross loss is $$\frac{1}{4}$$ of the sales and the cost of goods sold is Rs. 3,60,000 the sales will be

A) Rs. 2,70,000 B) Rs. 2,88,000 C) Rs. 4,32,000 D) Rs. 4,50,000

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Answer: Option B

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