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-21

The fair value of share is the average of:

A) Par value and market value B) Intrinsic value and par value C) Intrinsic value and yield value D) Par value and yield value

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Answer & Solution

Answer: Option C

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Which of the following rules is not correct with regard to issue and forfeiture of shares?

A) For each call, at least 14 days notice to be given B) An interval of 30 days is required between two successive share calls C) Not more than 40% of the nominal value of the share can be called at a time as a call D) As prescribed by SEBI, capital issues have to be made fully paid up within 12 months, if the total issue size is less than Rs. 500 crore E) A defaulting member does not enjoy voting rights till the call money is paid

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Answer & Solution

Answer: Option C

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In case of a news agent, which of the following is a revenue receipt?

A) The proceeds of the sale of plant and equipment B) Money received from insurance company as a result of crashing a delivery vehicle C) A refund received from a supplier as compensation for damaged stock supplied D) None of the above

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Answer & Solution

Answer: Option C

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When sales volume is Rs. 10,000, variable cost is Rs. 6,000 and profit is Rs. 2,000, the profit-volume ratio will be

A) 20% B) 33% C) 40% D) 60%

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Answer & Solution

Answer: Option C

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Which of the following statement is correct?

A) Rights shares are first offered to employees B) Rights shares are offered in lieu of dividends C) Rights shares are offered to the existing shareholders in proportion to the equity shares held by them D) Rights shares are those shares which are offered to the promoters

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Answer & Solution

Answer: Option C

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Outstanding wages is

A) Current asset B) Current liability C) Capital expenditure D) Revenue expenditure

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Answer & Solution

Answer: Option B

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When the partnership firm is dissolved, the following account is opened in the books of firm

A) Revaluation account B) Profit and loss adjustment account C) Realisation account D) Profit and loss appropriation account

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Answer & Solution

Answer: Option C

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Match the following

List-I	List-II
a. IFRS-3	1. Operating segments
b. IFRS-8	2. Leases
c. IFRS-9	3. Business combinations
d. IFRS-16	4. Financial Instruments

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

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Answer & Solution

Answer: Option C

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X and Y are two equal partners in a firm. On 1^st January, 2004 they admitted Z on the condition that he will bring Rs. 10,000 as capital and Rs. 5000 as goodwill. In future they will share profits in the ratio of 2 : 1 : 2. The proportion of goodwill distribution between X and Y will be:

A) 1 : 1 B) 3 : 1 C) 1 : 3 D) 2 : 1

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Answer & Solution

Answer: Option C

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A and B partners sharing profits in the ratio of 7 : 3. C is admitted for $$\frac{3}{7}$$ share in the profit. The new profit-sharing ratio of the partners will be:

A) 14 : 6 : 15 B) 7 : 6 : 7 C) 7 : 3 : 3 D) 5 : 3 : 3

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Answer & Solution

Answer: Option A

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