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-7 section-24

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

Profit before tax of the company is Rs. 2,00,000 if the interest period is 5, what will be the amount of interest?

A) Rs. 20,000 B) Rs. 33,333 C) Rs. 40,000 D) Rs. 50,000

Discuss

Answer & Solution

Answer: Option C

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

Which of the following is not an accounting software package?

A) Quick Books B) Sage one C) Sage M D) Sage 50

Discuss

Answer & Solution

Answer: Option C

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

When drawings are made at the end of each month. Interest on drawings is calculate for

A) 5 months B) 6 months C) 5.5 months D) 6.5 months

Discuss

Answer & Solution

Answer: Option C

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

Expenditure, which result increase in the earning capacity of a business is

A) capital expenditure B) revenue expenditure C) deferred revenue expenditure D) All of the above

Discuss

Answer & Solution

Answer: Option A

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

Capital redemption reserve is created due to

A) volunta B) legal requirements C) Both A and B D) None of these

Discuss

Answer & Solution

Answer: Option B

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

In what proportion the deficiency of insolvent partner's capital is shared by other partners as per decision of Garners Vs. Murray:

A) In profit sharing ratio B) In capital ratio C) In pre-distribution capital ratio D) Gaining ratio

Discuss

Answer & Solution

Answer: Option B

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

The statement of assets and liabilities is-

A) Balance sheet B) Trial balance C) Trading account D) Profit and loss account

Discuss

Answer & Solution

Answer: Option A

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

Trial balance checks

A) arithmetical accuracy of accounting entries B) equality of all assets and liabilities C) all types of errors D) valuation of closing stock

Discuss

Answer & Solution

Answer: Option A

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

While determining the normal rate of return for the valuation of shares in market value method, which of the following should be taken into consideration?

A) The degree of risk involved B) The current rate of interest on gilt-edged securities C) Weighted average cost of capital D) All of the above

Discuss

Answer & Solution

Answer: Option D

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

Cash received from debtors Rs. 12,000 and furniture purchased Rs. 7,000 the net effect on fund flow will be

A) Net increase in working captial is Rs. 5,000 B) Net decrease in working captial is Rs. 5,000 C) Net increase in working captial is Rs. 19,000 D) Net decrease in working captial is Rs. 7,000

Discuss

Answer & Solution

Answer: Option D

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

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Accounting MCQ Questions and Solutions with Explanations | Commerce