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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-25

Each section contains 100 MCQs on Accounting .
61
The abnormal loss debited to:
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Answer & Solution
Answer: Option A
No explanation is given for this question. Let's Discuss on Board
62
Capital redemption reserve can be utilized for . . . . . . . .
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Answer & Solution
Answer: Option C
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63
Debenture represents . . . . . . . . of the company.
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Answer & Solution
Answer: Option C
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64
Match List-I (Items) with List-II (Headings) and select the correct answer using the options given below the lists:
List-I (Items) List-II (Headings)
a. Provision for income tax 1. Miscellaneous expenses not written off
b. Share premium 2. Current liabilities
c. Unclaimed dividend dividend 3. Reserves and surplus
d. Discount issue of shares 4. Profit and loss account
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Answer & Solution
Answer: Option A
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65
Bills Receivable book is to keep record of . . . . . . . .
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Answer & Solution
Answer: Option A
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66
The capital in a business on 1st January and 31stJanuary is Rs. 17,000 and Rs. 17,200 respectively. Investment by owner and withdrawal by owner during January amount to Rs. 1,000 and Rs. 700 respectively. What is the net income for January?
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Answer & Solution
Answer: Option A
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67
Market price or actual cost, whichever is less, is the generally accepted accounting principle for valuation of:
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Answer & Solution
Answer: Option A
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68
Sales on account is recorded in:
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Answer & Solution
Answer: Option C
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69
When capital at the end is Rs. 21,500 drawings Rs. 4,300 and capital in the beginning Rs. 19,400, what is the amount of profit or loss?
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Answer & Solution
Answer: Option C
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70
Which of the following is a method of redemption of debentures?
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Answer & Solution
Answer: Option D
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