Accounting MCQ Questions and Solutions with Explanations

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61.
A bank pass book is a copy of:

A. the cash column of a customers cash book

B. the bank column of a customers cash book

C. the customer's account in the banks ledger

D. the customer's account in the suppliers ledger

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62.
LIFO inventory method was used in year I, FIFO in year II and weighted average in year III. Which accounting principle is violated?

A. Cost principle

B. Consistency

C. Materiality

D. No principle of accounting is violated

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63.
Life insurance is a contract of . . . . . . . .

A. indemnity

B. guarantee

C. contribution

D. None of these

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64.
Accounting is:

A. the art of recording, classifying and summarising in a significant manner and in terms of money, transactions and events which are, in part at best financial in character, and interpreting there of

B. a systematic and regular record of events affecting a firm with a view to obtaining a clear financial picture

C. preparation of various financial statements over a period of time of a firm to measure its performance in monetary terms

D. nothing but book-keeping

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65.
A bill which is not an inland bill is a . . . . . . . . bill.

A. Outward

B. Inward

C. Foreign

D. New

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66.
Shankar introduces Rs. 5000 as additional capital in the business. This amount will be considered as:

A. capital receipt

B. revenue receipt

C. capital and revenue receipt

D. deferred revenue expenditure

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67.
A bank reconciliation statement is prepared by . . . . . . . .

A. Customer of the bank

B. Bank

C. Reserve Bank of India

D. Either B or C

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68.
Outstanding salaries are shown as:

A. an expense

B. a liability

C. an asset

D. an income

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69.
Which one of the following depreciation methods is most suitable for a coal mine?

A. Diminishing balance method

B. Depletion method

C. Fixed instalment method

D. Sum of year's digits method

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70.
A Cheque received and deposited in the bank on the same day is recorded in the . . . . . . . .

A. cash column of the cash book

B. bank column of the cash book

C. credited in the cash book

D. debited in the cash book

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Accounting MCQ Questions and Solutions with Explanations | Commerce

61. A bank pass book is a copy of:

Answer & Solution

62. LIFO inventory method was used in year I, FIFO in year II and weighted average in year III. Which accounting principle is violated?

Answer & Solution

63. Life insurance is a contract of . . . . . . . .

Answer & Solution

64. Accounting is:

Answer & Solution

65. A bill which is not an inland bill is a . . . . . . . . bill.

Answer & Solution

66. Shankar introduces Rs. 5000 as additional capital in the business. This amount will be considered as:

Answer & Solution

67. A bank reconciliation statement is prepared by . . . . . . . .

Answer & Solution

68. Outstanding salaries are shown as:

Answer & Solution

69. Which one of the following depreciation methods is most suitable for a coal mine?

Answer & Solution

70. A Cheque received and deposited in the bank on the same day is recorded in the . . . . . . . .

Answer & Solution

Read More Section(Accounting)

61.
A bank pass book is a copy of:

62.
LIFO inventory method was used in year I, FIFO in year II and weighted average in year III. Which accounting principle is violated?

63.
Life insurance is a contract of . . . . . . . .

64.
Accounting is:

65.
A bill which is not an inland bill is a . . . . . . . . bill.

66.
Shankar introduces Rs. 5000 as additional capital in the business. This amount will be considered as:

67.
A bank reconciliation statement is prepared by . . . . . . . .

68.
Outstanding salaries are shown as:

69.
Which one of the following depreciation methods is most suitable for a coal mine?

70.
A Cheque received and deposited in the bank on the same day is recorded in the . . . . . . . .