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-28

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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Answer & Solution

Answer: Option C

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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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Answer & Solution

Answer: Option B

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

A) indemnity B) guarantee C) contribution D) None of these

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Answer & Solution

Answer: Option B

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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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Answer & Solution

Answer: Option A

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

A) Outward B) Inward C) Foreign D) New

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Answer & Solution

Answer: Option C

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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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Answer & Solution

Answer: Option A

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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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Answer & Solution

Answer: Option A

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Outstanding salaries are shown as:

A) an expense B) a liability C) an asset D) an income

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Answer & Solution

Answer: Option B

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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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Answer & Solution

Answer: Option B

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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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Answer & Solution

Answer: Option B

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