Accounting MCQ Questions and Solutions with Explanations

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

61.
The term banking is defined in section . . . . . . . .

A. Section 5 of Banking Regulation Act

B. Section 4

C. Section 7

D. None of these

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62.
Which of the following represents term deposit?

A. Savings deposit

B. Current deposit

C. Fixed deposit

D. None of these

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63.
Errors of carry forward from one year to another year affect . . . . . . . .

A. personal account

B. real account

C. nominal account

D. both personal and real account

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64.
What does GAAP represents?

A. Generally Accepted Audit Procedure

B. Generally Accepted Accounting Principles

C. General Agreement on Audit Principles

D. General Agreement on Accounting Principles

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65.
Which one of the following error will affect the agreement of the trial balance?

A. A sale of Rs. 20 to Ram entered in the sales book as Rs. 200

B. Purchase of Rs. 500 credited to Ram instead of Shyam

C. Sale returns of Rs. 1000 correctly entered in the sales returns book but posted to the debit of Sundar

D. Cash sale of furniture credited to sales account

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66.
Rs. 500 spent on servicing office typewriter should be debited to . . . . . . . .

A. Expenses account

B. Typewriter account

C. Repairs account

D. Services account

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67.
Select the correct amount of purchases, given on the following information:
Cost of goods sold - Rs. 1,20,000;
Carriage inwards - Rs. 1,890;
Opening stock - Rs. 43,640;
Closing stock - Rs. 38,500;
Purchase returns - Rs. 2,150;
Sales - Rs. 2,82,650

A. Rs. 1,15,120

B. Rs. 62,650

C. Rs. 1,10,420

D. None of these

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68.
Contingent liability appears as a footnote in the balance sheet. This is in accordance with the accounting principle of . . . . . . . .

A. Consistency

B. Disclosure

C. Materiality

D. Conservatism

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69.
Cost of goods sold is Rs. 1,00,000 rate of gross profit on sales is 20%. What is the amount of sales?

A. Rs. 1,20,000

B. Rs. 80,000

C. Rs. 1,25,000

D. None of these

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70.
Which one of the following errors is an error of principle?

A. Debiting repairs account instead of furniture account

B. Sale of Rs. 200 entered in the books as Rs. 2000

C. Cash sale of Rs. 500 wrongly entered in sales book

D. Purchase transaction entered in purchases return book

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Accounting MCQ Questions and Solutions with Explanations | Commerce

61. The term banking is defined in section . . . . . . . .

Answer & Solution

62. Which of the following represents term deposit?

Answer & Solution

63. Errors of carry forward from one year to another year affect . . . . . . . .

Answer & Solution

64. What does GAAP represents?

Answer & Solution

65. Which one of the following error will affect the agreement of the trial balance?

Answer & Solution

66. Rs. 500 spent on servicing office typewriter should be debited to . . . . . . . .

Answer & Solution

67. Select the correct amount of purchases, given on the following information: Cost of goods sold - Rs. 1,20,000; Carriage inwards - Rs. 1,890; Opening stock - Rs. 43,640; Closing stock - Rs. 38,500; Purchase returns - Rs. 2,150; Sales - Rs. 2,82,650

Answer & Solution

68. Contingent liability appears as a footnote in the balance sheet. This is in accordance with the accounting principle of . . . . . . . .

Answer & Solution

69. Cost of goods sold is Rs. 1,00,000 rate of gross profit on sales is 20%. What is the amount of sales?

Answer & Solution

70. Which one of the following errors is an error of principle?

Answer & Solution

Read More Section(Accounting)

61.
The term banking is defined in section . . . . . . . .

62.
Which of the following represents term deposit?

63.
Errors of carry forward from one year to another year affect . . . . . . . .

64.
What does GAAP represents?

65.
Which one of the following error will affect the agreement of the trial balance?

66.
Rs. 500 spent on servicing office typewriter should be debited to . . . . . . . .

67.
Select the correct amount of purchases, given on the following information:
Cost of goods sold - Rs. 1,20,000;
Carriage inwards - Rs. 1,890;
Opening stock - Rs. 43,640;
Closing stock - Rs. 38,500;
Purchase returns - Rs. 2,150;
Sales - Rs. 2,82,650

68.
Contingent liability appears as a footnote in the balance sheet. This is in accordance with the accounting principle of . . . . . . . .

69.
Cost of goods sold is Rs. 1,00,000 rate of gross profit on sales is 20%. What is the amount of sales?

70.
Which one of the following errors is an error of principle?