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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-8 section-1

Each section contains 100 MCQs on Accounting .
71
The standard format of Journal does not include which of the following?
Discuss
Answer & Solution
Answer: Option A
Solution:
The standard format of Journal does not include Assets column. An asset purchased on account is not recorded in the purchase journal. But many are of opinion to record all credit transactions in multi-column purchase journal.
72
In which of the following order, data is entered into the Journal?
Discuss
Answer & Solution
Answer: Option D
Solution:
In Chronological order, data is entered into the Journal. Journal entries are typically entered in chronological order and debits are entered before credits – debits are entered in a column to the left, and credits are entered to the right.
73
Which of the following accounts will be credited if a company purchases building for cash?
Discuss
Answer & Solution
Answer: Option D
Solution:
Cash account will be credited if a company purchases building for cash. Cash is credited because cash is an asset account that decreased because cash was used to pay the bill.
74
Discount for quick repayment of debt is normally referred to as
Discuss
Answer & Solution
Answer: Option C
Solution:
Discount for quick repayment of debt is normally referred to as Cash discount. It is called cash discount which might be offered or received.
75
Which of the following specialized journal records "goods returned by customers"?
Discuss
Answer & Solution
Answer: Option D
Solution:
Sales return journal records "goods returned by customers". Sales Return (Journal) Book Sales return books are used to record the goods returned by customers to them on credit.
76
Sales on credit is recorded in which of the following journal?
Discuss
Answer & Solution
Answer: Option B
Solution:
The sales journal is used to record all of the company sales on credit. Most often these sales are made up of inventory sales or other merchandise sales.
77
Transactions that a business does not record in any specialized journal are recorded in which of the following books?
Discuss
Answer & Solution
Answer: Option D
Solution:
Transactions that a business does not record in any specialized journal are recorded in General journal.
78
Which of the following specialized journal records "goods returned by the business"?
Discuss
Answer & Solution
Answer: Option C
Solution:
Purchase return journal records "goods returned by the business". The Purchases Returns Book is written up from the credit notes received from the suppliers.
79
Sales and purchase journal doesn't record
Discuss
Answer & Solution
Answer: Option D
Solution:
Sales and purchase journal doesn't record Cash sales and purchases.
80
Cash received from debtor is recorded in which of the following specialized journals?
Discuss
Answer & Solution
Answer: Option C
Solution:
Cash received from debtor is recorded in Cash receipts journal. The cash receipts journal is a special journal used to record cash received by a business.