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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-11

Each section contains 100 MCQs on Accounting .
71
A, B and C are partner in a partnership firm sharing profit and losses in the ratio 5 : 3 : 2. What will be their sacrificing ratio upon admission of D
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Answer: Option D
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72
A partnership comes into existence by
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Answer: Option A
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73
Deficiency A/c is prepared in the event of:
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Answer: Option A
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74
Arrange the following steps of adjustment of capital (reconstitution of firm) incorrect order.
1. Calculation of total capital of new firm.
2. Finding out the surplus/deficiency in each of partner's capital account.
3. Calculation of adjusted old capitals of partners.
4. Finding out the new capitals of partners.
Select the correct answer:
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Answer: Option C
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75
Which one of the following ratios is not a measure of financial soundness and stability of a business enterprise:
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Answer: Option C
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76
The amount of depreciation charged to profit and loss account varies every year under
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Answer: Option C
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77
The maximum number of partners in case of an ordinary partnership firm should not exceed
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Answer: Option B
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78
If the net profit is Rs. 35,000 after writing off goodwill Rs. 6,000 and loss on the sale of furniture Rs. 1,000 then the funds from operation will be
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Answer: Option D
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79
If Return On Investment (ROI) is 10% and investment turnover 5, then net profit margin will be:
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Answer: Option B
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80
A, B and C started a business by investing Rs. 1,20,000, Rs. 1,35,000 and Rs. 1,50,000, respectively. Find the share of each, out of an annual profit of Rs. 56,700.
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Answer: Option C
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