Accounting MCQ Questions and Solutions with Explanations

Home

Competitive Exams MCQs

Aptitude English Verbal Reasoning Non Verbal Reasoning General Knowledge(GK) General Science(GS) Data Interpretation(DI) Banking Awareness Current Affairs

Computer Fundatmental MCQs

Computer Fundamentals Microsoft Word Microsoft Excel MS Power Point Tally Operating System Python AI(Artificial Intelligence)

Engineering Subjects MCQs

Computer Science Electronics & Communication Mechanical Engineering Civil Engineering Electrical Engineering

More Engineering MCQs

Chemical Engineering Automobile Engineering Biotechnology Mining Engineering Geological Engineering Metallurgical Engineering

Engineering Core

Engineering Mathematics Engineering Physics Engineering Chemistry

Computer Fundamentals MCQs

Computer Fundamentals Microsoft Word Microsoft Excel MS Power Point Tally Operating System Networking Database SQL MySQL

Programming MCQs

C Programming C++ Programming Java Python PHP JavaScript

Advanced Programming MCQs

Artificial Intelligence Machine Learning Data Science Cloud Computing Hadoop IoT

Graduation & PG

Commerce Management Law Agriculture Sociology Psychology Home Science Mass Communication Political Science Psychology

Resources

Current Affairs Interview Blog

Exam Categories

SSC Exams Railway Exams All Exams

SSC Exams

SSC CGL SSC CHSL SSC MTS SSC CPO SSC GD SSC JHT SSC Selection Post SSC Stenographer SSC JE

Railway Exams

RRB ALP RRB Technician RRB Section Controller RRB JE RRB Paramedical RRB Group D

Popular Exams

SSC CGL SSC CHSL SSC MTS RRB NTPC (Graduate) RRB Group D RRB ALP RRB Technician RRB Section Controller

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-12

Each section contains 100 MCQs on Accounting .

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

Part I of Schedule VI of Companies Act, 1956 prescribe the format which every company must follow to show a true and fair view of:

A) Profit and loss B) Appropriation of profits C) State of affairs D) All the above

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

Capital account is a

A) Personal account B) Impersonal account C) Real account D) None of the above

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

A sole trader introduced fresh capital during the year Rs. 10,000 and his drawings were Rs. 4,000. If the profit of the year is Rs. 3,000 and the closing balance of capital is Rs. 40,000, the the balance of capital at the beginning of the year will be

A) Rs. 21,000 B) Rs. 31,000 C) Rs. 41,000 D) Rs. 28,000

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

Cash withdrawn by the proprietor for his personal use should be debited to

A) Sales account B) Capital account C) Drawings account D) Both B and C

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

The practice of appending notes regarding contingent liabilities in accounting statements is in pursuant to

A) convention of consistency B) money measurement concept C) convention of conservatism D) convention of disclosure

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

Which group of the following items are application of funds:
1. Loss from operations
2. Loan from financial institutions
3. Redemption of debentures
4. Sale of fixed assents
5. Payment of dividends

A) 2, 3 and 4 B) 1, 3 and 5 C) 1, 2 and 4 D) 3, 4 and 5

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

Personal selling is not targeted towards

A) Mass audiences B) Personal contact C) Two way communication D) Quick feedback

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

In case of a death of a partner, joint life policy is credited to the:

A) All partners (including deceased partner) in their profit and loss ratio B) Only deceased partner capital account C) Alive partner capital account in their profit and loss ratio D) All partner capital account in their capital ratio

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

Bank reconciliation statement is prepared.

A) To obtain deposits during the year B) To obtain drawing during the year C) To obtain actual bank balance D) To find profit of the organization

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

Which of the following sections of the companies Act. 1956 requires the maintenance of proper books of account:

A) Section 211 B) Section 205 C) Section 209 D) Section 217

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

1 2 3 4 5 6 7 8 9 10

Accounting MCQ Questions and Solutions with Explanations | Commerce