Accounting MCQ Questions and Solutions with Explanations

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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-16

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

Dissolution of partnership must take place when:

A) a partner misbehave B) a partner becomes of unsound mind C) business is running at a loss D) a partner dies

Discuss

Answer & Solution

Answer: Option D

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

If the withdrawals are made by the partners evenly in the beginning of each month, interest is usually calculated for the whole of the amount (annual) for:

A) 5 months B) 5 and half months C) 6 months D) 6 and half months E) Average of 12 months

Discuss

Answer & Solution

Answer: Option D

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

In certainty equivalent approach, adjusted cash flows are discounted at:

A) Accounting Rate of Return B) Internal Rate of Return C) Hurdle Rate D) Risk Free Rate

Discuss

Answer & Solution

Answer: Option D

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

Accounting Standard-14 is

A) Accounting for amalgamation B) Accounting for government grant C) Accounting for investment D) Accounting for intangible asset

Discuss

Answer & Solution

Answer: Option A

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

Share capital account . . . . . . . . when shares are forfeited.

A) Debit B) Both of the above C) Credit D) None of the above

Discuss

Answer & Solution

Answer: Option A

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

Working capital of previous year and current year are Rs. -50,000 and Rs. 60,000 respectively, then the amount of change in the working capital will be:

A) Increase of Rs. 10,000 B) Decrease of Rs. 10,000 C) Increase of Rs. 1,10,000 D) Decrease of Rs. 1,10,000

Discuss

Answer & Solution

Answer: Option C

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

On the dissolution of a firm, the amount realized from an unrecorded asset is transferred to

A) Revaluation Account B) Realization Account C) Partner's Capital Account D) Credit side of Cash Account

Discuss

Answer & Solution

Answer: Option B

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

If cost is Rs. 18,000 and profit is $$33\frac{1}{3}\% $$ on cost the amount of profit is

A) Rs. 2,000 B) Rs. 3,000 C) Rs. 6,000 D) None of the above

Discuss

Answer & Solution

Answer: Option C

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

A partnership firm is illegal when

A) Any of the partners is from enemy country B) Established for unlimited period C) There are seven partners D) Registered under the Partnership Act

Discuss

Answer & Solution

Answer: Option A

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

What is the use of managerial accounting?

A) Mandatory B) Optional C) Mortgage D) None of these

Discuss

Answer & Solution

Answer: Option B

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

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Accounting MCQ Questions and Solutions with Explanations | Commerce