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

71.
Which of the following equation is not correct

A. Cost of goods sold + closing stock - purchase = opening stock

B. Opening stock + Purchase - closing stock = cost of goods sold

C. Opening stock + purchases + closing stock - cost of good sold

D. Closing stock + cost of goods sold - purchase = opening stock

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72.
Dividend policy of a company mainly concerns with
1. Dividend payout
2. Stability of dividend
Select the correct answer:

A. Only 1

B. Only 2

C. Both 1 and 2

D. Neither 1 nor 2

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73.
While computing profit before incorporation operating expenses are divided on the basis of

A. Revenue and capital expenditure

B. Time period

C. Sales ratio

D. Capital Ratio

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74.
Which one of the following is not a part of the Profitability Ratios:

A. Operating Ratio

B. Rate of Return on Capital Employed

C. Inventory Turnover Ratio

D. Gross margin/Sales Ratio

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75.
Match the items of List-I with those of List-II and indicate the correct answer:

List-I (Accounting Standard) List-II (Relationship)

a. AS-6 1. Accounting for Consolidated Financial Statements

b. AS-3 2. Accounting For Fixed Asset

c. AS-10 3. Depreciation Accounting

d. AS-21 4. Accounting For Cash Flow Statement

A. a-2, b-4, c-3, d-1

B. a-3, b-4, c-2, d-1

C. a-4, b-3, c-1, d-2

D. a-1, b-2, c-3, d-4

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76.
The Partnership Deed provides for a salary of Rs. 7,000 per month to partner X. It will be

A. Credit to Profit and Loss Account (Adjustment Account)

B. Credited to the Current Account of Partner X

C. Credited to Salary Payable A/c

D. Debited to Capital A/c of X

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77.
A and B invest Rs. 2,00,000 and Rs. 1,00,000 respectively in a partnership, and agree to divide profit and loss equally after providing for interest @ 10% per annum on original capital, and salaries of Rs. 24,000 and Rs. 48,000 respectively. How much amount A would get if the period's net income (before interest and salaries) is Rs. 90,000:

A. Rs. 45,000

B. Rs. 89,000

C. Rs. 36,000

D. Zero

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78.
Match the following:

List-I List-II

a. Intangible assets 1. Ind AS-31

b. Impairment of assets 2. Ind AS-34

c. Interim financial reporting 3. Ind AS-36

d. Interests in joint ventures 4. Ind AS-38

A. a-1, b-2, c-3, d-4

B. a-4, b-3, c-2, d-1

C. a-4, b-1, c-2, d-3

D. a-4, b-2, c-1, d-3

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79.
Amongst the following statements, find the odd one out with regards to book keeping.

A. Book keeping has limited scope and concerned with recording, classifying & summarizing

B. Book keeping is essentially a clerical work

C. Book keeping depends on Accounting for making accounting records more useful

D. Book keeping only considers monetary transactions

E. Book keeping happens after the Accounting process

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80.
Balance Sheet depicts:

A. Only the assets position

B. Only the liability position

C. Cash position

D. Financial position

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1 2 3 4 5 6 7 8 9 10

List-I (Accounting Standard)	List-II (Relationship)
a. AS-6	1. Accounting for Consolidated Financial Statements
b. AS-3	2. Accounting For Fixed Asset
c. AS-10	3. Depreciation Accounting
d. AS-21	4. Accounting For Cash Flow Statement

List-I	List-II
a. Intangible assets	1. Ind AS-31
b. Impairment of assets	2. Ind AS-34
c. Interim financial reporting	3. Ind AS-36
d. Interests in joint ventures	4. Ind AS-38

Accounting MCQ Questions and Solutions with Explanations | Commerce

71. Which of the following equation is not correct

Answer & Solution

72. Dividend policy of a company mainly concerns with 1. Dividend payout 2. Stability of dividend Select the correct answer:

Answer & Solution

73. While computing profit before incorporation operating expenses are divided on the basis of

Answer & Solution

74. Which one of the following is not a part of the Profitability Ratios:

Answer & Solution

Answer & Solution

76. The Partnership Deed provides for a salary of Rs. 7,000 per month to partner X. It will be

Answer & Solution

Answer & Solution

78. Match the following: List-I List-II a. Intangible assets 1. Ind AS-31 b. Impairment of assets 2. Ind AS-34 c. Interim financial reporting 3. Ind AS-36 d. Interests in joint ventures 4. Ind AS-38

Answer & Solution

79. Amongst the following statements, find the odd one out with regards to book keeping.

Answer & Solution

80. Balance Sheet depicts:

Answer & Solution

Read More Section(Accounting)

71.
Which of the following equation is not correct

72.
Dividend policy of a company mainly concerns with
1. Dividend payout
2. Stability of dividend
Select the correct answer:

73.
While computing profit before incorporation operating expenses are divided on the basis of

74.
Which one of the following is not a part of the Profitability Ratios:

76.
The Partnership Deed provides for a salary of Rs. 7,000 per month to partner X. It will be

78.
Match the following:

List-I List-II

a. Intangible assets 1. Ind AS-31

b. Impairment of assets 2. Ind AS-34

c. Interim financial reporting 3. Ind AS-36

d. Interests in joint ventures 4. Ind AS-38

79.
Amongst the following statements, find the odd one out with regards to book keeping.

80.
Balance Sheet depicts: