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.
Interest on calls in arrears according to Table 'A' is charged at

A. 5%

B. 6%

C. 12%

D. 18%

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72.
Given,

Cash Rs. 10,000

Creditors Rs. 12,000

Debitors Rs. 20,000

Bills payable Rs. 8,000

Stock Rs. 30,000

Bank loan Rs. 10,000

If bank loan is increased by Rs. 20,000. the current ratio will decrease by

A. 20%

B. 25%

C. 30%

D. 40%

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73.
Match the following

List-I List-II

a. . . . . . . . . . concept is related to recognition of income. 1. Rent

b. Trading account and profit and loss account are . . . . . . . . statements. 2. Realisation

c. . . . . . . . . is a tangible fixed assets. 3. Periodic

d. Outstanding rent will be debited to . . . . . . . . account. 4. Land

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

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

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

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

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74.
At the time of dissolution of firm, balance of cash is shown in

A. Cash account

B. Revolution account

C. Profit and loss account

D. Realisation account

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75.
Which of the following is not a source of finance for a company?

A. Equity share capital

B. Preference share capital

C. Fixed assets

D. Debentures

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76.
If a company buys its own debenture of Rs. 1000 from the market for Rs. 975, the difference of Rs. 25 will be considered as

A. Profit on redemption of debenture

B. Loss on redemption of debenture

C. Goodwill

D. None of the above

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77.
X, the Works manager, gets 5% commission of net profits after charging his commission and Y's commission. Y, the General Manager, gets 10% commission on net profits after charging his commission and X's commission. If the profit before charging commission of X and Y is Rs. 1,000, the commission of X will be:

A. Rs. 42.50

B. Rs. 45.00

C. Rs. 47.00

D. Rs. 49.00

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78.
Pre-fix of "CS" of members of the institute has been granted by ICSI on:

A. 23^rd - 24^th June, 2007

B. 17^th - 19^th February, 2008

C. 24^th - 27^th December, 2006

D. 15^th - 18^th October, 2005

E. 4^th-5^th January, 2004

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79.
Which accounting standard is used for depreciation accounting?

A. AS-2

B. AS-5

C. AS-6

D. AS-13

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80.
Double entry system keeps record of

A. Personal account

B. Real account

C. Nominal account

D. All of the above

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1 2 3 4 5 6 7 8 9 10

Cash	Rs. 10,000
Creditors	Rs. 12,000
Debitors	Rs. 20,000
Bills payable	Rs. 8,000
Stock	Rs. 30,000
Bank loan	Rs. 10,000

List-I	List-II
a. . . . . . . . . . concept is related to recognition of income.	1. Rent
b. Trading account and profit and loss account are . . . . . . . . statements.	2. Realisation
c. . . . . . . . . is a tangible fixed assets.	3. Periodic
d. Outstanding rent will be debited to . . . . . . . . account.	4. Land

Accounting MCQ Questions and Solutions with Explanations | Commerce

71. Interest on calls in arrears according to Table 'A' is charged at

Answer & Solution

72. Given, Cash Rs. 10,000 Creditors Rs. 12,000 Debitors Rs. 20,000 Bills payable Rs. 8,000 Stock Rs. 30,000 Bank loan Rs. 10,000 If bank loan is increased by Rs. 20,000. the current ratio will decrease by

Answer & Solution

Answer & Solution

74. At the time of dissolution of firm, balance of cash is shown in

Answer & Solution

75. Which of the following is not a source of finance for a company?

Answer & Solution

76. If a company buys its own debenture of Rs. 1000 from the market for Rs. 975, the difference of Rs. 25 will be considered as

Answer & Solution

Answer & Solution

78. Pre-fix of "CS" of members of the institute has been granted by ICSI on:

Answer & Solution

79. Which accounting standard is used for depreciation accounting?

Answer & Solution

80. Double entry system keeps record of

Answer & Solution

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71.
Interest on calls in arrears according to Table 'A' is charged at

72.
Given,

Cash Rs. 10,000

Creditors Rs. 12,000

Debitors Rs. 20,000

Bills payable Rs. 8,000

Stock Rs. 30,000

Bank loan Rs. 10,000

If bank loan is increased by Rs. 20,000. the current ratio will decrease by

74.
At the time of dissolution of firm, balance of cash is shown in

75.
Which of the following is not a source of finance for a company?

76.
If a company buys its own debenture of Rs. 1000 from the market for Rs. 975, the difference of Rs. 25 will be considered as

78.
Pre-fix of "CS" of members of the institute has been granted by ICSI on:

79.
Which accounting standard is used for depreciation accounting?

80.
Double entry system keeps record of