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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-25

Each section contains 100 MCQs on Accounting .
71
Alteration of shares of larger denominations into smaller denominations is called . . . . . . . . of shares.
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Answer & Solution
Answer: Option C
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72
Sale of old newspaper is to be shown on the credit side of the . . . . . . . .
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Answer & Solution
Answer: Option B
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73
Which of the following are not current liabilities?
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Answer & Solution
Answer: Option B
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74
Book-keeping is mainly concerned with:
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Answer & Solution
Answer: Option A
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75
Which of the following accounts may have a debit or credit balance?
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Answer & Solution
Answer: Option D
Solution:
A Loan account may have either a debit or credit balance depending on its nature and position in the books.

If the business has taken a loan, it represents a liability and will have a credit balance.

If the business has given a loan to others, it becomes an asset and will show a debit balance.

On the other hand, accounts like Discount Received and Sales generally have credit balances, while Trade Expenses typically has a debit balance only.

Hence, only the Loan account can have both debit and credit balances.
76
Income and expenditure account records transaction of . . . . . . . .
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Answer & Solution
Answer: Option A
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77
Bonus in reduction of premium appears in the revenue a/c as . . . . . . . .
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Answer & Solution
Answer: Option B
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78
Bank Reconciliation statement is . . . . . . . .
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Answer & Solution
Answer: Option C
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79
A person started business with a cash of Rs. 22,000 and stock of Rs. 3,000 on 1st January, 1996. During the year he made a profit of Rs. 6,000. His creditors were paid Rs. 4,500 for the office furniture supplied. He took goods worth Rs. 3,500 for his daugher's wedding on 30th June, 1996. The gross assets of his business on 31st December, 1996 was:
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Answer & Solution
Answer: Option A
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80
The information for the preparation of receipt and payments account is taken from . . . . . . . .
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Answer & Solution
Answer: Option A
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