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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-26

Each section contains 100 MCQs on Accounting .
71
Consider the following statements:
I. Workmen's compensation and third party insurance are examples of guarantee insurance
II. Re-insurance is more common under fire and marine insurance
Which of the statements given above is/are correct?
Discuss
Answer & Solution
Answer: Option C
No explanation is given for this question. Let's Discuss on Board
72
Cash purchase in the account of:
Discuss
Answer & Solution
Answer: Option D
No explanation is given for this question. Let's Discuss on Board
73
Match List-I with List-II and select the correct answer using the options given below the lists:
List-I List-II
a. Amortisation 1. Diminition in the life of the assets due to excessive use
b. Depreciation 2. Exhaustion of natural resource
c. Depletion 3. Expiration of tangible assets
d. Obsolescence 4. Expiration of intangible assets
5. Economic deterioration due to improved inventions
Discuss
Answer & Solution
Answer: Option D
No explanation is given for this question. Let's Discuss on Board
74
Any written document in support of a business transaction is called a . . . . . . . .
Discuss
Answer & Solution
Answer: Option A
No explanation is given for this question. Let's Discuss on Board
75
The minimum amount of capital which must be subscribed by the public before allotment is called:
Discuss
Answer & Solution
Answer: Option B
No explanation is given for this question. Let's Discuss on Board
76
Depreciation is appearing in the trial balance of a company. While making final accounts, it should be shown in:
Discuss
Answer & Solution
Answer: Option A
No explanation is given for this question. Let's Discuss on Board
77
Penalty for delay in refunding application money:
Discuss
Answer & Solution
Answer: Option C
No explanation is given for this question. Let's Discuss on Board
78
Purchase for office furniture is recorded in:
Discuss
Answer & Solution
Answer: Option A
No explanation is given for this question. Let's Discuss on Board
79
The cash price of a machine is Rs. 1,20,000 and its hire purchase price is Rs. 1,50,000 to be paid in five equal yearly instalments. If a company purchases the machine on hire purchase basis, the amount of capital expenditure will be:
Discuss
Answer & Solution
Answer: Option A
No explanation is given for this question. Let's Discuss on Board
80
Agreement of the trial balance may not indicate that:
Discuss
Answer & Solution
Answer: Option D
No explanation is given for this question. Let's Discuss on Board