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.
For amalgamation in the nature of merger, the shareholders holding atleast . . . . . . . . or more of the equity shares of the transferor company becomes the equity shareholders of transferee company.

A. 51%

B. 90%

C. 99%

D. 100%

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72.
Which of the following factor is not considered while selecting accounting policies?

A. Prudence

B. Substance over form

C. Accountancy

D. Materiality

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73.
X Ltd, has current ratio of 2 : 1 and Quick ratio of 1.5 : 1. If its current liabilities are Rs. 60,000, then the value of stock would be:

A. Rs. 1,60,000

B. Rs. 1,20,000

C. Rs. 30,000

D. Rs. 80,000

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74.
The need for showing contingent liability in the balance sheet arises out of the convention of:

A. consistency

B. materiality

C. disclosure

D. conservatism

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75.
As per Partnership Act, which of these rights are available to a partner?

A. Bonus

B. Salary

C. Commission

D. Equal profit

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76.
Unrealized dividend is shown under which of the following head in company balance sheet?

A. Reserve and surplus

B. Provision

C. Current liabilities

D. Different items

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77.
The 'going concern concept' is the underlying basis for

A. Depreciating fixed assets over their useful life

B. Consolidating the accounts of subsidiary companies with their parent companies

C. Disclosing the market value of securities

D. Disclosing the sales and other operating information in the income statement

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78.
Liability of a member in case of a private company can be

A. limited

B. unlimited

C. Both A and B

D. None of these

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79.
Match the following:

List-I List-II

a. Measurement of income 1. Accrues to the equility of curves

b. Recognition of expense 2. Recognition of revenue

c. Basis of realisation 3. Matching revenue with expenses

d. Identification of revenue 4. Accounting period

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

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

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

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

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80.
If net loss is Rs. 5,000, General expenses are Rs. 14,500, Sales amount to Rs. 25,000, the Gross Profit will be:

A. Rs. 20,000

B. Rs. 11,000

C. Rs. 9,000

D. Rs. 9,500

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1 2 3 4 5 6 7 8 9 10

List-I	List-II
a. Measurement of income	1. Accrues to the equility of curves
b. Recognition of expense	2. Recognition of revenue
c. Basis of realisation	3. Matching revenue with expenses
d. Identification of revenue	4. Accounting period

Accounting MCQ Questions and Solutions with Explanations | Commerce

71. For amalgamation in the nature of merger, the shareholders holding atleast . . . . . . . . or more of the equity shares of the transferor company becomes the equity shareholders of transferee company.

Answer & Solution

72. Which of the following factor is not considered while selecting accounting policies?

Answer & Solution

73. X Ltd, has current ratio of 2 : 1 and Quick ratio of 1.5 : 1. If its current liabilities are Rs. 60,000, then the value of stock would be:

Answer & Solution

74. The need for showing contingent liability in the balance sheet arises out of the convention of:

Answer & Solution

75. As per Partnership Act, which of these rights are available to a partner?

Answer & Solution

76. Unrealized dividend is shown under which of the following head in company balance sheet?

Answer & Solution

77. The 'going concern concept' is the underlying basis for

Answer & Solution

78. Liability of a member in case of a private company can be

Answer & Solution

79. Match the following: List-I List-II a. Measurement of income 1. Accrues to the equility of curves b. Recognition of expense 2. Recognition of revenue c. Basis of realisation 3. Matching revenue with expenses d. Identification of revenue 4. Accounting period

Answer & Solution

80. If net loss is Rs. 5,000, General expenses are Rs. 14,500, Sales amount to Rs. 25,000, the Gross Profit will be:

Answer & Solution

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71.
For amalgamation in the nature of merger, the shareholders holding atleast . . . . . . . . or more of the equity shares of the transferor company becomes the equity shareholders of transferee company.

72.
Which of the following factor is not considered while selecting accounting policies?

73.
X Ltd, has current ratio of 2 : 1 and Quick ratio of 1.5 : 1. If its current liabilities are Rs. 60,000, then the value of stock would be:

74.
The need for showing contingent liability in the balance sheet arises out of the convention of:

75.
As per Partnership Act, which of these rights are available to a partner?

76.
Unrealized dividend is shown under which of the following head in company balance sheet?

77.
The 'going concern concept' is the underlying basis for

78.
Liability of a member in case of a private company can be

79.
Match the following:

List-I List-II

a. Measurement of income 1. Accrues to the equility of curves

b. Recognition of expense 2. Recognition of revenue

c. Basis of realisation 3. Matching revenue with expenses

d. Identification of revenue 4. Accounting period

80.
If net loss is Rs. 5,000, General expenses are Rs. 14,500, Sales amount to Rs. 25,000, the Gross Profit will be: