Accounting MCQ Questions and Solutions with Explanations

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81.
A, B, C and D are equal partners. A, B and D die together in a plane crash. The accident results in:

A. dissolution of partnership

B. dissolution of firm

C. both dissolution of partnership and firm

D. neither dissolution of partnership nor firm

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82.
Which of the following statement regarding the dissolution of a partnership firm is true:

A. Only the assets of the firm can be used for the payment of the firm's liabilities

B. Loss on realisation is transferred to partners, capital accounts in their capital ratio

C. Any amount realised from the sale of an unrecorded asset is credited to the realisation account

D. Partners loan to the firm is transferred to the realisation account with the liabilities of the firm

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83.
Interest on loan taken for the purchase of fixed assets is a

A. Revenue Expenditure

B. Capital Expenditure

C. Deferred Revenue Expenditure

D. Capital Loss

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84.
IFRS is based on

A. Historical cost

B. Fair value

C. Both A and B

D. None of these

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85.
Gopal held 100 shares of Rs. 10 each of a company on which he had paid Rs. 3 on the application and Rs. 2 on the allotment but could not pay Rs. 2 on the first call. The directors forfeited the above share. The share capital will be debited by

A. Rs. 1,000

B. Rs. 700

C. Rs. 500

D. Rs. 800

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86.
Which of the following items will be written in a partner's capital account when the capital accounts are fixed?

A. Partner's drawings

B. Additional capital introduced by the partner in the firm

C. Loan taken by a partner from the firm

D. Loan advancedby a partner to the firm

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87.
Depreciation is a process of:

A. Allocation

B. Valuation

C. Both of allocation and valuation

D. None of these

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88.
Given that,
Inventory turnover ratio = Rs. 6 Time
Average inventory = Rs. 8,000
Selling price = Rs. 25% More then the cost.
What will be the amount of gross profit?

A. Rs. 20,000

B. Rs. 4,000

C. Rs. 10,000

D. Rs. 12,000

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89.
Donations received for a special purpose will be taken to the:

A. Income and Expenditure Account

B. Assets side of the Balance Sheet

C. Liabilities side of the Balance Sheet

D. None of the above

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90.
Which one of the following statement is true?

A. Capital expenditure does not affect the profitability of a concern, but revenue expenditure does

B. Capital expenditure affects the profitability of a concern directly, but revenue expenditure does not

C. Capital expenditure affects the profitability of a concern indirectly, but revenue expenditure affects directly

D. Both capital expenditure and revenue expenditure affect the profitability of a concern directly

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Accounting MCQ Questions and Solutions with Explanations | Commerce

81. A, B, C and D are equal partners. A, B and D die together in a plane crash. The accident results in:

Answer & Solution

82. Which of the following statement regarding the dissolution of a partnership firm is true:

Answer & Solution

83. Interest on loan taken for the purchase of fixed assets is a

Answer & Solution

84. IFRS is based on

Answer & Solution

85. Gopal held 100 shares of Rs. 10 each of a company on which he had paid Rs. 3 on the application and Rs. 2 on the allotment but could not pay Rs. 2 on the first call. The directors forfeited the above share. The share capital will be debited by

Answer & Solution

86. Which of the following items will be written in a partner's capital account when the capital accounts are fixed?

Answer & Solution

87. Depreciation is a process of:

Answer & Solution

88. Given that, Inventory turnover ratio = Rs. 6 Time Average inventory = Rs. 8,000 Selling price = Rs. 25% More then the cost. What will be the amount of gross profit?

Answer & Solution

89. Donations received for a special purpose will be taken to the:

Answer & Solution

90. Which one of the following statement is true?

Answer & Solution

Read More Section(Accounting)

81.
A, B, C and D are equal partners. A, B and D die together in a plane crash. The accident results in:

82.
Which of the following statement regarding the dissolution of a partnership firm is true:

83.
Interest on loan taken for the purchase of fixed assets is a

84.
IFRS is based on

85.
Gopal held 100 shares of Rs. 10 each of a company on which he had paid Rs. 3 on the application and Rs. 2 on the allotment but could not pay Rs. 2 on the first call. The directors forfeited the above share. The share capital will be debited by

86.
Which of the following items will be written in a partner's capital account when the capital accounts are fixed?

87.
Depreciation is a process of:

88.
Given that,
Inventory turnover ratio = Rs. 6 Time
Average inventory = Rs. 8,000
Selling price = Rs. 25% More then the cost.
What will be the amount of gross profit?

89.
Donations received for a special purpose will be taken to the:

90.
Which one of the following statement is true?