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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-9 section-15

Each section contains 100 MCQs on Accounting .
81
When a company purchases its own debentures as an investment, 'own debentures account' is debited with:
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Answer & Solution
Answer: Option C
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82
Bonus shares can be issued out of
i. General reserve
ii. Capital Gain
iii. Revaluation
iv. Profit and loss (Cre.)
Which of the following is correct
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Answer & Solution
Answer: Option A
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83
Fees paid to lawyer for drawing a purchase deed of land is which type of expenditure?
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Answer & Solution
Answer: Option A
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84
The partnership of R and S was dissolved. Rs. 38,000 was received from sale of all assets. Rs. 14,000 claim of all parterres were paid. If R's capital is twice of capital balance of S, then the balance of S's capital will be
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Answer & Solution
Answer: Option C
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85
Purchased a machinery for Rs. 50,000, but debited to purchases account. It is a:
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Answer & Solution
Answer: Option B
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86
What should the seller do if the buyer fails to make the installments?
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Answer & Solution
Answer: Option B
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87
Which of the following are shown is profit and loss appropriation account?
1. Salary to staff
2. Salary to partners
3. Interest on capital
4. Fresh capital introduced
5. Share of profit
6. Amount of drawings
7. Interest on drawings
Select the correct answer:
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Answer & Solution
Answer: Option B
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88
A, B and C were partners sharing profits and losses in the ratio of 3 : 2 : 1. They decided to dissolve the partnership and to distribute the sale proceeds as and when realised. The partner's capitals were:
A - Rs. 10,000, B - Rs. 9,000 and C - Rs. 5,000, B's loan amounted to Rs. 3,000, and Sundry Creditors to Rs. 6,000.
Assets realisation and expenses were as under:
Assets Realised Expenses
July Rs. 5,300 Rs. 500
August Rs. 3,600 Rs. 200
September Rs. 4,500 Rs. 300
October Rs. 4,500 Rs. 200

In September B will receive:
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Answer & Solution
Answer: Option D
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89
On dissolution of a partnership firm the debit balance of profit and loss A/c is transferred to:
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Answer & Solution
Answer: Option D
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90
Nominal A/c is:
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Answer & Solution
Answer: Option A
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