Accounting MCQ Questions and Solutions with Explanations

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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-20

Each section contains 100 MCQs on Accounting .

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

For which purpose the profits before incorporation can not be used?

A) To write off capital loss B) To write off goodwill C) To create capital accumulation D) To distribute dividend

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

According to Garner Vs Murray rule, loss on account of a partner becoming insolvent should be distributed to remaining partners in

A) Capital ratio B) Profit and loss ratio C) Average ratio D) None of the above

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

An ordinary partnership firm can have maximum

A) 5 partners B) 10 partners C) 150 partners D) 20 partners

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

The following will be entered in the Total Debtor's Account:

A) Cash Sales B) Credit Sales C) Total Sales D) None of these

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

A balance sheet shows financial condition of an organization.

A) For the whole year B) The day on which if is prepared C) For a month D) For a week

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

Right shares are those share which are proposed to

A) To the directors of company B) To the debenture holders C) To the existing shareholders D) To the creditors of company

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

A and B are partners of 5 : 3 ratio. C Joins and the new ratio agreed 4 : 2 : 2. Find out the sacrificing ratio of A and B.

A) 1 : 2 B) 1 : 3 C) 1 : 1 D) None if the above

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

A, B and C are partners sharing profits in the ratio of 4 : 3 : 2. They admit D for $$\frac{1}{3}$$ profit of the firm. The sacrificing ratio of A, B and C will be:

A) 3 : 2 : 1 B) 4 : 2 : 1 C) 4 : 3 : 2 D) 5 : 3 : 2

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

Retirement of a partner leads to . . . . . . . . of remaining partners.

A) gain in profit sharing ratio B) loss in profit sharing ratio C) no change in profit sharing ratio D) none of the above

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

Which of the following items will be written on credit side of the partner's capital accounts when the accounts are floating?

A) Interest on drawings B) Loan advanced by a partner to the firm C) Partner's share in the firm's loss D) Salary to the active partners

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

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Accounting MCQ Questions and Solutions with Explanations | Commerce