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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-21

Each section contains 100 MCQs on Accounting .
81
Match List-I with List-II and choose correct answer:
List-I List-II
P. Partner's loan 1. Debit balance of profit and loss
Q. Death of a partner 2. 6% interest
R. Loss in business 3. Joint life insurance policy
S. Revolution account 4. Profit and loss adjustment account
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Answer & Solution
Answer: Option A
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82
Accounting Standard relating to Accounting Policies is
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Answer & Solution
Answer: Option A
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83
Original cost of an asset is Rs. 57,000, scrap value Rs.2,000 and estimated life 10 years. What will be the amount of depreciation in the first year according to the sum of the year's digits methods:
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Answer & Solution
Answer: Option A
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84
The basic purpose of funds flow statement is to indicate the
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Answer & Solution
Answer: Option D
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85
The accounting standard related to amalgamation of company is
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Answer & Solution
Answer: Option A
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86
When interest is to be allowed on the capitals of the partners, it is generally calculated on the:
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Answer & Solution
Answer: Option A
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87
Out of the following, which four expenditures would be recorded in the motor van account?
1. Cost Rs. 2,00,000
2. Registration Rs. 5,000
3. Petrol Rs. 2,000
4. Salary to driver Rs. 4,000
5. Writing the company name Rs. 3,500
6. Road tax paid (one time) Rs. 4,500
Select the correct answer:
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Answer & Solution
Answer: Option B
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88
Limited Partnership form of business organisation means
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Answer & Solution
Answer: Option B
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89
Dividend declared and paid by a company is
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Answer & Solution
Answer: Option C
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90
It is given in adjustment that during the accounting year, the trader distributed goods worth Rs. 5,000 as free samples. While preparing Final Accounts, this will be shown in
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Answer & Solution
Answer: Option B
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