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-24

Each section contains 100 MCQs on Accounting .

Section 1
Section 2
Section 3
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Section 5
Section 6
Section 7
Section 8
Section 9
Section 10
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Section 12
Section 13
Section 14
Section 15
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Section 20
Section 21
Section 22
Section 23
Section 24
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Section 26
Section 27
Section 28
Section 29
Section 30

Income accrued and received' results in-

A) Decrease in assets and increase in capital B) Increase in assets and increase in capital C) Decrease in assets and increase in liabilities D) Increase in assets and increase in liabilities

Discuss

Answer & Solution

Answer: Option B

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

For equity-settled share-based payment transactions, the entity shall measure the goods or services received and the corresponding increase in equity, directly at the . . . . . . . . of the goods or services received, unless that it cannot be estimated reliably

A) amortised cost B) net book value C) fair value D) historical cost

Discuss

Answer & Solution

Answer: Option C

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

In settling the accounts of a firm after dissolution losses including deficiencies of capital, shall be paid in which sequence?
1. By the partners individually in profit sharing ratio.
2. Out of profit.
3. Out of capital.
Select the correct answer:

A) 1, 2 and 3 B) 2, 1 and 3 C) 3, 2 and 1 D) 2, 3 and 1

Discuss

Answer & Solution

Answer: Option D

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

Which of the following statements is true in connection with Receipt and Payment A/c.

A) It begins with a credit balance B) It is a Real A/c C) Only revenue items are recorded in it D) The closing balance indicates profit or loss of the year

Discuss

Answer & Solution

Answer: Option B

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

Gross Profit Ratio is calculated by

A) $$\frac{{{\text{Gross Profit}}}}{{{\text{Gross Sales}}}} \times 100$$ B) $$\frac{{{\text{Gross Profit}}}}{{{\text{Net Sales}}}} \times 100$$ C) $$\frac{{{\text{Net Profit}}}}{{{\text{Gross Sales}}}} \times 100$$ D) $$\frac{{{\text{Gross Receipts}}}}{{{\text{Net Sales}}}} \times 100$$

Discuss

Answer & Solution

Answer: Option B

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

Securities premium reserve account is shown on the liabilities side in the balance sheet under the heading

A) Reserves and surplus B) Current liabilities and provisions C) Share capital D) All of these

Discuss

Answer & Solution

Answer: Option A

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

Premium on issue of shares is determined by:

A) Company Law Board B) Government C) Issuing Company D) Securities and Exchange Board of India

Discuss

Answer & Solution

Answer: Option C

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

The written down value of a plant is Rs. 60,000 (the original value being Rs. 1,00,000). It is sold for Rs. 1,20,000 during the current financial year. Which of the following is true in this regard?

A) Capital profit = Rs. 60,000 B) Revenue profit = Rs. 60,000 C) Capital profit = Rs. 20,000 and Revenue profit = Rs. 40,000 D) Capital profit = Rs. 1,20,000

Discuss

Answer & Solution

Answer: Option A

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

Which of the following equation is correct?

A) Gross profit = Net sales - Cost of goods sold B) Gross profit = Sales + Closing stock - Opening stock Purchase C) Cost of goods sold + Gross profit = Sales D) All of the above

Discuss

Answer & Solution

Answer: Option D

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

Capitalisation of profit of a company is possible

A) only by issue of fully paid bonus shares B) only by making partly paid shares fully paid C) by A and B both D) none of the above

Discuss

Answer & Solution

Answer: Option C

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

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Accounting MCQ Questions and Solutions with Explanations | Commerce