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-25

Each section contains 100 MCQs on Accounting .

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Section 2
Section 3
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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

Assets are held for the purpose of . . . . . . . .

A) earning revenue B) resale C) conversion into cash D) personal purpose

Discuss

Answer & Solution

Answer: Option A

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

The process of recording financial transactions in the journal is called . . . . . . . .

A) Journalizing B) Utilizing C) Posting D) Balancing

Discuss

Answer & Solution

Answer: Option A

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

Insurance Regulatory and Development Authorities Act came in to effect in:

A) 2001 B) 2004 C) 1999 D) None of these

Discuss

Answer & Solution

Answer: Option C

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

Which of the following accounts have only credit balance?

A) Accounts payable account B) Salaries outstanding account C) Reserve fund account D) All of the above accounts

Discuss

Answer & Solution

Answer: Option D

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

Total debtors account will be affected by:

A) Cash sales B) Credit sales C) B/R closing balance D) All of these

Discuss

Answer & Solution

Answer: Option B

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

Opening debtors Rs. 12,000, closing debtors Rs. 15,000 cash received from debtors Rs. 25,000 what is the amount for sales?

A) Rs. 22,000 B) Rs. 28,000 C) Rs. 2,000 D) None of these

Discuss

Answer & Solution

Answer: Option B

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

How does an over costing of purchase day book affect the cost of sales and profit?

A) Cost of sales is decreased while profit is increased B) Cost of sales is increased while profit is decreased C) Both cost of sales and profit are increased D) Cost of sales is increased, gross profit is decreased, but net profit remains unaffected

Discuss

Answer & Solution

Answer: Option B

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

Any profit on the sale of furniture of a cricket club will be taken to . . . . . . . .

A) income and expenditure account B) cash account C) profit and loss account D) furniture account

Discuss

Answer & Solution

Answer: Option A

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

Stock is a consolidation of . . . . . . . . shares.

A) partly paid B) fully paid C) equity D) sweat

Discuss

Answer & Solution

Answer: Option B

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

Unclaimed dividend is shown in . . . . . . . .

A) P/L account B) P/L appropriation account C) Balance sheet D) None of these

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