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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-29

Each section contains 100 MCQs on Accounting .
81
Consider the following statements:
A credit purchase during the accounting year which was not recorded in the books of account but included in the closing stock is to be:
I. added to the credit purchases account
II. added to the creditors account
III. subtracted from the closing stock
IV. added to the opening stock
Which of the statements given above is/are correct?
Discuss
Answer & Solution
Answer: Option B
No explanation is given for this question. Let's Discuss on Board
82
Bills are drawn by . . . . . . . .
Discuss
Answer & Solution
Answer: Option A
No explanation is given for this question. Let's Discuss on Board
83
When goods are purchased for the joint venture out of joint bank A/C the amount is debited to:
Discuss
Answer & Solution
Answer: Option B
No explanation is given for this question. Let's Discuss on Board
84
When furniture is sold for cash, the entry should be made in . . . . . . . .
Discuss
Answer & Solution
Answer: Option B
No explanation is given for this question. Let's Discuss on Board
85
While preparing the annual financial statements, the balance of rent account should be treated as the balance of a:
Discuss
Answer & Solution
Answer: Option A
No explanation is given for this question. Let's Discuss on Board
86
Bank overdraft account is a:
Discuss
Answer & Solution
Answer: Option B
No explanation is given for this question. Let's Discuss on Board
87
"Holding gains in relation to stocks should not be used for payment of dividend." Which one of the following accounting principles is involved in this?
Discuss
Answer & Solution
Answer: Option D
No explanation is given for this question. Let's Discuss on Board
88
The take over of a company in which most of the purchase price is paid with borrowed money is referred to as
Discuss
Answer & Solution
Answer: Option C
No explanation is given for this question. Let's Discuss on Board
89
Any revenue expenditure relating to special fund must be deducted from . . . . . . . .
Discuss
Answer & Solution
Answer: Option B
No explanation is given for this question. Let's Discuss on Board
90
Which one of the following statements is correct?
Discuss
Answer & Solution
Answer: Option D
No explanation is given for this question. Let's Discuss on Board