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-7

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

Which of the following items is not taken in profit and loss appropriation account?

A) Transfer to dividend equalisation reserve B) Transfer to general reserve C) Provision for taxation D) Proposed dividend

Discuss

Answer & Solution

Answer: Option C

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

If the current ratio of a company is 2 : 1, which of the following transactions would improve the ratio?

A) Issue of bonus shares B) Issue of warrant C) Purchase of stock of goods for cash D) Payment of current liabilities

Discuss

Answer & Solution

Answer: Option D

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

An expenditure is capital expenditure because

A) the amount is paid in lump-sum B) the amount is large C) it is related to the benefit of current year D) it is related to the benefit of future

Discuss

Answer & Solution

Answer: Option D

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

Which of the following acid test ratio can be said to be satisfactory:

A) 2 : 1 B) 1 : 2 C) 1 : 1 D) None of the above

Discuss

Answer & Solution

Answer: Option C

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

Match List-I with List-II and choose the correct option:

List-I	List-II
a. Surrender Value	1. Stock
b. Share holder becoming insane	2. Insurance policy
c. Share warrant	3. Transfer of shares
d. Fully-paid shares	4. Negotiable Document

A) a-1, b-2, c-3, d-4 B) a-4, b-2, c-3, d-1 C) a-2, b-3, c-4, d-1 D) a-4, b-2, c-1, d-3

Discuss

Answer & Solution

Answer: Option C

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

'Proposed dividend' is shown under which head in company's balance sheet?

A) Current liabilities B) Provision C) Relevant D) Reserve and surplus

Discuss

Answer & Solution

Answer: Option B

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

Paid-up current ratio = 2.8
Acid test ratio = 1.5
Working capital = Rs. 1,62,000
What will be liquid asset?

A) Rs. 2,52,000 B) Rs. 1,35,000 C) Rs. 90,000 D) Rs. 2,43,000

Discuss

Answer & Solution

Answer: Option B

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

Under which of the following method of depreciation the amount of asset is never reduced to zero?

A) Fixed Installation method B) Diminishing balance method C) Annuity method D) The sum of year digit method

Discuss

Answer & Solution

Answer: Option B

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

'Contingent liability' is a liability

A) Which does not exist in present, but will arise in future B) Which will be paid by another person C) Which existence or non-existence depends on happening of a certain event D) Which is not paid in previous years

Discuss

Answer & Solution

Answer: Option C

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

A machine was bought on 1^st January, 1994 for Rs. 10,000. Its working life was estimated to be four years. The method of depreciation used is the 'sum of the year digit'. The machine was discarded and sold on 30^th June, 1996 for Rs. 1,000. The profit/loss on sale of the discarded machine was:

A) Rs. 1,120 loss B) Rs. 2,250 loss C) Rs. 1,500 loss D) Rs. 1,000 loss

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