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-8

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 one of the following ratios is not a measure of financial soundness and stability of a business enterprise?

A) Liquidity Ratio B) Current Ratio C) Proprietary Ratio D) Sales to Capital Employed Ratio

Discuss

Answer & Solution

Answer: Option D

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

Bills dishonoured by = Rs. 2,000
Customers = Rs. 13,000
Bills collected = Rs. 1,000
Bill received endorsed to creditors Rs. 1,000 less than at the beginning.
The Amount of bills received from the customers was:

A) Rs. 12,000 B) Rs. 14,000 C) Rs. 15,000 D) Rs. 17,000

Discuss

Answer & Solution

Answer: Option C

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

After the new partnership agreement, assets and liabilities in a balance sheet are recorded at . . . . . . . .

A) original value B) revalued figure C) realisable value D) None of these

Discuss

Answer & Solution

Answer: Option B

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

Which one of the following statements is correct?

A) Increases in liabilities are credits and decreases are debits B) Increases in assets are credits and decreases are debits C) Increases in capital are debits and decreases are credits D) Increases in expenses are credits and decreases are debits

Discuss

Answer & Solution

Answer: Option A

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

Stock does not include:

A) goods in the hands of an agent B) goods out on approval (or sale or return) C) goods sold awaiting delivery to the buyer D) goods (meant for re-sale) hypothecated as security

Discuss

Answer & Solution

Answer: Option C

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

Debit the receiver and credit the giver is rule of:

A) Nominal A/c B) Personal A/c C) Salary A/c D) Rent A/c

Discuss

Answer & Solution

Answer: Option B

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

In the absence of an agreement to the contrary, all partners sleeping or working share profits and losses in the

A) capital ratio B) equal ratio C) Both A and B D) None of these

Discuss

Answer & Solution

Answer: Option B

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

Which of the following equations is not correct?

A) Cost of the goods sold - Closing Stock - Purchases = Opening Stock B) Purchases + Opening Stock - Cost of the goods sold = Closing Stock C) Opening Stock + Purchases - Closing Stock = Cost of the goods D) Closing Stock + Cost of the goods sold - Purchases = Opening Stock

Discuss

Answer & Solution

Answer: Option A

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

Which of the following is not an accounting convention?

A) Convention of full disclosure B) Convention of conservatism C) Convention of accrual accounting D) Convention of consistency

Discuss

Answer & Solution

Answer: Option C

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

Share warrants can be issued when shares are

A) fully paid B) partly paid C) lost D) none of the above

Discuss

Answer & Solution

Answer: Option A

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

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Accounting MCQ Questions and Solutions with Explanations | Commerce