Accounting MCQ Questions and Solutions with Explanations

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

1.
If Rs. 3,000 was outstanding at the beginning of the year towards subscription, and Rs. 20,000 is received during the year, with Rs. 5,000 still outstanding at the end of the year, the amount to be taken to Income and Expenditure Account will be:

A. Rs. 22,000

B. Rs. 17,000

C. Rs. 20,000

D. Rs. 28,000

Answer & Solution Discuss in Board Save for Later

2.
At the time of sale of a firm, the purchase consideration received in the form of shares and debentures will be distributed among the partners, in the ratio of:

A. final amounts due to partners

B. capital

C. profit sharing

D. equal

Answer & Solution Discuss in Board Save for Later

3.
If total sales are Rs. 1,00,000 cash sales included in total sales Rs. 20,000, sales back Rs. 7,000. Total debtors for sale as on 31^st March, 1993 Rs. 9,000, and bills receivable as on 31^st March, 1993 is only Rs. 2,000. The average payout period would be for the year 1992 - 93.

A. 60 days

B. 45 days

C. 90 days

D. 55 days

Answer & Solution Discuss in Board Save for Later

4.
A and B are partners in a firm sharing profit and loss in the ratio of 3 : 2. They admit C into a partnership for $${\frac{1}{8}^{{\text{th}}}}$$ share, and the new ratio between A and B is 4 : 3. The sacrificing ratio is

A. 1 : 1

B. 2 : 1

C. 4 : 1

D. 2 : 3

Answer & Solution Discuss in Board Save for Later

5.
Given
Net Profit = Rs. 1,50,000
Preference Dividend = Rs. 25,000
Taxes = Rs. 10,000 Equity Capital (Rs. 10 each) = Rs. 10,00,000
What is the Earning Per Share (EPS)?

A. Rs. 1.50

B. Rs. 1.25

C. Rs. 1.15

D. None of the above

Answer & Solution Discuss in Board Save for Later

6.
BEP is computed by:

A. Fixed cost/PV ratio

B. Fixed cost/100

C. 100/Fixed cost

D. Sales/Profit

Answer & Solution Discuss in Board Save for Later

7.
Which of the following assets do not attract depreciation

A. Land

B. Building

C. Plant

D. Furniture

Answer & Solution Discuss in Board Save for Later

8.
Which one of the following is not included in the classification of flow?

A. Vertical

B. Horizointal

C. Drawing

D. Nonverbal

Answer & Solution Discuss in Board Save for Later

9.
When two or more firm merge then the process is known as

A. Amalgamation

B. Merge

C. Reconstruction

D. None of the above

Answer & Solution Discuss in Board Save for Later

10.
Goodwill' is what type of asset?

A. Intangible asset

B. Fictitious asset

C. Tangible asset

D. Liquid asset

Answer & Solution Discuss in Board Save for Later

1 2 3 4 5 6 7 8 9 10

Accounting MCQ Questions and Solutions with Explanations | Commerce

1. If Rs. 3,000 was outstanding at the beginning of the year towards subscription, and Rs. 20,000 is received during the year, with Rs. 5,000 still outstanding at the end of the year, the amount to be taken to Income and Expenditure Account will be:

Answer & Solution

2. At the time of sale of a firm, the purchase consideration received in the form of shares and debentures will be distributed among the partners, in the ratio of:

Answer & Solution

3. If total sales are Rs. 1,00,000 cash sales included in total sales Rs. 20,000, sales back Rs. 7,000. Total debtors for sale as on 31st March, 1993 Rs. 9,000, and bills receivable as on 31st March, 1993 is only Rs. 2,000. The average payout period would be for the year 1992 - 93.

Answer & Solution

4. A and B are partners in a firm sharing profit and loss in the ratio of 3 : 2. They admit C into a partnership for $${\frac{1}{8}^{{\text{th}}}}$$ share, and the new ratio between A and B is 4 : 3. The sacrificing ratio is

Answer & Solution

5. Given Net Profit = Rs. 1,50,000 Preference Dividend = Rs. 25,000 Taxes = Rs. 10,000 Equity Capital (Rs. 10 each) = Rs. 10,00,000 What is the Earning Per Share (EPS)?

Answer & Solution

6. BEP is computed by:

Answer & Solution

7. Which of the following assets do not attract depreciation

Answer & Solution

8. Which one of the following is not included in the classification of flow?

Answer & Solution

9. When two or more firm merge then the process is known as

Answer & Solution

10. Goodwill' is what type of asset?

Answer & Solution

Read More Section(Accounting)

1.
If Rs. 3,000 was outstanding at the beginning of the year towards subscription, and Rs. 20,000 is received during the year, with Rs. 5,000 still outstanding at the end of the year, the amount to be taken to Income and Expenditure Account will be:

2.
At the time of sale of a firm, the purchase consideration received in the form of shares and debentures will be distributed among the partners, in the ratio of:

3.
If total sales are Rs. 1,00,000 cash sales included in total sales Rs. 20,000, sales back Rs. 7,000. Total debtors for sale as on 31^st March, 1993 Rs. 9,000, and bills receivable as on 31^st March, 1993 is only Rs. 2,000. The average payout period would be for the year 1992 - 93.

4.
A and B are partners in a firm sharing profit and loss in the ratio of 3 : 2. They admit C into a partnership for $${\frac{1}{8}^{{\text{th}}}}$$ share, and the new ratio between A and B is 4 : 3. The sacrificing ratio is

5.
Given
Net Profit = Rs. 1,50,000
Preference Dividend = Rs. 25,000
Taxes = Rs. 10,000 Equity Capital (Rs. 10 each) = Rs. 10,00,000
What is the Earning Per Share (EPS)?

6.
BEP is computed by:

7.
Which of the following assets do not attract depreciation

8.
Which one of the following is not included in the classification of flow?

9.
When two or more firm merge then the process is known as

10.
Goodwill' is what type of asset?