Accounting MCQ Questions and Solutions with Explanations

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-1 section-15

Audit of partnership firm's accounts is prescribed by:

A) Indian partnership Act B) Indian Companies Act C) Institute of Chartered Accountants of India Act D) None of the above (A), (B) and (C)

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Answer: Option D

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Which of the following is freely transferable:

A) Share Warrant B) Share Certificate C) Debenture D) Term Deposit Receipt

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Answer: Option A

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Accounting Standard-3 is in respect of:

A) Fund Flow Statement B) Cash Flow Statement C) Financial Ratios D) None of the above

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Answer: Option B

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In which of the following methods, the asset account is shown at its original cost throughout its life?

A) Annuity Method B) Depreciation Fund Method C) Sum of Year's Digits Method D) Machine Hour Rate Mehod

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Answer: Option B

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Which type of company's shares are freely transferable?

A) Private company B) Public company C) Both A and B D) None of these

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Answer: Option C

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X, Y and Z are sharing profits in the ratio of 6 : 5 : 3. A is admitted into partnership for $${\frac{1}{8}^{{\text{th}}}}$$ share. The sacrificing ratio of X, Y and Z is

A) equal B) 6 : 5 : 3 C) $$\frac{5}{{14}}:\frac{4}{{14}}:\frac{5}{{14}}$$ D) 4 : 5 : 5

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Answer: Option B

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Current ratio 2.7 : 1, Quick Ratio 1.8 : 1, current liabilities Rs. 60,000, Value of stock will be:

A) Rs. 60,000 B) Rs. 54,000 C) Rs. 1.08,000 D) Rs. 1,62,000

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Answer: Option B

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Managerial accounting is related to which of the following?

A) Presentation of accounting data B) Recording of accounting data C) Recording the cost data D) All of these

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Answer: Option D

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At the time of forfeiture of shares, the share capital A/c is

A) debited with the face value of forfeited shares B) credited with called-up amount of forfeited shares C) debited with the called-up amount of forfeited shares D) debited with the amount received on forfeited shares

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Answer: Option C

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The standard is contained in the cost method-

A) Fixing the estimated cost B) Determination of standard cost C) Fixing the budgeted cost D) In minimizing losses

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Answer: Option A

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