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.
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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2.
Which of the following is freely transferable:

A. Share Warrant

B. Share Certificate

C. Debenture

D. Term Deposit Receipt

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3.
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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4.
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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5.
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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6.
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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7.
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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8.
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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9.
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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10.
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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Accounting MCQ Questions and Solutions with Explanations | Commerce

1. Audit of partnership firm's accounts is prescribed by:

Answer & Solution

2. Which of the following is freely transferable:

Answer & Solution

3. Accounting Standard-3 is in respect of:

Answer & Solution

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

Answer & Solution

5. Which type of company's shares are freely transferable?

Answer & Solution

6. 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

Answer & Solution

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

Answer & Solution

8. Managerial accounting is related to which of the following?

Answer & Solution

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

Answer & Solution

10. The standard is contained in the cost method-

Answer & Solution

Read More Section(Accounting)

1.
Audit of partnership firm's accounts is prescribed by:

2.
Which of the following is freely transferable:

3.
Accounting Standard-3 is in respect of:

4.
In which of the following methods, the asset account is shown at its original cost throughout its life?

5.
Which type of company's shares are freely transferable?

6.
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

7.
Current ratio 2.7 : 1, Quick Ratio 1.8 : 1, current liabilities Rs. 60,000, Value of stock will be:

8.
Managerial accounting is related to which of the following?

9.
At the time of forfeiture of shares, the share capital A/c is

10.
The standard is contained in the cost method-