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-20

Standard costing means

A) Actual cost B) Estimated cost C) Predetermined cost on scientific basis D) Predetermined cost on estimates

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Answer & Solution

Answer: Option D

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Which of the following depreciation method would be most suitable for coal mines?

A) Diminishing balance method B) Depletion method C) Fixed Installation method D) The sum of years digits method

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Answer & Solution

Answer: Option B

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The share of outsiders in the net assets of subsidiary company is known as

A) assets B) outsiders liability C) subsidiary company's liability D) minority interest

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Answer & Solution

Answer: Option D

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X and Y are partners sharing profits in the ratio 2 : 1. Z is admitted for $${\frac{1}{4}^{{\text{th}}}}$$ share in profits and he brings his share of capital Rs. 12,000 in firm. The adjusted capital of Y is

A) Rs. 18,000 B) Rs. 16,000 C) Rs. 20,000 D) Rs. 12,000

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Answer & Solution

Answer: Option D

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Income and Expenditure account dipicsts:

A) Cash in hand B) Cash receipt and payment C) Surplus or deficit D) Capital of the firm

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Answer & Solution

Answer: Option C

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Given:
Stock turnover 6 times
Total Sales Rs. 3,00,000
Gross profit Ratio 20%
Closing stock is Rs. 4,000 more than the opening stock. The opening stock will be:

A) Rs. 36,000 B) Rs. 38,000 C) Rs. 40,000 D) Rs. 42,000

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Answer & Solution

Answer: Option B

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What will be amount of gross profit/gross loss. If cost of goods sold Rs. 79,000, Sales Rs. 1,10,000, Purchases Rs. 30,000?

A) Rs. 80,000 (Profit) B) Rs. 31,000 (Profit) C) Rs. 49,000 (Profit) D) Rs. 1,000 (Loss)

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Answer & Solution

Answer: Option B

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

List-I	List-II
a. Shareholder	1. Creditor of company
b. Debenture holder	2. To be paid at the end of a pre-determined period
c. Redeemable debenture	3. Co-owner of the company
d. Bearer debenture	4. Transferable mere by delivery

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

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Answer & Solution

Answer: Option B

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A firm has total current assets of Rs. 10,000 (including inventory of Rs. 4,000), and total current liabilities of Rs. 3,000. What will be the amount of short-term bank borrowings to make the quick ratio 1.5:

A) Rs. 11,000 B) Rs. 5,000 C) Rs. 3,000 D) Rs. 1,000

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Answer & Solution

Answer: Option D

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Which among the following belongs to Nominal Account?

A) Bad Debts Recovery A/C B) Bank A/C C) Bills Payable A/C D) Drawings A/C E) Commission Received in Advance

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Answer & Solution

Answer: Option A

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