Accounting MCQ Questions and Solutions with Explanations | Commerce

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21.
Money received in advance from shareholders before it is called-up by the directors is:

A. Debited to calls in arrears account

B. Debited to calls in advance account

C. Credited to calls in arrears account

D. Credited to calls in advance account

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22.
In the case of hire purchase assets account is debited with

A. Hire purchase price

B. Cash price

C. Cost price of the seller

D. None of the above

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23.
A plant was purchased on 1^st January 1999. It was depreciated at the rate of 12% P.A. by diminishing balance method. It was sold on 31^st March 2001 when its depreciated value was Rs. 1,50,234. What was its value on 1^st January 1999.

A. Rs. 1,80,000

B. Rs. 1,90,000

C. Rs. 2,00,000

D. None of the above

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24.
The objective of social accountings is to find out

A. efficiency

B. profit earnd

C. cost and benefit to society

D. value of personnel

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25.
A and B are partners sharing profits/losses in the ratio of 3 : 2. C is admitted as a partner. The new profit sharing ratio among A, B and C is 4 : 3 : 2. Find out sacrificing ratio-

A. 7 : 4

B. 7 : 3

C. 5 : 2

D. 5 : 3

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26.
The dividend pay out ratio can be determined by dividing dividend per share by

A. Earning per share

B. Number of equity shares

C. Market value per share

D. Book value per share

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27.
What is the amount of purchases, when:
Opening stock is = Rs. 10,000
Closing stock is = Rs. 8,000
Sales is = Rs. 1,10,000
Cost of goods sold is = Rs. 80,000

A. Rs. 78,000

B. Rs. 30,000

C. Rs. 82,000

D. Rs. 92,000

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28.
Classification of fixed and variable costs is important

A. In determining unit costing

B. Determination in operating cost

C. Determining in contract

D. In determining process cost

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29.
The convertible preference shares are converted into:

A. Participative preference shares

B. debentures

C. redeemable preference shares

D. equity shares

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30.
If the average collection period is 15 days and average book receivables is Rs. 60,000 then what will be the total annual credit sales?

A. Rs. 14,00,000

B. Rs. 9,00,000

C. Rs. 2,16,00,000

D. Rs. 1,08,00,000

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Accounting MCQ Questions and Solutions with Explanations | Commerce

21. Money received in advance from shareholders before it is called-up by the directors is:

Answer & Solution

22. In the case of hire purchase assets account is debited with

Answer & Solution

23. A plant was purchased on 1st January 1999. It was depreciated at the rate of 12% P.A. by diminishing balance method. It was sold on 31st March 2001 when its depreciated value was Rs. 1,50,234. What was its value on 1st January 1999.

Answer & Solution

24. The objective of social accountings is to find out

Answer & Solution

25. A and B are partners sharing profits/losses in the ratio of 3 : 2. C is admitted as a partner. The new profit sharing ratio among A, B and C is 4 : 3 : 2. Find out sacrificing ratio-

Answer & Solution

26. The dividend pay out ratio can be determined by dividing dividend per share by

Answer & Solution

27. What is the amount of purchases, when: Opening stock is = Rs. 10,000 Closing stock is = Rs. 8,000 Sales is = Rs. 1,10,000 Cost of goods sold is = Rs. 80,000

Answer & Solution

28. Classification of fixed and variable costs is important

Answer & Solution

29. The convertible preference shares are converted into:

Answer & Solution

30. If the average collection period is 15 days and average book receivables is Rs. 60,000 then what will be the total annual credit sales?

Answer & Solution

Read More Section(Accounting)

21.
Money received in advance from shareholders before it is called-up by the directors is:

22.
In the case of hire purchase assets account is debited with

23.
A plant was purchased on 1^st January 1999. It was depreciated at the rate of 12% P.A. by diminishing balance method. It was sold on 31^st March 2001 when its depreciated value was Rs. 1,50,234. What was its value on 1^st January 1999.

24.
The objective of social accountings is to find out

25.
A and B are partners sharing profits/losses in the ratio of 3 : 2. C is admitted as a partner. The new profit sharing ratio among A, B and C is 4 : 3 : 2. Find out sacrificing ratio-

26.
The dividend pay out ratio can be determined by dividing dividend per share by

27.
What is the amount of purchases, when:
Opening stock is = Rs. 10,000
Closing stock is = Rs. 8,000
Sales is = Rs. 1,10,000
Cost of goods sold is = Rs. 80,000

28.
Classification of fixed and variable costs is important

29.
The convertible preference shares are converted into:

30.
If the average collection period is 15 days and average book receivables is Rs. 60,000 then what will be the total annual credit sales?