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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-7 section-23

Each section contains 100 MCQs on Accounting .
61
A limited liability company forfeited 30 shares of Rs. 10 each (fully called-up) for non payment of allotment amount of Rs. 3 per share and call amount of Rs. 4 per share. These shares were re-issued at Rs. 8 per share. In such situation amount transferred to capital reserve will be
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Answer: Option C
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62
Preference share of a company cannot be redeemed
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Answer: Option C
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63
The overall performance of a business unit is measured by:
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Answer: Option A
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64
Underwriter is a person, who
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Answer: Option C
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65
X, Y and Z are partners in the ratio $$\frac{1}{2}:\frac{2}{5}$$   and $$\frac{1}{{10}}$$. If X retires then what is the profit sharing ratio between remaining partners?
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Answer: Option B
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66
Receipts and Payments Account is:
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Answer: Option A
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67
If out of net annual income of the year Rs. 42,000 the preference dividend and equity dividend paid are Rs. 7,000 and Rs. 24,000 respectively, and total equity capital be Rs. 1,40,000 the return on equity capital will be:
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Answer: Option C
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68
The basic principle of accounting "debit the receiver and credit the giver" is applicable to
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Answer: Option C
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69
Which of the following items should not be entered in Receipts and Payments Account of a club:
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Answer: Option B
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70
An increase in current liabilities in the schedule of changes in working capital shows
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Answer: Option C
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