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 Section 26 Section 27 Section 28 Section 29 Section 30

1.
The liability of a partner in respect of the firm's debt is limited upto the amount to:

A. his capital in the firm

B. his capital and loan given to the firm

C. his guarantee to reimburse losses

D. his share of capital and private property

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2.
Which of the following is not an accounting software?

A. Tally

B. Miracle

C. Profit

D. SPSS

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3.
At the time of death of a partner, firm gets . . . . . . . .

A. policy amount

B. surrender value

C. Both A and B

D. None of these

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4.
Personal selling includes:

A. Oral communication

B. Face to face interaction

C. Conversation with customers

D. All of the above

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5.
Consider the following parties and arrange them in the correct sequence in the event of dissolution of a firm
i. Secured creditors
ii. Unsecured creditors
iii. Partners who have granted loans
iv. Partners who have contributed over and above profit-sharing ratio

A. ii, i, iii, iv

B. i, ii, iii, iv

C. i, ii, iv, iii

D. ii, i, iv, iii

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6.
If sales is Rs. 1,20,000, gross profit is $${\frac{1}{3}^{{\text{rd}}}}$$ of cost, purchase is Rs. 98,000 and closing stock is Rs. 18,000 then opening stock will be

A. Rs. 10,000

B. Rs. 8,000

C. Rs. 0

D. Rs. 40,000

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7.
Stock of stationery on 1^st January 1991- Rs. 300, creditors for stationery on 31^st December 1991- Rs. 130, payment for stationery during 1991- Rs. 1,080, stock of stationary on 31^st December 1991- Rs. 50. What amount on account of stationery will be posted to income and expenditure A/c:

A. Rs. 1,080

B. Rs. 1,510

C. Rs. 1,330

D. Rs. 1460

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8.
The total charge of depreciation and maintenance of assets on the profit and loss account will be uniform under:

A. Straight line method

B. Diminishing balance method

C. Annuity method

D. Depreciation Fund method

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9.
According to the Money Measurement concept the following will be recorded in the books of Accounts:

A. Quality control in business

B. Commission payable to salesman

C. Extra profits made due to introduction of a budgetary control system

D. All of the above

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10.
The face value of a company share is Rs. 1000 per share. The company issued it at Rs. 150 per share. Mareket price of these shares is Rs. 200 per share at present. company declaired 20% dividend on these share. The amount of dividend per share will be

A. Rs. 40

B. Rs. 30

C. Rs. 20

D. Rs. 10

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Accounting MCQ Questions and Solutions with Explanations | Commerce

1. The liability of a partner in respect of the firm's debt is limited upto the amount to:

Answer & Solution

2. Which of the following is not an accounting software?

Answer & Solution

3. At the time of death of a partner, firm gets . . . . . . . .

Answer & Solution

4. Personal selling includes:

Answer & Solution

5. Consider the following parties and arrange them in the correct sequence in the event of dissolution of a firm i. Secured creditors ii. Unsecured creditors iii. Partners who have granted loans iv. Partners who have contributed over and above profit-sharing ratio

Answer & Solution

6. If sales is Rs. 1,20,000, gross profit is $${\frac{1}{3}^{{\text{rd}}}}$$ of cost, purchase is Rs. 98,000 and closing stock is Rs. 18,000 then opening stock will be

Answer & Solution

7. Stock of stationery on 1st January 1991- Rs. 300, creditors for stationery on 31st December 1991- Rs. 130, payment for stationery during 1991- Rs. 1,080, stock of stationary on 31st December 1991- Rs. 50. What amount on account of stationery will be posted to income and expenditure A/c:

Answer & Solution

8. The total charge of depreciation and maintenance of assets on the profit and loss account will be uniform under:

Answer & Solution

9. According to the Money Measurement concept the following will be recorded in the books of Accounts:

Answer & Solution

10. The face value of a company share is Rs. 1000 per share. The company issued it at Rs. 150 per share. Mareket price of these shares is Rs. 200 per share at present. company declaired 20% dividend on these share. The amount of dividend per share will be

Answer & Solution

Read More Section(Accounting)

1.
The liability of a partner in respect of the firm's debt is limited upto the amount to:

2.
Which of the following is not an accounting software?

3.
At the time of death of a partner, firm gets . . . . . . . .

4.
Personal selling includes:

5.
Consider the following parties and arrange them in the correct sequence in the event of dissolution of a firm
i. Secured creditors
ii. Unsecured creditors
iii. Partners who have granted loans
iv. Partners who have contributed over and above profit-sharing ratio

6.
If sales is Rs. 1,20,000, gross profit is $${\frac{1}{3}^{{\text{rd}}}}$$ of cost, purchase is Rs. 98,000 and closing stock is Rs. 18,000 then opening stock will be

7.
Stock of stationery on 1^st January 1991- Rs. 300, creditors for stationery on 31^st December 1991- Rs. 130, payment for stationery during 1991- Rs. 1,080, stock of stationary on 31^st December 1991- Rs. 50. What amount on account of stationery will be posted to income and expenditure A/c:

8.
The total charge of depreciation and maintenance of assets on the profit and loss account will be uniform under:

9.
According to the Money Measurement concept the following will be recorded in the books of Accounts:

10.
The face value of a company share is Rs. 1000 per share. The company issued it at Rs. 150 per share. Mareket price of these shares is Rs. 200 per share at present. company declaired 20% dividend on these share. The amount of dividend per share will be