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-25

R and S are partners sharing profits in the ratio of 5 : 3. T joins the firm as a new partner. R given $${\frac{1}{4}^{{\text{th}}}}$$ of his share and S given $${\frac{2}{5}^{{\text{th}}}}$$ of his share to new partner. New profit sharing ratio of R, S and T will be

A) 15 : 01 : 26 B) 75 : 36 : 49 C) 25 : 15 : 26 D) 20 : 9 : 11

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Answer & Solution

Answer: Option B

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According to AS-3 Cash Flow Statement is mandatory to

A) all enterprises B) companies listed on stock exchange C) enterprises having turnover exceeding Rs. 50 crores D) both B and C

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Answer & Solution

Answer: Option D

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Who among the following is a bear operator?

A) A stock broker who sells shares now and buys the same shares later B) An investor who expects the price of a security or that of the whole securities market to rise C) An investor who sells securities anticipation of being able to repurchase them later at a lower price D) A broker who indulges in rigging of share prices

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Answer & Solution

Answer: Option C

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Charging a period for the proportionate cost of an Intangible asset is termed as:

A) depreciation B) diminution C) amortisation D) expiration

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Answer & Solution

Answer: Option C

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Donation received for a specific purpose:

A) should be credited to a separate account and shown on the liabilities side of the balance sheet B) should be credited to income and expenditure account C) should not be recorded at all D) should be debited to income and expenditure account

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Answer & Solution

Answer: Option A

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One of the major difficulties in improving the industrial efficiency in enterprises is

A) low investment B) low productivity C) ineffective marketing D) poor inventory control

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Answer & Solution

Answer: Option B

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The discount on re-issue of forfeited shares is debited to . . . . . . . . a/c.

A) share capital B) shares forfeited C) bank D) discount on issue of shares

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Answer & Solution

Answer: Option B

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The excess of current assets over current liabilities is called . . . . . . . .

A) Net tangible worth B) Networth C) Gross working capital D) Net working capital

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Answer & Solution

Answer: Option C

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Companies may issue debentures as security against loans taken from banks/financial institutions.

A) principal B) primary C) collateral D) chargeable

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Answer & Solution

Answer: Option C

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Which of the following is an accounting equation?

A) Assets - Capital - Liabilities B) Capital - Assets - Liabilities C) Assets - Liabilities - Capital D) Liabilities - Assets - Capital

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Answer & Solution

Answer: Option B

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