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.
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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2.
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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3.
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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4.
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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5.
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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6.
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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7.
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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8.
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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9.
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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10.
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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Accounting MCQ Questions and Solutions with Explanations | Commerce

1. 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

Answer & Solution

2. According to AS-3 Cash Flow Statement is mandatory to

Answer & Solution

3. Who among the following is a bear operator?

Answer & Solution

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

Answer & Solution

5. Donation received for a specific purpose:

Answer & Solution

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

Answer & Solution

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

Answer & Solution

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

Answer & Solution

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

Answer & Solution

10. Which of the following is an accounting equation?

Answer & Solution

Read More Section(Accounting)

1.
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

2.
According to AS-3 Cash Flow Statement is mandatory to

3.
Who among the following is a bear operator?

4.
Charging a period for the proportionate cost of an Intangible asset is termed as:

5.
Donation received for a specific purpose:

6.
One of the major difficulties in improving the industrial efficiency in enterprises is

7.
The discount on re-issue of forfeited shares is debited to . . . . . . . . a/c.

8.
The excess of current assets over current liabilities is called . . . . . . . .

9.
Companies may issue debentures as security against loans taken from banks/financial institutions.

10.
Which of the following is an accounting equation?