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

71.
Alteration of shares of larger denominations into smaller denominations is called . . . . . . . . of shares.

A. consolidation

B. surrender

C. sub-division

D. valuation

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72.
Sale of old newspaper is to be shown on the credit side of the . . . . . . . .

A. cash book

B. income and expenditure

C. balance sheet

D. trading account

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73.
Which of the following are not current liabilities?

A. Bank overdraft

B. Redeemable debentures

C. Provision for doubtful debts

D. Accounts payable

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74.
Book-keeping is mainly concerned with:

A. recording of financial data relating to business operations

B. designing the system in recording, classifying, summarizing the recorded data

C. interpreting the data for internal and external end users

D. only for internal purposes

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75.
Which of the following accounts may have a debit or credit balance?

A. Discount received account

B. Sales account

C. Trade expenses account

D. Loan account

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76.
Income and expenditure account records transaction of . . . . . . . .

A. revenue nature only

B. capital nature only

C. both capital and revenue nature

D. personal nature

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77.
Bonus in reduction of premium appears in the revenue a/c as . . . . . . . .

A. an income

B. an expense

C. no where

D. profit

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78.
Bank Reconciliation statement is . . . . . . . .

A. ledger account

B. part of the cash book

C. a separate statement

D. a sub division of the journal

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79.
A person started business with a cash of Rs. 22,000 and stock of Rs. 3,000 on 1^st January, 1996. During the year he made a profit of Rs. 6,000. His creditors were paid Rs. 4,500 for the office furniture supplied. He took goods worth Rs. 3,500 for his daugher's wedding on 30^th June, 1996. The gross assets of his business on 31^st December, 1996 was:

A. Rs. 27,500

B. Rs. 26,500

C. Rs. 23,500

D. Rs. 20,500

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80.
The information for the preparation of receipt and payments account is taken from . . . . . . . .

A. cash book

B. income and expenditure

C. cash book and balance sheet

D. revenue account

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Accounting MCQ Questions and Solutions with Explanations | Commerce

71. Alteration of shares of larger denominations into smaller denominations is called . . . . . . . . of shares.

Answer & Solution

72. Sale of old newspaper is to be shown on the credit side of the . . . . . . . .

Answer & Solution

73. Which of the following are not current liabilities?

Answer & Solution

74. Book-keeping is mainly concerned with:

Answer & Solution

75. Which of the following accounts may have a debit or credit balance?

Answer & Solution

76. Income and expenditure account records transaction of . . . . . . . .

Answer & Solution

77. Bonus in reduction of premium appears in the revenue a/c as . . . . . . . .

Answer & Solution

78. Bank Reconciliation statement is . . . . . . . .

Answer & Solution

Answer & Solution

80. The information for the preparation of receipt and payments account is taken from . . . . . . . .

Answer & Solution

Read More Section(Accounting)

71.
Alteration of shares of larger denominations into smaller denominations is called . . . . . . . . of shares.

72.
Sale of old newspaper is to be shown on the credit side of the . . . . . . . .

73.
Which of the following are not current liabilities?

74.
Book-keeping is mainly concerned with:

75.
Which of the following accounts may have a debit or credit balance?

76.
Income and expenditure account records transaction of . . . . . . . .

77.
Bonus in reduction of premium appears in the revenue a/c as . . . . . . . .

78.
Bank Reconciliation statement is . . . . . . . .

80.
The information for the preparation of receipt and payments account is taken from . . . . . . . .