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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-1 section-26

Each section contains 100 MCQs on Accounting .
1
In case a sports fund is kept expenses on account of sports events should be:
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Answer & Solution
Answer: Option A
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2
Match List-I (Item of expenditure/receipt) with List-II (Nature of expenditure/receipt) and select the correct answer using the options given below the lists:
List-I List-II
a. Carriage charges on a new machine purchased for factory 1. Revenue receipt
b. Legal expenses incurred in defending a case of violation of a provision of Factories Act 2. Revenue expenditure
c. Grant-in-aid received from the Government for the construction of a building 3. Deferred revenue expenditure
d. Amount received for a part of the office building sublet 4. Capital expenditure
5. Capital receipt
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Answer & Solution
Answer: Option B
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3
A credit sale of goods to Shiva should be debited to . . . . . . . .
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Answer & Solution
Answer: Option C
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4
If a receipt of Rs. 200 from Rajesh out debtor has not been recorded in the books, the profit would show:
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Answer & Solution
Answer: Option C
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5
Under the annuity method the amount of total depreciation is determined by:
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Answer & Solution
Answer: Option C
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6
A company may resort to "window dressing" by manipulating the data such as:
I. inventory valuation
II. omission of liability for goods purchased
III. treating a short-term liability long-term debt
IV. recording in advance cash receipts applicable to next accounting period
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Answer & Solution
Answer: Option C
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7
Which of the following errors in an error of principle?
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Answer & Solution
Answer: Option C
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8
A business is considered to be having and indefinite life according to:
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Answer: Option C
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9
Interest on non-performing assets should be recognized on . . . . . . . . basis.
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Answer & Solution
Answer: Option A
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10
The amount brought in by the proprietor in the business should be credited to:
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Answer & Solution
Answer: Option B
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