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

21.
Which of the following would NOT be considered as a component of 'cost' of stock?

A. Transportation inward costs

B. Import duties

C. Salaries of selling staff

D. Purchase price

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22.
Which of the following is TRUE about the treatment of insurance premium paid in advance

A. Current asset

B. Current liability

C. Short term liability

D. Fixed asset

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23.
Which of the following is (are) type(s) of Public Limited Companies?

A. Listed companies

B. Non listed companies

C. Private limited companies

D. Both listed and non listed companies

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24.
The charter of a company which defines the limitations and powers of the company is called

A. Memorandum of Association

B. Articles of Association

C. Statutory Report

D. Certificate of Commencement

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25.
Merchandise on hand at either the beginning or end of the accounting period is called

A. Raw material

B. Cost of goods sold

C. Work in progress

D. Inventory

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26.
Which of the following capital is taken up by the general public?

A. Issued capital

B. Subscribed capital

C. Authorized capital

D. Reserve capital

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27.
Which of the following items of balance sheet are useful in evaluating a company's liquidity?

A. Current assets and other assets

B. Current liabilities and current assets

C. Current liabilities and plant and equipment

D. In current liabilities and other assets

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28.
Which of the following can be distributed among the shareholders?

A. Capital reserve

B. General reserve

C. Revaluation reserve

D. All of the above

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29.
Shares for which amount is paid by public are called ____ shares

A. Authorized

B. Paid up

C. Bonus shares

D. All of the above

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30.
Which of the following is non-profit organization?

A. Sole proprietorship

B. Partnership

C. Limited company

D. Trust

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Accounting MCQ Questions and Solutions with Explanations | Commerce

21. Which of the following would NOT be considered as a component of 'cost' of stock?

Answer & Solution

22. Which of the following is TRUE about the treatment of insurance premium paid in advance

Answer & Solution

23. Which of the following is (are) type(s) of Public Limited Companies?

Answer & Solution

24. The charter of a company which defines the limitations and powers of the company is called

Answer & Solution

25. Merchandise on hand at either the beginning or end of the accounting period is called

Answer & Solution

26. Which of the following capital is taken up by the general public?

Answer & Solution

27. Which of the following items of balance sheet are useful in evaluating a company's liquidity?

Answer & Solution

28. Which of the following can be distributed among the shareholders?

Answer & Solution

29. Shares for which amount is paid by public are called ____ shares

Answer & Solution

30. Which of the following is non-profit organization?

Answer & Solution

Read More Section(Accounting)

21.
Which of the following would NOT be considered as a component of 'cost' of stock?

22.
Which of the following is TRUE about the treatment of insurance premium paid in advance

23.
Which of the following is (are) type(s) of Public Limited Companies?

24.
The charter of a company which defines the limitations and powers of the company is called

25.
Merchandise on hand at either the beginning or end of the accounting period is called

26.
Which of the following capital is taken up by the general public?

27.
Which of the following items of balance sheet are useful in evaluating a company's liquidity?

28.
Which of the following can be distributed among the shareholders?

29.
Shares for which amount is paid by public are called ____ shares

30.
Which of the following is non-profit organization?