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

91.
Noting charges are paid at the time of

A. Renewal of the bill

B. Retirement of the bill

C. Dishonor of the bill

D. None of the above

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92.
Dismantling and demolition charges is a

A. Deferred Revenue expenditure

B. Capital expenditure

C. Revenue expenditure

D. None of the above

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93.
The owner of consignment stock is

A. Consignor

B. Consignee

C. Debtors

D. None of the above

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94.
Which account is the odd one out?

A. Office furniture and equipment

B. Freehold land and building

C. Stock of raw materials

D. Plant and machinery

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95.
X draws a bill on Y. X endorsed the bill to Z. ____ will be the payee of the bill.

A. X

B. Y

C. Z

D. None of the above

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96.
Interest on drawings is ___ for the business

A. Loss

B. Expense

C. Gain

D. None of the above

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97.
Narrations are given at the end of

A. Final accounts

B. Trial Balance

C. Each Ledger account

D. Each journal entry

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98.
The basic consideration(s) in distinction between capital and revenue expenditure is/are

A. Nature of business

B. Effect on revenue generating capacity of the business

C. Purpose of expenses

D. All of the above

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99.
"Treating a revenue expenditure as a capital expenditure" is an example of

A. Compensating error

B. Error of principle

C. Error of omission

D. Error of commission

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100.
If an effect of an error is cancelled by the effect of some other error, it is commonly known as

A. Error of principle

B. Compensatory errors

C. Error of omission

D. Error of commission

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Accounting MCQ Questions and Solutions with Explanations | Commerce

91. Noting charges are paid at the time of

Answer & Solution

92. Dismantling and demolition charges is a

Answer & Solution

93. The owner of consignment stock is

Answer & Solution

94. Which account is the odd one out?

Answer & Solution

95. X draws a bill on Y. X endorsed the bill to Z. ____ will be the payee of the bill.

Answer & Solution

96. Interest on drawings is ___ for the business

Answer & Solution

97. Narrations are given at the end of

Answer & Solution

98. The basic consideration(s) in distinction between capital and revenue expenditure is/are

Answer & Solution

99. "Treating a revenue expenditure as a capital expenditure" is an example of

Answer & Solution

100. If an effect of an error is cancelled by the effect of some other error, it is commonly known as

Answer & Solution

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91.
Noting charges are paid at the time of

92.
Dismantling and demolition charges is a

93.
The owner of consignment stock is

94.
Which account is the odd one out?

95.
X draws a bill on Y. X endorsed the bill to Z. ____ will be the payee of the bill.

96.
Interest on drawings is ___ for the business

97.
Narrations are given at the end of

98.
The basic consideration(s) in distinction between capital and revenue expenditure is/are

99.
"Treating a revenue expenditure as a capital expenditure" is an example of

100.
If an effect of an error is cancelled by the effect of some other error, it is commonly known as