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

31.
Non-convertible debenture refer to:

A. owner's capital

B. loan capital

C. short-term fund

D. None of these

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32.
X Ltd. purchased 70% of the shares of Y Ltd. at a price on 1,00,000. Share capital of Y Ltd. was of Rs. 70,000 and its accumulated profits amounted to Rs. 90,000. What would be the amount of Minority Interest in the consolidated balance sheet?

A. Rs. 25,000

B. Rs. 70,000

C. Rs. 1,00,000

D. Rs. 40,000

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33.
If there is a decrease of Rs. 6,000 in the value of creditors, the journal entry will be

A. Revaluation A/c dr. 6,000 to creditors A/c 6,000

B. Profit and loss A/c dr. 6,000 to creditors A/c 6,000

C. Creditors A/c dr. 6,000 to revaluation A/c 6,000

D. No Entry

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34.
In the absence of an agreement retiring partners share in the firm will be purchase by the remaining partners in the

A. Capital ratio

B. Profit sharing ratio

C. Equal ratio

D. None of the above

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35.
Accounting for price level changes is related to

A. Cost Accounting

B. Financial Accounting

C. Management Accounting

D. Inflation Accounting

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36.
A trader does not keep a complete set of books and provides the following information-
He started business on 1^st June, 2004 with Rs. 10,000. He made withdrawals at the rate of Rs. 500 per month during the last 6 months. During the year, a further capital of Rs. 2,000 was invested. His total assets as on 31^st December, 2004 were Rs. 23,700, his creditors were Rs. 3,000 on the same date and unpaid expenses were Rs. 500 then his net profit would be-

A. Rs. 11,200

B. Rs. 11,500

C. Rs. 13,000

D. Rs. 14,200

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37.
A and B are partners in the ratio of 2 : 1. They admit C for $${\frac{1}{4}^{{\text{th}}}}$$ share. C brings Rs. 3,000 for his share of goodwill. The total value of the goodwill of the firm is:

A. Rs. 3,000

B. Rs. 9,000

C. Rs. 12,000

D. Rs. 15,000

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38.
Recieved Rs. 5,000 from Ram wrongly posted to his account as Rs. 50,000. This is error of

A. Error of commission

B. Error of principle

C. Compensating error

D. None of the above

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39.
Schedule VI given in Companies Act relates to:

A. Specimen of Balance Sheet

B. Memorandum of Association

C. Prospectus

D. Articles of Association

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40.
The interest on the Capital Accounts of partners is credited to

A. Interest A/c

B. Partners Capital A/c

C. Profit and Loss A/c

D. Profit and Loss Appropriation A/c

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Accounting MCQ Questions and Solutions with Explanations | Commerce

31. Non-convertible debenture refer to:

Answer & Solution

32. X Ltd. purchased 70% of the shares of Y Ltd. at a price on 1,00,000. Share capital of Y Ltd. was of Rs. 70,000 and its accumulated profits amounted to Rs. 90,000. What would be the amount of Minority Interest in the consolidated balance sheet?

Answer & Solution

33. If there is a decrease of Rs. 6,000 in the value of creditors, the journal entry will be

Answer & Solution

34. In the absence of an agreement retiring partners share in the firm will be purchase by the remaining partners in the

Answer & Solution

35. Accounting for price level changes is related to

Answer & Solution

Answer & Solution

37. A and B are partners in the ratio of 2 : 1. They admit C for $${\frac{1}{4}^{{\text{th}}}}$$ share. C brings Rs. 3,000 for his share of goodwill. The total value of the goodwill of the firm is:

Answer & Solution

38. Recieved Rs. 5,000 from Ram wrongly posted to his account as Rs. 50,000. This is error of

Answer & Solution

39. Schedule VI given in Companies Act relates to:

Answer & Solution

40. The interest on the Capital Accounts of partners is credited to

Answer & Solution

Read More Section(Accounting)

31.
Non-convertible debenture refer to:

32.
X Ltd. purchased 70% of the shares of Y Ltd. at a price on 1,00,000. Share capital of Y Ltd. was of Rs. 70,000 and its accumulated profits amounted to Rs. 90,000. What would be the amount of Minority Interest in the consolidated balance sheet?

33.
If there is a decrease of Rs. 6,000 in the value of creditors, the journal entry will be

34.
In the absence of an agreement retiring partners share in the firm will be purchase by the remaining partners in the

35.
Accounting for price level changes is related to

37.
A and B are partners in the ratio of 2 : 1. They admit C for $${\frac{1}{4}^{{\text{th}}}}$$ share. C brings Rs. 3,000 for his share of goodwill. The total value of the goodwill of the firm is:

38.
Recieved Rs. 5,000 from Ram wrongly posted to his account as Rs. 50,000. This is error of

39.
Schedule VI given in Companies Act relates to:

40.
The interest on the Capital Accounts of partners is credited to