Accounting MCQ Questions and Solutions with Explanations

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81.
A company XYZ (parent co.) is required to present consolidated financial statements, except if it meets certain conditions. You need to identify those conditions from the following.
1. It is a subsidiary of another entity and all its other owners, including those not otherwise entitled to vote, have been informed about and do not object to, the parent not presenting consolidated financial statements.
2. Its debt or equity instruments are not treaded in a public market.
3. Its ultimate or any intermediate parent produces Ind AS complaint consolidated financial statements available for public use

A. Both 1 and 3

B. Both 2 and 3

C. Both 1 and 2

D. All of these

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82.
A debenture holder gets:

A. dividend

B. right prescribed in articles

C. ownership of the company

D. interest at fixed rate

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83.
Which one of the following is not an example of 'financing activities' with reference to cash flow statement?

A. Repayment of bank loan

B. Interest on debentures/Dividend paid

C. Cash proceeds from public deposits

D. Sale of fixed assets

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84.
The first accounting standard issued by the Accounting Standard Board of India (ASBI) relates to:

A. Valuation of Inventories

B. Depreciation Accounting

C. Disclosure of Accounting Policies

D. Revenue Recognition

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85.
Double Entry System was propounded by-

A. Carter

B. Pickles

C. Malthus

D. Lucas Pacioli

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86.
Sale of furniture by a furniture dealer for cash is debited to:

A. Cash account

B. Sales account

C. Furniture account

D. None of the above

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87.
Both of the old companies willnot exist in . . . . . . . .

A. Amalgamation

B. Internal reconstruction

C. Absorption

D. External reconstruction

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88.
Which one is the principle of 'double entry system'?

A. Purchase increases debit, income decreases credit

B. Expense increases debit, income decreases credit

C. Receiver is debit, giver is credit

D. Receiver is credit, giver is dabit

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89.
Purchases of a firm during the year is Rs. 60,000. Opening stock and closing stock for the year is Rs. 12,000 and Rs. 9,000 respectively. Gross profit is $${\frac{1}{5}^{{\text{th}}}}$$ of sales. Amount of gross profit is

A. Rs. 15,700

B. Rs. 14,000

C. Rs. 12,500

D. Rs. 17,250

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90.
A department transferred goods to B department at cost + 25%. Out of it, stock of Rs. 10,000 remains with B department. Therefore, the amount of stock reserve will be

A. Rs. 2,500

B. Rs. 2,000

C. Rs. 3,000

D. Rs. 3,500

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Accounting MCQ Questions and Solutions with Explanations | Commerce

Answer & Solution

82. A debenture holder gets:

Answer & Solution

83. Which one of the following is not an example of 'financing activities' with reference to cash flow statement?

Answer & Solution

84. The first accounting standard issued by the Accounting Standard Board of India (ASBI) relates to:

Answer & Solution

85. Double Entry System was propounded by-

Answer & Solution

86. Sale of furniture by a furniture dealer for cash is debited to:

Answer & Solution

87. Both of the old companies willnot exist in . . . . . . . .

Answer & Solution

88. Which one is the principle of 'double entry system'?

Answer & Solution

89. Purchases of a firm during the year is Rs. 60,000. Opening stock and closing stock for the year is Rs. 12,000 and Rs. 9,000 respectively. Gross profit is $${\frac{1}{5}^{{\text{th}}}}$$ of sales. Amount of gross profit is

Answer & Solution

90. A department transferred goods to B department at cost + 25%. Out of it, stock of Rs. 10,000 remains with B department. Therefore, the amount of stock reserve will be

Answer & Solution

Read More Section(Accounting)

82.
A debenture holder gets:

83.
Which one of the following is not an example of 'financing activities' with reference to cash flow statement?

84.
The first accounting standard issued by the Accounting Standard Board of India (ASBI) relates to:

85.
Double Entry System was propounded by-

86.
Sale of furniture by a furniture dealer for cash is debited to:

87.
Both of the old companies willnot exist in . . . . . . . .

88.
Which one is the principle of 'double entry system'?

89.
Purchases of a firm during the year is Rs. 60,000. Opening stock and closing stock for the year is Rs. 12,000 and Rs. 9,000 respectively. Gross profit is $${\frac{1}{5}^{{\text{th}}}}$$ of sales. Amount of gross profit is

90.
A department transferred goods to B department at cost + 25%. Out of it, stock of Rs. 10,000 remains with B department. Therefore, the amount of stock reserve will be