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

1.
According to which concept are the owners considered to be different from the business?

A. Business entity concept

B. Money measurement concept

C. Going concern concept

D. Accounting period concept

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2.
Unaccrued Income is a-

A. Asset

B. Liability

C. Income

D. Expense

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3.
Amount of security premium may be utilised for

A. payment of dividend

B. meeting routine expenses

C. purchases of fixed asset

D. writing off preliminary expenses

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4.
A, B and C are partners in a firm in the ratio of 5 : 3 : 2. B retires from the firm. A and C want to have the same previous ratio. The new ratio of A and C will be

A. 3 : 2

B. 5 : 3

C. 5 : 2

D. 3 : 5

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5.
Match List-I with List-II

List-I List-II

a. Ind AS-16 1. Income tax

b. Ind AS-38 2. Leasing

c. Ind AS-17 3. Intangible assets

d. Ind AS-12 4. Property, plant and equipments

A. a-4, b-3, c-1, d-2

B. a-4, b-3, c-2, d-1

C. a-3, b-2, c-4, d-1

D. a-4, b-2, c-1, d-3

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6.
Match the items of List-I with the items of List-II and choose the correct answer:

List-I List-II

a. Provision for 1. Current assets taxation

b. Livestock 2. Unsecured loans

c. Sundry debtors 3. Fixed assets

d. Interest accrued on unsecured loans 4. Provisions

A. a-4, b-3, c-1, d-2

B. a-4, b-3, c-2, d-1

C. a-3, b-4, c-2, d-1

D. a-2, b-1, c-3, d-4

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7.
Under Garner vs Murray rule, in the event of dissolution of a partnership firm, solvent partner will have to share the deficiency of insolvent partner in

A. Profit Sharing Ratio

B. Adjusted Capital Ratio

C. Sacrificing Ratio

D. None of these

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8.
Goodwill of a business is its:

A. Current assets

B. Wasting Assets

C. Fictitious Assets

D. Intangible Assets

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9.
Price earning ratio is more when:

A. Earning per share is more

B. Book value of share is more

C. Market value of share is more

D. All the above

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10.
Single entry system is defective because under this system:

A. Trial Balance cannot be prepared

B. Trading and Profit and Loss Account cannot be prepared

C. Balance Sheet cannot be prepared

D. All these cannot be prepared

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1 2 3 4 5 6 7 8 9 10

List-I	List-II
a. Ind AS-16	1. Income tax
b. Ind AS-38	2. Leasing
c. Ind AS-17	3. Intangible assets
d. Ind AS-12	4. Property, plant and equipments

List-I	List-II
a. Provision for	1. Current assets taxation
b. Livestock	2. Unsecured loans
c. Sundry debtors	3. Fixed assets
d. Interest accrued on unsecured loans	4. Provisions

Accounting MCQ Questions and Solutions with Explanations | Commerce

1. According to which concept are the owners considered to be different from the business?

Answer & Solution

2. Unaccrued Income is a-

Answer & Solution

3. Amount of security premium may be utilised for

Answer & Solution

4. A, B and C are partners in a firm in the ratio of 5 : 3 : 2. B retires from the firm. A and C want to have the same previous ratio. The new ratio of A and C will be

Answer & Solution

5. Match List-I with List-II List-I List-II a. Ind AS-16 1. Income tax b. Ind AS-38 2. Leasing c. Ind AS-17 3. Intangible assets d. Ind AS-12 4. Property, plant and equipments

Answer & Solution

6. Match the items of List-I with the items of List-II and choose the correct answer: List-I List-II a. Provision for 1. Current assets taxation b. Livestock 2. Unsecured loans c. Sundry debtors 3. Fixed assets d. Interest accrued on unsecured loans 4. Provisions

Answer & Solution

7. Under Garner vs Murray rule, in the event of dissolution of a partnership firm, solvent partner will have to share the deficiency of insolvent partner in

Answer & Solution

8. Goodwill of a business is its:

Answer & Solution

9. Price earning ratio is more when:

Answer & Solution

10. Single entry system is defective because under this system:

Answer & Solution

Read More Section(Accounting)

1.
According to which concept are the owners considered to be different from the business?

2.
Unaccrued Income is a-

3.
Amount of security premium may be utilised for

4.
A, B and C are partners in a firm in the ratio of 5 : 3 : 2. B retires from the firm. A and C want to have the same previous ratio. The new ratio of A and C will be

5.
Match List-I with List-II

List-I List-II

a. Ind AS-16 1. Income tax

b. Ind AS-38 2. Leasing

c. Ind AS-17 3. Intangible assets

d. Ind AS-12 4. Property, plant and equipments

6.
Match the items of List-I with the items of List-II and choose the correct answer:

List-I List-II

a. Provision for 1. Current assets taxation

b. Livestock 2. Unsecured loans

c. Sundry debtors 3. Fixed assets

d. Interest accrued on unsecured loans 4. Provisions

7.
Under Garner vs Murray rule, in the event of dissolution of a partnership firm, solvent partner will have to share the deficiency of insolvent partner in

8.
Goodwill of a business is its:

9.
Price earning ratio is more when:

10.
Single entry system is defective because under this system: