Accounting MCQ Questions and Solutions with Explanations | Commerce

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81.
Consider the following statements.
1. Atleast three persons are necessary for forming a partnership.
2. The right to share a profit is full proof of one being a partner.
3. The business of the firm can be conducted even by one partner.
Which of the statement(s) given above is/are correct?

A. Both 1 and 3

B. Only 3

C. All of the above

D. None of the above

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82.
A new partner for acquiring his share in the profit brings

A. Amalgamation

B. Goodwill

C. Sacrifice

D. All of the above

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83.
X Ltd. forfeited 20 shares of Rs. 10 each on which Rs. 6 per share were paid. Out of these shares, 8 shares were reissued as fully paid up on payment of Rs. 5.50 per share. The amount to be transferred to capital reserve account will be:

A. Rs. 12

B. Rs. 36

C. Rs. 84

D. Rs. 120

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84.
Accounting rules, procedures and methods should be observed alike and should not be changed from year to year. This is called accounting convention of:

A. Consistency

B. Full disclosure

C. Conservation

D. Going concern

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85.
Cost of capital from all the sources of funds is called

A. Specific cost

B. Composite cost

C. Implicit cost

D. Simple Average cost

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86.
The famous case of Garner Vs. Murray in Partnership is applicable in the event of:

A. admission of a partner in order to decided the sacrificing ratio

B. dissolution of partnership in the event of insolvency

C. death of a partner while distributing profits

D. retirement of a partner

E. formation of new partnership

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87.
Which of the following conditions have to be met to receive calls-in-advance?

A. It should be authorised by a special resolution of the company

B. It should be authorised by an ordinary resolution of the company

C. It should be approved by the Company Law Board

D. It should be authorised by the articles

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88.
A public Limited Company can issue

A. Redeemable Equity Shares

B. Secured Equity Shares

C. Redeemable Debentures

D. All of the above

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89.
X and Y are partners Sharing profits in the ratio of 3 : 1. They admit Z as a partner who pays Rs. 4,000 as Goodwill. If the new profit sharing ratio is 2 : 1 : 1 among X, Y and Z respectively, the Goodwill amount will be credited to:

A. X and Y as Rs. 3,000 and Rs. 1,000 respectively

B. X and Y as Rs. 2,000 each

C. X only

D. Y only

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90.
As per the rule of Garner V. Murray, the deficiency of the insolvent partner is shared by the solvent partners in their

A. Profit sharing Ratio

B. Capital Ratio

C. Current Account Ratio

D. Equal Ratio

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Accounting MCQ Questions and Solutions with Explanations | Commerce

81. Consider the following statements. 1. Atleast three persons are necessary for forming a partnership. 2. The right to share a profit is full proof of one being a partner. 3. The business of the firm can be conducted even by one partner. Which of the statement(s) given above is/are correct?

Answer & Solution

82. A new partner for acquiring his share in the profit brings

Answer & Solution

83. X Ltd. forfeited 20 shares of Rs. 10 each on which Rs. 6 per share were paid. Out of these shares, 8 shares were reissued as fully paid up on payment of Rs. 5.50 per share. The amount to be transferred to capital reserve account will be:

Answer & Solution

84. Accounting rules, procedures and methods should be observed alike and should not be changed from year to year. This is called accounting convention of:

Answer & Solution

85. Cost of capital from all the sources of funds is called

Answer & Solution

86. The famous case of Garner Vs. Murray in Partnership is applicable in the event of:

Answer & Solution

87. Which of the following conditions have to be met to receive calls-in-advance?

Answer & Solution

88. A public Limited Company can issue

Answer & Solution

89. X and Y are partners Sharing profits in the ratio of 3 : 1. They admit Z as a partner who pays Rs. 4,000 as Goodwill. If the new profit sharing ratio is 2 : 1 : 1 among X, Y and Z respectively, the Goodwill amount will be credited to:

Answer & Solution

90. As per the rule of Garner V. Murray, the deficiency of the insolvent partner is shared by the solvent partners in their

Answer & Solution

Read More Section(Accounting)

81.
Consider the following statements.
1. Atleast three persons are necessary for forming a partnership.
2. The right to share a profit is full proof of one being a partner.
3. The business of the firm can be conducted even by one partner.
Which of the statement(s) given above is/are correct?

82.
A new partner for acquiring his share in the profit brings

83.
X Ltd. forfeited 20 shares of Rs. 10 each on which Rs. 6 per share were paid. Out of these shares, 8 shares were reissued as fully paid up on payment of Rs. 5.50 per share. The amount to be transferred to capital reserve account will be:

84.
Accounting rules, procedures and methods should be observed alike and should not be changed from year to year. This is called accounting convention of:

85.
Cost of capital from all the sources of funds is called

86.
The famous case of Garner Vs. Murray in Partnership is applicable in the event of:

87.
Which of the following conditions have to be met to receive calls-in-advance?

88.
A public Limited Company can issue

89.
X and Y are partners Sharing profits in the ratio of 3 : 1. They admit Z as a partner who pays Rs. 4,000 as Goodwill. If the new profit sharing ratio is 2 : 1 : 1 among X, Y and Z respectively, the Goodwill amount will be credited to:

90.
As per the rule of Garner V. Murray, the deficiency of the insolvent partner is shared by the solvent partners in their