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Accounting MCQ Questions and Solutions with Explanations | Commerce

Accounting MCQ Questions and answers with easy and logical explanations. Commerce provides you all type of quantitative and competitive aptitude mcq questions with easy and logical explanations. Accounting MCQ is important for exams like B.COM, M.COM, BBA, BBM, CA, CS, CMA, CPA, CFA, UPSC, NET, Banking and other commerce department exam. Page-1 section-9

Each section contains 100 MCQs on Accounting .
1
Rajiv Limited forfeited 20 shares of Rs. 10 each on which Rs. 6 per share had been paid. Out of these, 10 shares are re-issued as fully paid at a price of Rs. 5.50 per share. The amount to be transferred to Capital Reserve Fund would be:
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Answer & Solution
Answer: Option C
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2
Given:
Gross Profit Rs. 60,000
Gross Profit rate       20%
Debtors velocity 2 Month

The amount of debtors will be:
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Answer & Solution
Answer: Option B
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3
Assume that
M = opening stock, N = Purchases, O = Closing stock, P = Cost of goods sold.
Then correct equation will be
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Answer & Solution
Answer: Option C
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4
A Ltd. forfeited 500 shares of M of Rs. 10 each fully called-up for non-payment of first call of Rs. 2 per share and final call of Rs. 2 per share. 300 of these shares were reissued at 9 per share, fully paid-up. What amount will be transferred to the Capital Reserve A/c?
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Answer & Solution
Answer: Option C
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5
Accounting standards in India are issued by -
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Answer & Solution
Answer: Option C
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6
Which of the following features is not present with partnership form of organization?
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Answer & Solution
Answer: Option A
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7
If subsription received during the year is Rs. 4,460, outstanding subscription at the end of the year is Rs. 290, outstanding subscription at the beginning of the year is Rs. 90, advance subscription received for the next year is Rs. 160, the amount of subscription to be shown in income and expenditure account will be:
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Answer & Solution
Answer: Option A
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8
Stock appearing in the Trial Balance is shown in
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Answer & Solution
Answer: Option C
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9
If capital is Rs. 50,000, liability is Rs. 30,000 and fixed assets are Rs. 70,000, then the value of current assets will be
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Answer & Solution
Answer: Option C
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10
Determination of cost from actual expenses incurred is termed as
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Answer & Solution
Answer: Option C
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