Accounting MCQ Questions and Solutions with Explanations

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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-4 section-9

Each section contains 100 MCQs on Accounting .

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Section 30

Suspense account is-

A) A real account B) A Nominal account C) A personal account D) None of the above

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

Naked debentures are those which:

A) Are not secured by charge B) Are redeemable without notice C) Are transferable merely by delivery D) Do not specify any rate of interest

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

In the absence of any contract to the contrary, capital profit on dissolution of a Partnership Firm is shared among partners in

A) Equal ratio B) Capital ratio C) Profit-sharing ratio D) None of these

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

Renewal fee for patents is

A) Revenue expenditure B) Capital expenditure C) Deferred revenue expenditure D) Development expenditure

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

When an existing company offers its shares for sale to the existing shareholders, it is known as:

A) Private placing B) Bonus issue C) Rights issue D) Offer for sale

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

And reduced words are to be shown in balance sheet as per the requirement of

A) Company Law B) Income Tax C) Accounting Standard D) SEBI

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

A retiring partner continues to be liable for obligations incurred after his retirement

A) if unpaid amount is transferred to his loan account B) if he does not give public notice C) if he starts a similar business elsewhere D) in all the situations till he survives

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

It the partner's capital accounts are fixed, interest on capital willbe recorded on

A) Credit side of the current account B) Credit side of the capital account C) Debit side of the current account D) Debit side of the capital account

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

The Main objective of Book-keeping is to:

A) find out profit or loss B) keep correct and complete record of business transactions C) show the correct position of assets and liabilities D) examine the accuracy of business transactions

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

In case of dissolution of partnership firm provision for doubtful debts is transferred to

A) Profit and loss account B) Realisation account C) Capital Account D) Misc. Debtor account

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

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Accounting MCQ Questions and Solutions with Explanations | Commerce