Accounting MCQ Questions and Solutions with Explanations

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-7 section-9

Minimum number of members in case of public company is

A) 7 B) 5 C) 2 D) 1

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Answer & Solution

Answer: Option A

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In Internal reconstruction

A) No company is dissolved B) Only one company is dissolved C) One or more companies are dissolved D) Two or more companies are dissolved

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Answer & Solution

Answer: Option A

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While preparing a Fund Flow Statements the provision for taxation should be taken as:

A) A current liability only B) An appropriation of profit only C) As a current liability or an appropriation of profit D) Both as a current liability as well as an appropriation of profit

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Answer & Solution

Answer: Option C

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The Share Capital, General Reserve and Profit and Loss Account (Cr.) of B. Ltd. stood at Rs. 6,00,000 (divided into 60,000 shares of Rs. 10 each), Rs. 1,20,000 and Rs. 1,80,000 respectively. A majority of 40,000 shares had been acquired by A. Ltd. and at the time of acquisition undistributed profit and General Reserve amounted to Rs. 1,00,000. The present value of the minority interest would be:

A) Rs. 2,00,000 B) Rs. 2,60,000 C) Rs. 2,66,667 D) Rs. 3,00,000

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Answer & Solution

Answer: Option D

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Which of the following is not intangible asset?

A) Goodwill B) Creditor C) Copyright D) Patent

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Answer & Solution

Answer: Option B

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Journal is a book of:

A) First entry B) Original entry C) Datewise entry D) All of the above

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Answer & Solution

Answer: Option D

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When forfeited share are re-issued then the balance of share forfeiture account is transferred to:

A) Share capital B) Capital reserve C) Share allotment D) Share first call

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Answer & Solution

Answer: Option B

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As per the matching concept, revenue - ? = profit

A) Expenses B) Liabilities C) Losses D) Assets

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Answer & Solution

Answer: Option A

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Given,

Net Loss	Rs. 20,000
Depreciation on machinery	Rs. 50,000
Amortisation of Goodwill	Rs. 5,000
Loss on sale of old furniture	Rs. 3,500
Profit on sale of land	Rs. 8,500
Provision for Bad Debts	Rs. 2,500

Funds from operation are

A) Rs. 25,000 B) Rs. 30,000 C) Rs. 32,500 D) Rs. 38,500

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Answer & Solution

Answer: Option B

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Partner X and Y withdraws Rs. 3,000 and Rs. 5,000 in the beginning of every month during the year. Interest on drawing @ 10% p.a. for the year will be

A) Rs. 5,200 B) Rs. 5,100 C) Rs. 5,150 D) Rs. 9,600

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Answer & Solution

Answer: Option A

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