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

91.
Which of the following defines outstanding salary account?

A. Natural personal account

B. Artificial personal account

C. Representative personal account

D. Real account

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92.
Which one of the following statements is wrong?

A. Only fully-paid Preference Shares can be redeemed by a company

B. Premium payable on Redemption of preference Shares can be privided for out of company's share premium account

C. Partly-paid Bonus Shares cannot be issued out of capital redemption reserve fund

D. Redeemable Preference Shares can be redeemed only out of profits of the company

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93.
The Purpose of providing depreciation is:

A. to reduce the book value of fixed assets to the level of their market value each year

B. to save income tax and wealth tax

C. to reduce fixed assets to nil value as soon as possible

D. to allocate the cost of fixed assets over their working life

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94.
Ram has 50 shares of Rs. 100 each on which Rs. 80 per share have been received. Due to non payment of final call these shares were forfeited so in this case share forfeiture account will be cridited by

A. Rs. 5,000

B. Rs. 4,000

C. Rs. 2,000

D. None of the above

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95.
Goodwill arising on amalgamation is to be

A. retained in the books of the transferee company

B. amortised to income on a systematic basis normally five years

C. adjusted against reserves or profit and loss account balance

D. all of the above

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96.
In order to raise finance, which of the following securities can be issued by a company?
1. Equity Shares
2. Redeemable Equity Shares
3. Redeemable Debentures
4. Redeemable Preference Shares
5. Bonus Shares
Select the correct answer:

A. 1, 2 and 3

B. 1, 3 and 4

C. 1, 2 and 4

D. 2, 4 and 5

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97.
Which of the following has the highest price?

A. Cash

B. Hire-Purchase system

C. Interest

D. Depreciation

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98.
Share warrant can be issued by a company when

A. application money has been paid on shares

B. shares are partly paid

C. shares are fully paid

D. shares are lost

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99.
In case net sale in a year is Rs. 2,00,000 and the amount of debtors is Rs. 40,000, the average collection period will be:

A. 60 days

B. 45 days

C. 73 days

D. 75 days

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100.
A company can buy back

A. partly paid share

B. fully paid share

C. partly called up

D. none of these

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Accounting MCQ Questions and Solutions with Explanations | Commerce

91. Which of the following defines outstanding salary account?

Answer & Solution

92. Which one of the following statements is wrong?

Answer & Solution

93. The Purpose of providing depreciation is:

Answer & Solution

94. Ram has 50 shares of Rs. 100 each on which Rs. 80 per share have been received. Due to non payment of final call these shares were forfeited so in this case share forfeiture account will be cridited by

Answer & Solution

95. Goodwill arising on amalgamation is to be

Answer & Solution

96. In order to raise finance, which of the following securities can be issued by a company? 1. Equity Shares 2. Redeemable Equity Shares 3. Redeemable Debentures 4. Redeemable Preference Shares 5. Bonus Shares Select the correct answer:

Answer & Solution

97. Which of the following has the highest price?

Answer & Solution

98. Share warrant can be issued by a company when

Answer & Solution

99. In case net sale in a year is Rs. 2,00,000 and the amount of debtors is Rs. 40,000, the average collection period will be:

Answer & Solution

100. A company can buy back

Answer & Solution

Read More Section(Accounting)

91.
Which of the following defines outstanding salary account?

92.
Which one of the following statements is wrong?

93.
The Purpose of providing depreciation is:

94.
Ram has 50 shares of Rs. 100 each on which Rs. 80 per share have been received. Due to non payment of final call these shares were forfeited so in this case share forfeiture account will be cridited by

95.
Goodwill arising on amalgamation is to be

96.
In order to raise finance, which of the following securities can be issued by a company?
1. Equity Shares
2. Redeemable Equity Shares
3. Redeemable Debentures
4. Redeemable Preference Shares
5. Bonus Shares
Select the correct answer:

97.
Which of the following has the highest price?

98.
Share warrant can be issued by a company when

99.
In case net sale in a year is Rs. 2,00,000 and the amount of debtors is Rs. 40,000, the average collection period will be:

100.
A company can buy back