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.
The written agreement between the partners to form a partnership is called

A. Certificate of incorporation

B. Memorandum of Association

C. Certificate of Formation of Firm

D. Partnership Deed

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92.
The director of a limited company resolved to forfeit 1000 equity shares of Rs. 10 each; Rs. 7.50 paid up for non-payment of the final call money of Rs. 2.50 per share. 700 of these forfeited shares were reissued at Rs. 7 per share. The amount to be transferred to the capital reserve would be

A. Rs. 2,500

B. Rs. 1,500

C. Rs. 3,500

D. Rs. 3,150

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93.
Goods withdrawn by the proprietor from business for his personal use will be credited to:

A. Sales account

B. Purchases account

C. Supplier's account

D. Stock account

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94.
According to accounting standard-14 purchase consideration is payable to which one of the following?

A. Shareholder and debenture holder

B. Debenture holder and creditor

C. Shareholder and creditor

D. Shareholder

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95.
Operating performance is best measured by the rate of return on:

A. Total Assets

B. Fixed Assets

C. Shareholder's Equity

D. Net capital employed

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96.
The 'Accounting Convention of Matching' means:

A. Profit for the period to be matched with the sales revenue

B. Profit for the period to be matched with the investment

C. Expenses of one period to be matched against the expenses of another period

D. Expenses of a period to be matched against the revenue of the same period

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97.
In the calculation of net profit of Rs. 15,00,000 for the period, Rs. 20,000 profit on sale of an asset and Rs. 10,000 depreciation have been taken into consideration. In this case funds from operations will be

A. Rs. 15,00,000

B. Rs. 15,30,000

C. Rs. 14,90,000

D. Rs. 15,10,000

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98.
The following shall not be taken into account in the decision to manufacture or buy

A. Effective utilization of manufacturing capacity

B. Variable cost of products

C. Income from rent of the effective areas used by the production sector

D. Fixed cost unchanged

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99.
Which of the following should a business entity get at the earliest?

A. Scheduled sales

B. Break even point

C. Profit earning on investment

D. Market share

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100.
On the admission of a new partner if the partners decide to record change occurred in the value of assets and liabilities in books but not accounts then the firm prepares.

A. Profit and loss appropriation

B. Profit and loss adjustment account

C. Revaluation account

D. Memorandum revaluation account

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Accounting MCQ Questions and Solutions with Explanations | Commerce

91. The written agreement between the partners to form a partnership is called

Answer & Solution

92. The director of a limited company resolved to forfeit 1000 equity shares of Rs. 10 each; Rs. 7.50 paid up for non-payment of the final call money of Rs. 2.50 per share. 700 of these forfeited shares were reissued at Rs. 7 per share. The amount to be transferred to the capital reserve would be

Answer & Solution

93. Goods withdrawn by the proprietor from business for his personal use will be credited to:

Answer & Solution

94. According to accounting standard-14 purchase consideration is payable to which one of the following?

Answer & Solution

95. Operating performance is best measured by the rate of return on:

Answer & Solution

96. The 'Accounting Convention of Matching' means:

Answer & Solution

97. In the calculation of net profit of Rs. 15,00,000 for the period, Rs. 20,000 profit on sale of an asset and Rs. 10,000 depreciation have been taken into consideration. In this case funds from operations will be

Answer & Solution

98. The following shall not be taken into account in the decision to manufacture or buy

Answer & Solution

99. Which of the following should a business entity get at the earliest?

Answer & Solution

100. On the admission of a new partner if the partners decide to record change occurred in the value of assets and liabilities in books but not accounts then the firm prepares.

Answer & Solution

Read More Section(Accounting)

91.
The written agreement between the partners to form a partnership is called

92.
The director of a limited company resolved to forfeit 1000 equity shares of Rs. 10 each; Rs. 7.50 paid up for non-payment of the final call money of Rs. 2.50 per share. 700 of these forfeited shares were reissued at Rs. 7 per share. The amount to be transferred to the capital reserve would be

93.
Goods withdrawn by the proprietor from business for his personal use will be credited to:

94.
According to accounting standard-14 purchase consideration is payable to which one of the following?

95.
Operating performance is best measured by the rate of return on:

96.
The 'Accounting Convention of Matching' means:

97.
In the calculation of net profit of Rs. 15,00,000 for the period, Rs. 20,000 profit on sale of an asset and Rs. 10,000 depreciation have been taken into consideration. In this case funds from operations will be

98.
The following shall not be taken into account in the decision to manufacture or buy

99.
Which of the following should a business entity get at the earliest?

100.
On the admission of a new partner if the partners decide to record change occurred in the value of assets and liabilities in books but not accounts then the firm prepares.