Accounting MCQ Questions and Solutions with Explanations | Commerce

Home / Commerce / Accounting

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

11.
The rate of discount on issue of shares should not exceed . . . . . . . . % of the nominal value of shares.

A. 10

B. 2

C. 4

D. 5

Answer & Solution Discuss in Board Save for Later

12.
Which of the following items should be entered in the receipts and payments account of a club?
I. Sale of old newspapers
II. Loss on sale of some asset
III. Payments for investment
Select the correct answer using the options given below

A. I, II and III

B. I and III

C. I and II

D. II and III

Answer & Solution Discuss in Board Save for Later

13.
Which of the following are performing assets?

A. Loss asset

B. Standard asset

C. Sub-standard asset

D. Doubtful asset

Answer & Solution Discuss in Board Save for Later

14.
The . . . . . . . . in a ledger helps in locating the accounts contained in it.

A. folio

B. pages

C. serial numbers

D. part numbers

Answer & Solution Discuss in Board Save for Later

15.
Accounts receivable includes . . . . . . . .

A. sundry debtors

B. bill receivable

C. promissory note

D. all of the above

Answer & Solution Discuss in Board Save for Later

16.
Interest on drawings is:

A. expenditure for the business

B. expense for the business

C. gain for the business

D. loss for the business

Answer & Solution Discuss in Board Save for Later

17.
. . . . . . . . is a document prepared by the company before the issue of prospectus to the public for subscription of debentures.

A. Debenture

B. Trust deed

C. Abridged prospectus

D. Call letter

Answer & Solution Discuss in Board Save for Later

18.
An asset is never reduced to zero in the:

A. fixed instalment method

B. reducing balance method

C. annuity method

D. sum of years method

Answer & Solution Discuss in Board Save for Later

19.
An expenditure is treated as capital nature, when:

A. the receiver of the amount is going to use it for the purchase of fixed assets

B. it increases the quantity of fixed assets

C. it is paid for meeting the normal expenses of the business

D. it decreases the quantity of other assets

Answer & Solution Discuss in Board Save for Later

20.
If a companies tangible networth is a positive amount, it indicates:

A. the probability of the company

B. the liquidity of the company

C. the solvency of the company

D. Both A and B

Answer & Solution Discuss in Board Save for Later

1 2 3 4 5 6 7 8 9 10

Accounting MCQ Questions and Solutions with Explanations | Commerce

11. The rate of discount on issue of shares should not exceed . . . . . . . . % of the nominal value of shares.

Answer & Solution

12. Which of the following items should be entered in the receipts and payments account of a club? I. Sale of old newspapers II. Loss on sale of some asset III. Payments for investment Select the correct answer using the options given below

Answer & Solution

13. Which of the following are performing assets?

Answer & Solution

14. The . . . . . . . . in a ledger helps in locating the accounts contained in it.

Answer & Solution

15. Accounts receivable includes . . . . . . . .

Answer & Solution

16. Interest on drawings is:

Answer & Solution

17. . . . . . . . . is a document prepared by the company before the issue of prospectus to the public for subscription of debentures.

Answer & Solution

18. An asset is never reduced to zero in the:

Answer & Solution

19. An expenditure is treated as capital nature, when:

Answer & Solution

20. If a companies tangible networth is a positive amount, it indicates:

Answer & Solution

Read More Section(Accounting)

11.
The rate of discount on issue of shares should not exceed . . . . . . . . % of the nominal value of shares.

12.
Which of the following items should be entered in the receipts and payments account of a club?
I. Sale of old newspapers
II. Loss on sale of some asset
III. Payments for investment
Select the correct answer using the options given below

13.
Which of the following are performing assets?

14.
The . . . . . . . . in a ledger helps in locating the accounts contained in it.

15.
Accounts receivable includes . . . . . . . .

16.
Interest on drawings is:

17.
. . . . . . . . is a document prepared by the company before the issue of prospectus to the public for subscription of debentures.

18.
An asset is never reduced to zero in the:

19.
An expenditure is treated as capital nature, when:

20.
If a companies tangible networth is a positive amount, it indicates: