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

31.
Double entry system of bookkeeping refers to a system where:

A. the number of accounts with a debit balance must agree with the number of accounts with the credit balance

B. each transaction is recorded twice, once in journal and then in ledger

C. equal debit and credit entries are made for each transaction

D. each transaction is recorded in two set of account books

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32.
After completing . . . . . . . . years a company can issue shares at discount.

A. 2

B. 3

C. 1

D. 4

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33.
On calls in advance, interest is payable @ . . . . . . . .

A. 5%

B. 6%

C. 4%

D. Nil

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34.
General insurance is a contract of . . . . . . . .

A. contribution

B. indemnity

C. guarantee

D. None of these

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35.
The following items are shown in profit and loss appropriation account as . . . . . . . .

A. Dividend declared

B. Discount on issue of shares

C. Non-operating expenses

D. Current assets

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36.
How many sides does an account have?

A. One

B. Two

C. Three

D. Four

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37.
Legacies are generally:

A. capitalized and taken to balance sheet

B. treated as income

C. treated as expenditure

D. treated as other incomes

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38.
Journal proper is issued to record . . . . . . . .

A. all purchases of goods

B. all sales of goods

C. all business expenses paid in cash

D. all adjusting and rectification entries

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39.
Which one of the following securities cannot be issued by a public limited company in India?

A. Participating preference shares

B. Redeemable preference shares

C. Deferred shares

D. Debentures

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40.
Subscription received during the year were Rs. 800 for the current year. Rs. 100 for the previous year and Rs. 100 for the next year. In the receipts and payments account the receipts from subscriptions would appear at:

A. Rs. 700

B. Rs. 800

C. Rs. 900

D. Rs. 1000

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Accounting MCQ Questions and Solutions with Explanations | Commerce

31. Double entry system of bookkeeping refers to a system where:

Answer & Solution

32. After completing . . . . . . . . years a company can issue shares at discount.

Answer & Solution

33. On calls in advance, interest is payable @ . . . . . . . .

Answer & Solution

34. General insurance is a contract of . . . . . . . .

Answer & Solution

35. The following items are shown in profit and loss appropriation account as . . . . . . . .

Answer & Solution

36. How many sides does an account have?

Answer & Solution

37. Legacies are generally:

Answer & Solution

38. Journal proper is issued to record . . . . . . . .

Answer & Solution

39. Which one of the following securities cannot be issued by a public limited company in India?

Answer & Solution

40. Subscription received during the year were Rs. 800 for the current year. Rs. 100 for the previous year and Rs. 100 for the next year. In the receipts and payments account the receipts from subscriptions would appear at:

Answer & Solution

Read More Section(Accounting)

31.
Double entry system of bookkeeping refers to a system where:

32.
After completing . . . . . . . . years a company can issue shares at discount.

33.
On calls in advance, interest is payable @ . . . . . . . .

34.
General insurance is a contract of . . . . . . . .

35.
The following items are shown in profit and loss appropriation account as . . . . . . . .

36.
How many sides does an account have?

37.
Legacies are generally:

38.
Journal proper is issued to record . . . . . . . .

39.
Which one of the following securities cannot be issued by a public limited company in India?

40.
Subscription received during the year were Rs. 800 for the current year. Rs. 100 for the previous year and Rs. 100 for the next year. In the receipts and payments account the receipts from subscriptions would appear at: