Accounting MCQ Questions and Solutions with Explanations | Commerce

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41.
Which of the following is not a source of redemption of preference shares?

A. divisible profit

B. securities premium a/c

C. realization of asset

D. proceeds of fresh issue

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42.
A sale of goods to Vidhya for cash should be debited to . . . . . . . .

A. Vidhya's account

B. Cash account

C. Sale of goods account

D. Purchases account

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43.
Which one of the following accounting standards is not mandatory in India?

A. Fixed assets accounting and revenue recognition

B. Inventory and depreciation accounting

C. Non-monetary assets and fixed assets

D. Monetary assets and depreciation accounting

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44.
The amount set aside to meet the loss of bad debt is . . . . . . . .

A. liability

B. reserve

C. provision

D. contingent liability

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45.
A company cannot issue redeemable preference shares for a period exceeding . . . . . . . .

A. 6 years

B. 7 years

C. 10 years

D. 20 years

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46.
Which of the following result in reduction of capital?

A. Reducing share capital

B. Reducing the amount payable to creditors

C. Appreciation in the value of assets

D. All of these

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47.
Goods worth Rs. 200 returned by Mohan were taken into stock, but no entry was passed, is an error of . . . . . . . .

A. Commission

B. Principle

C. Omission

D. Compensatory

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48.
Which of the following amounts shall be credited to Investor Education and Protection Fund, if they remain unpaid/unclaimed for seven years from the date they become due?

A. Matured debentures of a company

B. Tax arrears

C. Proceeds of sale of property

D. Provision for doubtful debts

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49.
Provision for bad debts is calculated on . . . . . . . .

A. Creditors

B. Sales

C. Purchases

D. Debtors

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50.
Payment of compensation to a worker, who has been discharged from service, is a:

A. Capital expenditure

B. Revenue expenditure

C. Deferred - revenue expenditure

D. Non-business expenditure

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Accounting MCQ Questions and Solutions with Explanations | Commerce

41. Which of the following is not a source of redemption of preference shares?

Answer & Solution

42. A sale of goods to Vidhya for cash should be debited to . . . . . . . .

Answer & Solution

43. Which one of the following accounting standards is not mandatory in India?

Answer & Solution

44. The amount set aside to meet the loss of bad debt is . . . . . . . .

Answer & Solution

45. A company cannot issue redeemable preference shares for a period exceeding . . . . . . . .

Answer & Solution

46. Which of the following result in reduction of capital?

Answer & Solution

47. Goods worth Rs. 200 returned by Mohan were taken into stock, but no entry was passed, is an error of . . . . . . . .

Answer & Solution

48. Which of the following amounts shall be credited to Investor Education and Protection Fund, if they remain unpaid/unclaimed for seven years from the date they become due?

Answer & Solution

49. Provision for bad debts is calculated on . . . . . . . .

Answer & Solution

50. Payment of compensation to a worker, who has been discharged from service, is a:

Answer & Solution

Read More Section(Accounting)

41.
Which of the following is not a source of redemption of preference shares?

42.
A sale of goods to Vidhya for cash should be debited to . . . . . . . .

43.
Which one of the following accounting standards is not mandatory in India?

44.
The amount set aside to meet the loss of bad debt is . . . . . . . .

45.
A company cannot issue redeemable preference shares for a period exceeding . . . . . . . .

46.
Which of the following result in reduction of capital?

47.
Goods worth Rs. 200 returned by Mohan were taken into stock, but no entry was passed, is an error of . . . . . . . .

48.
Which of the following amounts shall be credited to Investor Education and Protection Fund, if they remain unpaid/unclaimed for seven years from the date they become due?

49.
Provision for bad debts is calculated on . . . . . . . .

50.
Payment of compensation to a worker, who has been discharged from service, is a: