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

41.
A, B and C are partners. They share profits and losses in $$\frac{1}{2}:\,\frac{1}{3}:\,\frac{1}{6}.$$ C died what will be the gaining ratio of A and B?

A. 3 : 2

B. 2 : 3

C. $$\frac{1}{2}:\,\frac{1}{3}$$

D. 1 : 1

Answer & Solution Discuss in Board Save for Later

42.
Present liability of uncertain amount, which can be measured reliably by using a substantial degree of estimation is termed as

A. liability

B. contingent liability

C. provision

D. None of these

Answer & Solution Discuss in Board Save for Later

43.
Which one of the following statement is incorrect?

A. Bonus shares are issued without payment

B. Only revenue reserves should be used when bonus is declared in order to make partly paid shares into fully paid shares

C. Fully paid bonus shares are issued only out of capital reserves

D. The process of issue of bonus shares is also known as capitalisation of reserves

Answer & Solution Discuss in Board Save for Later

44.
M/s Stationary Mart will debit the purchase of stationary to:

A. General Expenses A/c

B. Purchases A/c

C. Stationary A/c

D. None of the above

Answer & Solution Discuss in Board Save for Later

45.
What will be shareholder's funds. If equity share capital is Rs. 16,00,000, 8% preference share is Rs. 20,000, Reserve and surplus is Rs. 73,000, profit and loss is Rs. 41,000 (cr. balance), preliminiary expense is Rs. 20,000 and short-term creditors are Rs. 30,000.

A. Rs. 15,00,000

B. Rs. 18,94,000

C. Rs. 19,14,000

D. Rs. 19,34,000

Answer & Solution Discuss in Board Save for Later

46.
X and Y are partners in the ratio of 3 : 2. Their capitals are Rs. 2,00,000 and Rs. 1,00,000 respectively. The interest on capitals is allowed @ 8% per annum. The firm earned a profit of Rs. 60,000 for the year ending on 31^st March 2019. The interest on capital will be

A. X - Rs. 16,000, Y - Rs. 8,000

B. X - Rs. 8,000, Y - Rs. 4,000

C. X - Rs. 14,400, Y - Rs. 9,600

D. No interest will be allowed

Answer & Solution Discuss in Board Save for Later

47.
Total capital employed is equal to

A. Fixed Assets

B. Fixed Assets + Net Working Capital

C. Total Assets (including accumulated depreciation)

D. Net Worth

Answer & Solution Discuss in Board Save for Later

48.
In case of fund flow statement, 'Fund' means

A. Only the cash

B. Only capital

C. Net working capital

D. None of the above

Answer & Solution Discuss in Board Save for Later

49.
X Ltd. issued debentures of Rs. 100 at 5% discount for purchase of machinery worth Rs. 95,000. The number of debenture issued will be

A. 95,000

B. 950

C. 1,045

D. 1,000

Answer & Solution Discuss in Board Save for Later

50.
An expenditure is called capital expenditue when

A. The amount is big

B. The amount is paid in lump-sum

C. The expenditure is made for future profits

D. The expenditure is made for current periods profit

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

41. A, B and C are partners. They share profits and losses in $$\frac{1}{2}:\,\frac{1}{3}:\,\frac{1}{6}.$$ C died what will be the gaining ratio of A and B?

Answer & Solution

42. Present liability of uncertain amount, which can be measured reliably by using a substantial degree of estimation is termed as

Answer & Solution

43. Which one of the following statement is incorrect?

Answer & Solution

44. M/s Stationary Mart will debit the purchase of stationary to:

Answer & Solution

45. What will be shareholder's funds. If equity share capital is Rs. 16,00,000, 8% preference share is Rs. 20,000, Reserve and surplus is Rs. 73,000, profit and loss is Rs. 41,000 (cr. balance), preliminiary expense is Rs. 20,000 and short-term creditors are Rs. 30,000.

Answer & Solution

46. X and Y are partners in the ratio of 3 : 2. Their capitals are Rs. 2,00,000 and Rs. 1,00,000 respectively. The interest on capitals is allowed @ 8% per annum. The firm earned a profit of Rs. 60,000 for the year ending on 31st March 2019. The interest on capital will be

Answer & Solution

47. Total capital employed is equal to

Answer & Solution

48. In case of fund flow statement, 'Fund' means

Answer & Solution

49. X Ltd. issued debentures of Rs. 100 at 5% discount for purchase of machinery worth Rs. 95,000. The number of debenture issued will be

Answer & Solution

50. An expenditure is called capital expenditue when

Answer & Solution

Read More Section(Accounting)

41.
A, B and C are partners. They share profits and losses in $$\frac{1}{2}:\,\frac{1}{3}:\,\frac{1}{6}.$$ C died what will be the gaining ratio of A and B?

42.
Present liability of uncertain amount, which can be measured reliably by using a substantial degree of estimation is termed as

43.
Which one of the following statement is incorrect?

44.
M/s Stationary Mart will debit the purchase of stationary to:

45.
What will be shareholder's funds. If equity share capital is Rs. 16,00,000, 8% preference share is Rs. 20,000, Reserve and surplus is Rs. 73,000, profit and loss is Rs. 41,000 (cr. balance), preliminiary expense is Rs. 20,000 and short-term creditors are Rs. 30,000.

46.
X and Y are partners in the ratio of 3 : 2. Their capitals are Rs. 2,00,000 and Rs. 1,00,000 respectively. The interest on capitals is allowed @ 8% per annum. The firm earned a profit of Rs. 60,000 for the year ending on 31^st March 2019. The interest on capital will be

47.
Total capital employed is equal to

48.
In case of fund flow statement, 'Fund' means

49.
X Ltd. issued debentures of Rs. 100 at 5% discount for purchase of machinery worth Rs. 95,000. The number of debenture issued will be

50.
An expenditure is called capital expenditue when