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.
Manager is provided 10% commission on net profit after charging such commission. If profit before commission is Rs. 77,000, then what is due/payble commission?

A. Rs. 7,000

B. Rs. 7,700

C. Rs. 8,555

D. Rs. 8,000

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42.
All the centers of profit for an airline company except one

A. Magazine in flight

B. Sale of goods

C. Maintenance of the airplane

D. Ticket sales

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43.
The balance of Forfeited share Account, after the reissue of forfeited shares, is transferred to:

A. Capital Redemption Reserve Account

B. General Reserve Account

C. Capital Reserve Account

D. Profit and Loss Account

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44.
Which of the following is not a cash inflow?

A. Decrease in creditors

B. Decrease in debtors

C. Issue of shares

D. Sale of a fixed asset

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45.
Match the following.

List-I List-II

a. Partly paid preference share 1. Premiumon redemption of preference shares

b. Capital redemption reserve 2. Current liabilities

c. Security premium 3. Redemption out of free reserve

d. Unclaimed dividend 4. Can not be redeem

A. a-4, b-3, c-2, d-1

B. a-2, b-1, c-4, d-3

C. a-4, b-3, c-1, d-2

D. a-4, b-1, c-2, d-3

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46.
As per AS-14, purchase consideration is payable to

A. debentureholders and creditors

B. shareholders and creditors

C. shareholders and debentureholders

D. shareholders

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47.
Gautam and Mahavir are partners in partnership firm sharing profits and losses 5 : 3. They admitted navin for $${\frac{1}{5}^{{\text{th}}}}$$ share. What will be new profit sharing ratio of partners?

A. 5 : 3 : 1

B. 5 : 3 : 2

C. 5 : 3 : 3

D. None of the above

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48.
A change in the registered office of the company from one State to another can be effected by:

A. A resolution of the board of directors

B. A resolution passed in the General Meeting of the Company

C. A special resolution of the company and approval of the Central Government

D. A special resolution and confirmation of the company Law Board

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49.
Which one of the following is source of funds:

A. Repayment of the long term loan

B. Increase in Credit sales

C. Increase in inventory

D. Issue of new shares

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50.
Which of the following is correct equation?

A. Opening stock + closing stock - purchases = cost of goods sold

B. Opening stock + purchases - closing stock = cost of goods sold

C. Purchases + closing stock - opening stock = cost of goods sold

D. Closing stock - Purchases - opening stock = Cost of goods sold

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1 2 3 4 5 6 7 8 9 10

List-I	List-II
a. Partly paid preference share	1. Premiumon redemption of preference shares
b. Capital redemption reserve	2. Current liabilities
c. Security premium	3. Redemption out of free reserve
d. Unclaimed dividend	4. Can not be redeem

Accounting MCQ Questions and Solutions with Explanations | Commerce

41. Manager is provided 10% commission on net profit after charging such commission. If profit before commission is Rs. 77,000, then what is due/payble commission?

Answer & Solution

42. All the centers of profit for an airline company except one

Answer & Solution

43. The balance of Forfeited share Account, after the reissue of forfeited shares, is transferred to:

Answer & Solution

44. Which of the following is not a cash inflow?

Answer & Solution

45. Match the following. List-I List-II a. Partly paid preference share 1. Premiumon redemption of preference shares b. Capital redemption reserve 2. Current liabilities c. Security premium 3. Redemption out of free reserve d. Unclaimed dividend 4. Can not be redeem

Answer & Solution

46. As per AS-14, purchase consideration is payable to

Answer & Solution

47. Gautam and Mahavir are partners in partnership firm sharing profits and losses 5 : 3. They admitted navin for $${\frac{1}{5}^{{\text{th}}}}$$ share. What will be new profit sharing ratio of partners?

Answer & Solution

48. A change in the registered office of the company from one State to another can be effected by:

Answer & Solution

49. Which one of the following is source of funds:

Answer & Solution

50. Which of the following is correct equation?

Answer & Solution

Read More Section(Accounting)

41.
Manager is provided 10% commission on net profit after charging such commission. If profit before commission is Rs. 77,000, then what is due/payble commission?

42.
All the centers of profit for an airline company except one

43.
The balance of Forfeited share Account, after the reissue of forfeited shares, is transferred to:

44.
Which of the following is not a cash inflow?

45.
Match the following.

List-I List-II

a. Partly paid preference share 1. Premiumon redemption of preference shares

b. Capital redemption reserve 2. Current liabilities

c. Security premium 3. Redemption out of free reserve

d. Unclaimed dividend 4. Can not be redeem

46.
As per AS-14, purchase consideration is payable to

47.
Gautam and Mahavir are partners in partnership firm sharing profits and losses 5 : 3. They admitted navin for $${\frac{1}{5}^{{\text{th}}}}$$ share. What will be new profit sharing ratio of partners?

48.
A change in the registered office of the company from one State to another can be effected by:

49.
Which one of the following is source of funds:

50.
Which of the following is correct equation?