Accounting MCQ Questions and Solutions with Explanations

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71.
A, B and C are partner in a partnership firm sharing profit and losses in the ratio 5 : 3 : 2. What will be their sacrificing ratio upon admission of D

A. 4 : 3 : 2

B. Equal

C. 3 : 2 : 1

D. 5 : 3 : 2

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72.
A partnership comes into existence by

A. An agreement

B. Operation of law

C. Succession

D. Relationship between persons

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73.
Deficiency A/c is prepared in the event of:

A. Dissolution of partnership firm under insolvency

B. Admission of a partner

C. Retirement of a partner

D. Amalgamation of firms

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74.
Arrange the following steps of adjustment of capital (reconstitution of firm) incorrect order.
1. Calculation of total capital of new firm.
2. Finding out the surplus/deficiency in each of partner's capital account.
3. Calculation of adjusted old capitals of partners.
4. Finding out the new capitals of partners.
Select the correct answer:

A. 3, 4, 2, 1

B. 4, 3, 2, 1

C. 3, 1, 4, 2

D. 3, 2, 4, 1

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75.
Which one of the following ratios is not a measure of financial soundness and stability of a business enterprise:

A. Proprietary ratio

B. Current ratio

C. Turnover to capital employed ratio

D. Liquidity ratio

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76.
The amount of depreciation charged to profit and loss account varies every year under

A. Fixed instalment method

B. Annuity method

C. Diminishing balance method

D. Insurance policymethod

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77.
The maximum number of partners in case of an ordinary partnership firm should not exceed

A. 10

B. 20

C. 30

D. 40

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78.
If the net profit is Rs. 35,000 after writing off goodwill Rs. 6,000 and loss on the sale of furniture Rs. 1,000 then the funds from operation will be

A. Rs. 28,000

B. Rs. 29,000

C. Rs. 35,000

D. Rs. 42,000

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79.
If Return On Investment (ROI) is 10% and investment turnover 5, then net profit margin will be:

A. 0.5%

B. 2.0%

C. 20.0%

D. 50.0%

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80.
A, B and C started a business by investing Rs. 1,20,000, Rs. 1,35,000 and Rs. 1,50,000, respectively. Find the share of each, out of an annual profit of Rs. 56,700.

A. Rs. 1,500, Rs. 1,300, Rs. 1,200

B. Rs. 12,345, Rs. 12,354, Rs. 18,967

C. Rs. 16,800, Rs. 18,900, Rs. 21,000

D. Rs. 12,300, Rs. 11,500, Rs. 17,300

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Accounting MCQ Questions and Solutions with Explanations | Commerce

71. A, B and C are partner in a partnership firm sharing profit and losses in the ratio 5 : 3 : 2. What will be their sacrificing ratio upon admission of D

Answer & Solution

72. A partnership comes into existence by

Answer & Solution

73. Deficiency A/c is prepared in the event of:

Answer & Solution

Answer & Solution

75. Which one of the following ratios is not a measure of financial soundness and stability of a business enterprise:

Answer & Solution

76. The amount of depreciation charged to profit and loss account varies every year under

Answer & Solution

77. The maximum number of partners in case of an ordinary partnership firm should not exceed

Answer & Solution

78. If the net profit is Rs. 35,000 after writing off goodwill Rs. 6,000 and loss on the sale of furniture Rs. 1,000 then the funds from operation will be

Answer & Solution

79. If Return On Investment (ROI) is 10% and investment turnover 5, then net profit margin will be:

Answer & Solution

80. A, B and C started a business by investing Rs. 1,20,000, Rs. 1,35,000 and Rs. 1,50,000, respectively. Find the share of each, out of an annual profit of Rs. 56,700.

Answer & Solution

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71.
A, B and C are partner in a partnership firm sharing profit and losses in the ratio 5 : 3 : 2. What will be their sacrificing ratio upon admission of D

72.
A partnership comes into existence by

73.
Deficiency A/c is prepared in the event of:

75.
Which one of the following ratios is not a measure of financial soundness and stability of a business enterprise:

76.
The amount of depreciation charged to profit and loss account varies every year under

77.
The maximum number of partners in case of an ordinary partnership firm should not exceed

78.
If the net profit is Rs. 35,000 after writing off goodwill Rs. 6,000 and loss on the sale of furniture Rs. 1,000 then the funds from operation will be

79.
If Return On Investment (ROI) is 10% and investment turnover 5, then net profit margin will be:

80.
A, B and C started a business by investing Rs. 1,20,000, Rs. 1,35,000 and Rs. 1,50,000, respectively. Find the share of each, out of an annual profit of Rs. 56,700.