Accounting MCQ Questions and Solutions with Explanations | Commerce

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71.
Part I of Schedule VI of Companies Act, 1956 prescribe the format which every company must follow to show a true and fair view of:

A. Profit and loss

B. Appropriation of profits

C. State of affairs

D. All the above

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72.
Capital account is a

A. Personal account

B. Impersonal account

C. Real account

D. None of the above

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73.
A sole trader introduced fresh capital during the year Rs. 10,000 and his drawings were Rs. 4,000. If the profit of the year is Rs. 3,000 and the closing balance of capital is Rs. 40,000, the the balance of capital at the beginning of the year will be

A. Rs. 21,000

B. Rs. 31,000

C. Rs. 41,000

D. Rs. 28,000

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74.
Cash withdrawn by the proprietor for his personal use should be debited to

A. Sales account

B. Capital account

C. Drawings account

D. Both B and C

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75.
The practice of appending notes regarding contingent liabilities in accounting statements is in pursuant to

A. convention of consistency

B. money measurement concept

C. convention of conservatism

D. convention of disclosure

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76.
Which group of the following items are application of funds:
1. Loss from operations
2. Loan from financial institutions
3. Redemption of debentures
4. Sale of fixed assents
5. Payment of dividends

A. 2, 3 and 4

B. 1, 3 and 5

C. 1, 2 and 4

D. 3, 4 and 5

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77.
Personal selling is not targeted towards

A. Mass audiences

B. Personal contact

C. Two way communication

D. Quick feedback

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78.
In case of a death of a partner, joint life policy is credited to the:

A. All partners (including deceased partner) in their profit and loss ratio

B. Only deceased partner capital account

C. Alive partner capital account in their profit and loss ratio

D. All partner capital account in their capital ratio

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79.
Bank reconciliation statement is prepared.

A. To obtain deposits during the year

B. To obtain drawing during the year

C. To obtain actual bank balance

D. To find profit of the organization

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80.
Which of the following sections of the companies Act. 1956 requires the maintenance of proper books of account:

A. Section 211

B. Section 205

C. Section 209

D. Section 217

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Accounting MCQ Questions and Solutions with Explanations | Commerce

71. Part I of Schedule VI of Companies Act, 1956 prescribe the format which every company must follow to show a true and fair view of:

Answer & Solution

72. Capital account is a

Answer & Solution

73. A sole trader introduced fresh capital during the year Rs. 10,000 and his drawings were Rs. 4,000. If the profit of the year is Rs. 3,000 and the closing balance of capital is Rs. 40,000, the the balance of capital at the beginning of the year will be

Answer & Solution

74. Cash withdrawn by the proprietor for his personal use should be debited to

Answer & Solution

75. The practice of appending notes regarding contingent liabilities in accounting statements is in pursuant to

Answer & Solution

76. Which group of the following items are application of funds: 1. Loss from operations 2. Loan from financial institutions 3. Redemption of debentures 4. Sale of fixed assents 5. Payment of dividends

Answer & Solution

77. Personal selling is not targeted towards

Answer & Solution

78. In case of a death of a partner, joint life policy is credited to the:

Answer & Solution

79. Bank reconciliation statement is prepared.

Answer & Solution

80. Which of the following sections of the companies Act. 1956 requires the maintenance of proper books of account:

Answer & Solution

Read More Section(Accounting)

71.
Part I of Schedule VI of Companies Act, 1956 prescribe the format which every company must follow to show a true and fair view of:

72.
Capital account is a

73.
A sole trader introduced fresh capital during the year Rs. 10,000 and his drawings were Rs. 4,000. If the profit of the year is Rs. 3,000 and the closing balance of capital is Rs. 40,000, the the balance of capital at the beginning of the year will be

74.
Cash withdrawn by the proprietor for his personal use should be debited to

75.
The practice of appending notes regarding contingent liabilities in accounting statements is in pursuant to

76.
Which group of the following items are application of funds:
1. Loss from operations
2. Loan from financial institutions
3. Redemption of debentures
4. Sale of fixed assents
5. Payment of dividends

77.
Personal selling is not targeted towards

78.
In case of a death of a partner, joint life policy is credited to the:

79.
Bank reconciliation statement is prepared.

80.
Which of the following sections of the companies Act. 1956 requires the maintenance of proper books of account: