Accounting MCQ Questions and Solutions with Explanations | Commerce

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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

11.
Security premium is a

A. Capital receipt

B. Revenue receipt

C. Personal receipt

D. Current liability

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12.
Which of the following is not a capital reserve?

A. Premium on issue of shares

B. Profits prior to incorporation

C. Dividend equalisation reserve

D. Reserve created out of profit on the sale of fixed assets

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13.
Royalty payable by lessee is transferred to

A. Royalty A/c

B. Land Lord A/c

C. Profit & Loss A/c

D. Short workings A/c

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14.
Partnership has been defined by partnership act of:

A. Sec. 4, 1932

B. Sec. 8, 1935

C. Sec. 10, 1942

D. Sec. 18, 1881

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15.
Rs. 10000 machinery purchased, wrongly debited purchases account. This is

A. Clerical error

B. Error of principle

C. Compensating error

D. None of these

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16.
Accounting concepts are based on

A. Certain assumptions

B. Certain facts and figures

C. Certain accounting records

D. Government guidelines

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17.
Which of the following items will not appear in the Balance Sheet of a club:

A. Subscriptions received for the next year

B. Subscriptions received for the current year

C. Subscriptions not received for the current year

D. Outstanding salary

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18.
The Nature of advance tax payment is:

A. Assets

B. Liability

C. Prepaid expense

D. Revenue expenditure

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19.
In accounting, the profit prior to incorporation is treated as

A. Revenue reserve

B. Secret reserve

C. Capital reserve

D. General reserve

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20.
If opening stock is Rs. 10,000, purchases Rs. 30,000 direct expenses Rs. 4,000 and closing stock Rs. 5,000, the cost of goods sold would be:

A. Rs. 39,000

B. Rs. 40,000

C. Rs. 41,000

D. Rs. 44,000

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Accounting MCQ Questions and Solutions with Explanations | Commerce

11. Security premium is a

Answer & Solution

12. Which of the following is not a capital reserve?

Answer & Solution

13. Royalty payable by lessee is transferred to

Answer & Solution

14. Partnership has been defined by partnership act of:

Answer & Solution

15. Rs. 10000 machinery purchased, wrongly debited purchases account. This is

Answer & Solution

16. Accounting concepts are based on

Answer & Solution

17. Which of the following items will not appear in the Balance Sheet of a club:

Answer & Solution

18. The Nature of advance tax payment is:

Answer & Solution

19. In accounting, the profit prior to incorporation is treated as

Answer & Solution

20. If opening stock is Rs. 10,000, purchases Rs. 30,000 direct expenses Rs. 4,000 and closing stock Rs. 5,000, the cost of goods sold would be:

Answer & Solution

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11.
Security premium is a

12.
Which of the following is not a capital reserve?

13.
Royalty payable by lessee is transferred to

14.
Partnership has been defined by partnership act of:

15.
Rs. 10000 machinery purchased, wrongly debited purchases account. This is

16.
Accounting concepts are based on

17.
Which of the following items will not appear in the Balance Sheet of a club:

18.
The Nature of advance tax payment is:

19.
In accounting, the profit prior to incorporation is treated as

20.
If opening stock is Rs. 10,000, purchases Rs. 30,000 direct expenses Rs. 4,000 and closing stock Rs. 5,000, the cost of goods sold would be: