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

61.
Funds will be considered inflow in the followiong situation if

A. Payment of cash to creditors

B. Cash received from debtors

C. Cash machine was purchased

D. All of the above

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62.
A and B are partner in a partnership firm sharing profit and losses in 3 : 1. C is admitted for $${\frac{1}{3}^{{\text{rd}}}}$$ share. New profit sharing ratio between A, B and C is

A. 3 : 1 : 3

B. 3 : 1 : 2

C. 3 : 2 : 1

D. 6 : 5 : 4

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63.
The most popular system of accounting used in public utility concerns is:

A. Double Entry System

B. Double Account System

C. Single Entry System

D. Government Accounting System

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64.
The term 'Amortisation' is generally used to indicate the fall in value of the following:

A. Tangible fixed assets

B. Intangible fixed assets

C. Current assets

D. Quick assets

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65.
In financial accounting, ledger posting is a process of:

A. Summarising

B. Classifying

C. Recording

D. Interpreting

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66.
X, Y and Z are partners sharing profit and loss equally. Their capital balances on 31^th March 2012 are Rs. 80,000, Rs. 60,000 and Rs. 40,000, respectively. Their personal assets are worth as follows: X - Rs. 20,000, Y - Rs. 15,000 and Z - Rs. 10,000. The extent of their liability in the firm would be

A. X - Rs. 80,000, Y - Rs. 60,000, Z - Rs. 40,000

B. X - Rs. 20,000, Y - Rs. 15,000, Z - Rs. 10,000

C. X - Rs. 1,00,000, Y - Rs. 75,000, Z - Rs. 50,000

D. Equal

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67.
When a company whatever amount is demanded after allotment is known as:

A. Call money

B. Paid up money

C. Profit

D. Share

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68.
Match the following:

List-I List-II

a. New share (Admission) 1. Old share + Gaining share

b. Gaining ratio 2. Old ratio - New ratio

c. Sacrificing ratio 3. New ratio - Old ratio

d. New share (Retirement) 4. Old share - Sacrifice share

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

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

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

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

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69.
Which of the following equation is not correct?

A. Purchase + Opening stock - Cost of goods sold = Closing stock

B. Opening stock + Purchases - closing stock = Cost of goods sold

C. Closing stock + cost of goods sold - Purchases = Opening stock

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

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70.
If the gross loss is $$\frac{1}{4}$$ of the sales and the cost of goods sold is Rs. 3,60,000 the sales will be

A. Rs. 2,70,000

B. Rs. 2,88,000

C. Rs. 4,32,000

D. Rs. 4,50,000

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1 2 3 4 5 6 7 8 9 10

List-I	List-II
a. New share (Admission)	1. Old share + Gaining share
b. Gaining ratio	2. Old ratio - New ratio
c. Sacrificing ratio	3. New ratio - Old ratio
d. New share (Retirement)	4. Old share - Sacrifice share

Accounting MCQ Questions and Solutions with Explanations | Commerce

61. Funds will be considered inflow in the followiong situation if

Answer & Solution

62. A and B are partner in a partnership firm sharing profit and losses in 3 : 1. C is admitted for $${\frac{1}{3}^{{\text{rd}}}}$$ share. New profit sharing ratio between A, B and C is

Answer & Solution

63. The most popular system of accounting used in public utility concerns is:

Answer & Solution

64. The term 'Amortisation' is generally used to indicate the fall in value of the following:

Answer & Solution

65. In financial accounting, ledger posting is a process of:

Answer & Solution

Answer & Solution

67. When a company whatever amount is demanded after allotment is known as:

Answer & Solution

68. Match the following: List-I List-II a. New share (Admission) 1. Old share + Gaining share b. Gaining ratio 2. Old ratio - New ratio c. Sacrificing ratio 3. New ratio - Old ratio d. New share (Retirement) 4. Old share - Sacrifice share

Answer & Solution

69. Which of the following equation is not correct?

Answer & Solution

70. If the gross loss is $$\frac{1}{4}$$ of the sales and the cost of goods sold is Rs. 3,60,000 the sales will be

Answer & Solution

Read More Section(Accounting)

61.
Funds will be considered inflow in the followiong situation if

62.
A and B are partner in a partnership firm sharing profit and losses in 3 : 1. C is admitted for $${\frac{1}{3}^{{\text{rd}}}}$$ share. New profit sharing ratio between A, B and C is

63.
The most popular system of accounting used in public utility concerns is:

64.
The term 'Amortisation' is generally used to indicate the fall in value of the following:

65.
In financial accounting, ledger posting is a process of:

67.
When a company whatever amount is demanded after allotment is known as:

68.
Match the following:

List-I List-II

a. New share (Admission) 1. Old share + Gaining share

b. Gaining ratio 2. Old ratio - New ratio

c. Sacrificing ratio 3. New ratio - Old ratio

d. New share (Retirement) 4. Old share - Sacrifice share

69.
Which of the following equation is not correct?

70.
If the gross loss is $$\frac{1}{4}$$ of the sales and the cost of goods sold is Rs. 3,60,000 the sales will be