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

11.
In case of a firm's dissoultion, the capital accounts are finally closed by

A. Realisation Account

B. Profit and Loss Account

C. Cash or Bank Account

D. Profit and Loss Appropriation Account

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12.
Assertion (A) Human resource accounting is the measurement of the cost and value of people to the organisation.
Reason (R) Human resource accounting involves measuring costs incurred by the, organisations to recruit, select, hire, train and develop employees and judge their economic value to the organisation.

A. (A) and (R) are true and (R) is the correct explanation of (A)

B. (A) and (R) are true and (R) is not the correct explanation of (A)

C. (A) is true, but (R) is false

D. Both (A) and (R) are false

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13.
Premium on redemption of debentures account, until redeemed, is shown in-

A. Current liabilities

B. Current provisions

C. Provisions for liabilities

D. Long-term provisions

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14.
Double Account system is applicable to:

A. Consumer industries

B. Chemical industries

C. Public enterprises

D. Public utility concern

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15.
What is the meaning of book keeping?

A. Recording in preliminary books

B. Preparation of profit and loss account

C. Calculation of net profit

D. Writing partnership deed

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16.
"Book keeping is an art of recording of business and other transactions in monetary terms." This definition has been given by

A. Spicer and Pegler

B. J. R. Batliboy

C. Carter

D. John Macneil

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17.
Prepaid insurance account is:

A. an expense

B. a revenue

C. an asset

D. a liability

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18.
In an organization, provision for Bad debts is Rs. 5,000 in the beginning. At the end total sales is Rs. 6,00,000 out of which Rs. 1,00,000 is cash sales. 1% provision is to be created on remaining debtors. The amount to be debited to profit and loss account in respect of provision is.

A. Rs. 6,000

B. Rs. 5,000

C. Rs. 1,000

D. Zero

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19.
Opening Stock = Rs. 10,000
Purchases = Rs. 90,000
Closing stock = Rs. 28,000
Gross Profit = 10% of sales
The amount of sales will be

A. Rs. 60,000

B. Rs. 72,000

C. Rs.80,000

D. Rs. 90,000

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20.
Find gross profit/gross loss if,

Cost of goods sold Rs. 7,900

Sales Rs. 11,000

Purchase Rs. 3,000

A. Rs. 8,000

B. Rs. 4,900

C. Rs. 3,100

D. Rs. 100 (Profit)

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Accounting MCQ Questions and Solutions with Explanations | Commerce

11. In case of a firm's dissoultion, the capital accounts are finally closed by

Answer & Solution

Answer & Solution

13. Premium on redemption of debentures account, until redeemed, is shown in-

Answer & Solution

14. Double Account system is applicable to:

Answer & Solution

15. What is the meaning of book keeping?

Answer & Solution

16. "Book keeping is an art of recording of business and other transactions in monetary terms." This definition has been given by

Answer & Solution

17. Prepaid insurance account is:

Answer & Solution

18. In an organization, provision for Bad debts is Rs. 5,000 in the beginning. At the end total sales is Rs. 6,00,000 out of which Rs. 1,00,000 is cash sales. 1% provision is to be created on remaining debtors. The amount to be debited to profit and loss account in respect of provision is.

Answer & Solution

19. Opening Stock = Rs. 10,000 Purchases = Rs. 90,000 Closing stock = Rs. 28,000 Gross Profit = 10% of sales The amount of sales will be

Answer & Solution

20. Find gross profit/gross loss if, Cost of goods sold Rs. 7,900 Sales Rs. 11,000 Purchase Rs. 3,000

Answer & Solution

Read More Section(Accounting)

11.
In case of a firm's dissoultion, the capital accounts are finally closed by

13.
Premium on redemption of debentures account, until redeemed, is shown in-

14.
Double Account system is applicable to:

15.
What is the meaning of book keeping?

16.
"Book keeping is an art of recording of business and other transactions in monetary terms." This definition has been given by

17.
Prepaid insurance account is:

18.
In an organization, provision for Bad debts is Rs. 5,000 in the beginning. At the end total sales is Rs. 6,00,000 out of which Rs. 1,00,000 is cash sales. 1% provision is to be created on remaining debtors. The amount to be debited to profit and loss account in respect of provision is.

19.
Opening Stock = Rs. 10,000
Purchases = Rs. 90,000
Closing stock = Rs. 28,000
Gross Profit = 10% of sales
The amount of sales will be

20.
Find gross profit/gross loss if,

Cost of goods sold Rs. 7,900

Sales Rs. 11,000

Purchase Rs. 3,000