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

31.
Assests in the Balance Sheet of a company are arranged in the order of

A. Market value

B. Permanence

C. Book value

D. None of the above

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32.
How many columns are there in trial balance?

A. 8

B. 5

C. 4

D. 2

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33.
Cost of Depreciation fund is

A. Explicit cost

B. Opportunity cost

C. Average cost

D. None of the above

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34.
A and B are partners in a firm sharing profits in the ratio of 3 : 2. They admit X as a partner for $$\frac{1}{3}$$ share in profits of the firm. The new profit sharing ratio of A, B and X is

A. 3 : 2 : 1

B. 3 : 2 : 2

C. 3 : 2 : 3

D. 6 : 4 : 5

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35.
Sales of a firm are Rs. 74 lakh, variable costs Rs. 40 lakh, fixed costs Rs. 8 lakh. Operating leverage of the firm will be

A. 1.48

B. 1.78

C. 1.31

D. 2.42

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36.
Break Even Point (BEP) is a point where

A. Profits and losses are equal

B. No profit no loss

C. Profits are higher than losses

D. Losses are higher than profits

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37.
To account profit on sale of investment should be debited to?

A. Profit and Loss A/c

B. Capital Reserve A/c

C. Investment A/c

D. Sinking Fund A/c

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38.
Net profit before following adjustment is Rs. 3,60,000
Outstanding salary is Rs. 20,000
Prepaid insurance is Rs. 26,000
After adjustment net profit is

A. Rs. 3,66,000

B. Rs. 3,80,000

C. Rs. 3,46,000

D. Rs. 3,86,000

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39.
When a firm is dissolved, the profit or loss shared on the realization by the partners is

A. Equal

B. In the ratio of their capital balances

C. In the profit-sharing ratio

D. In the ratio laid down in Garner vs Murray

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40.
On dissolution of a firm, the assets of firm are transferred to realization account at their

A. Book value

B. Market value

C. Realizable value

D. Agreed value among partners

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Accounting MCQ Questions and Solutions with Explanations | Commerce

31. Assests in the Balance Sheet of a company are arranged in the order of

Answer & Solution

32. How many columns are there in trial balance?

Answer & Solution

33. Cost of Depreciation fund is

Answer & Solution

34. A and B are partners in a firm sharing profits in the ratio of 3 : 2. They admit X as a partner for $$\frac{1}{3}$$ share in profits of the firm. The new profit sharing ratio of A, B and X is

Answer & Solution

35. Sales of a firm are Rs. 74 lakh, variable costs Rs. 40 lakh, fixed costs Rs. 8 lakh. Operating leverage of the firm will be

Answer & Solution

36. Break Even Point (BEP) is a point where

Answer & Solution

37. To account profit on sale of investment should be debited to?

Answer & Solution

38. Net profit before following adjustment is Rs. 3,60,000 Outstanding salary is Rs. 20,000 Prepaid insurance is Rs. 26,000 After adjustment net profit is

Answer & Solution

39. When a firm is dissolved, the profit or loss shared on the realization by the partners is

Answer & Solution

40. On dissolution of a firm, the assets of firm are transferred to realization account at their

Answer & Solution

Read More Section(Accounting)

31.
Assests in the Balance Sheet of a company are arranged in the order of

32.
How many columns are there in trial balance?

33.
Cost of Depreciation fund is

34.
A and B are partners in a firm sharing profits in the ratio of 3 : 2. They admit X as a partner for $$\frac{1}{3}$$ share in profits of the firm. The new profit sharing ratio of A, B and X is

35.
Sales of a firm are Rs. 74 lakh, variable costs Rs. 40 lakh, fixed costs Rs. 8 lakh. Operating leverage of the firm will be

36.
Break Even Point (BEP) is a point where

37.
To account profit on sale of investment should be debited to?

38.
Net profit before following adjustment is Rs. 3,60,000
Outstanding salary is Rs. 20,000
Prepaid insurance is Rs. 26,000
After adjustment net profit is

39.
When a firm is dissolved, the profit or loss shared on the realization by the partners is

40.
On dissolution of a firm, the assets of firm are transferred to realization account at their