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

81.
A machinery was purchased on 1^st January 2000 at a cost of Rs. 1,20,000 and was depreciated by diminishing balance method at the rate of 15% p.a. It was sold on 31^st March 2002 for Rs. 80,000 what was the loss on sale of machine

A. Rs. 3,449

B. Rs. 3,658

C. Rs. 3,251

D. None of the above

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82.
X' Ltd. has a liquid ratio of 2 : 1. If its stock is Rs. 40,000 and its current liabilities are of Rs. 1 Lac, its current ratio will be:

A. 1.4 times

B. 2.4 times

C. 1.2 times

D. 3.4 times

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83.
The minimum application money to be paid as per SEBI shall not be more than:

A. 15% of the issue price

B. 20% of the issue price

C. 25% of the issue price

D. 30% of the issue price

E. In between 15% to 20% of the issue price

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84.
Unclaimed dividends should be shown in the balance sheet of a company under the heading of:

A. Reserve and Surplus

B. Provisions

C. Current Liabilities

D. Miscellaneous Items

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85.
Which one of the following pairs is not correctly matched

A. Suppression of Invoices ⇔ External decoradtion

B. Surchage deprecition ⇔ Secret reserve

C. Debtors cash receipt ⇔ Reduction of fund sales

D. Deletion of credit sales ⇔ Understatment of liabilties

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86.
Which of the following is a Personal Account:

A. Pre-paid Salary Account

B. Drawings Account

C. Outstanding Rent Account

D. All of the above

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87.
Which of the following is an intangible asset?

A. Furniture

B. Patent

C. Investment

D. Losse tools

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88.
In Sinking Fund for redemption of Debentures Account, the amount is transferred every year from

A. Reserve Account

B. Profit and Loss Account

C. Capital Account

D. Surplus Account

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89.
Sony and Romy are equal partners with fixed capitals of Rs. 4,00,000 and Rs. 3,00,000, respectively. After closing the accounts for the year ending 31^st March 2019, it was discovered that the interest on capitals was provided @ 8% per annum instead of 10% per annum. In the adjusting entry

A. Sony will be credited with Rs. 8,000 and Romy will be credited with Rs. 6,000

B. Sony will be debited with Rs. 8,000 and Romy will be debited with Rs. 6,000

C. Sony will be debited with Rs. 1,000 and Romy will be credited with in Rs. 1,000

D. Sony will be credited with Rs. 1,000 and Romy will be debited with Rs. 1,000

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90.
The return of goods by a customer is debited to:

A. Sales Return Account

B. Customer's Account

C. Purchase Account

D. Stock Account

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Accounting MCQ Questions and Solutions with Explanations | Commerce

81. A machinery was purchased on 1st January 2000 at a cost of Rs. 1,20,000 and was depreciated by diminishing balance method at the rate of 15% p.a. It was sold on 31st March 2002 for Rs. 80,000 what was the loss on sale of machine

Answer & Solution

82. X' Ltd. has a liquid ratio of 2 : 1. If its stock is Rs. 40,000 and its current liabilities are of Rs. 1 Lac, its current ratio will be:

Answer & Solution

83. The minimum application money to be paid as per SEBI shall not be more than:

Answer & Solution

84. Unclaimed dividends should be shown in the balance sheet of a company under the heading of:

Answer & Solution

85. Which one of the following pairs is not correctly matched

Answer & Solution

86. Which of the following is a Personal Account:

Answer & Solution

87. Which of the following is an intangible asset?

Answer & Solution

88. In Sinking Fund for redemption of Debentures Account, the amount is transferred every year from

Answer & Solution

89. Sony and Romy are equal partners with fixed capitals of Rs. 4,00,000 and Rs. 3,00,000, respectively. After closing the accounts for the year ending 31st March 2019, it was discovered that the interest on capitals was provided @ 8% per annum instead of 10% per annum. In the adjusting entry

Answer & Solution

90. The return of goods by a customer is debited to:

Answer & Solution

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81.
A machinery was purchased on 1^st January 2000 at a cost of Rs. 1,20,000 and was depreciated by diminishing balance method at the rate of 15% p.a. It was sold on 31^st March 2002 for Rs. 80,000 what was the loss on sale of machine

82.
X' Ltd. has a liquid ratio of 2 : 1. If its stock is Rs. 40,000 and its current liabilities are of Rs. 1 Lac, its current ratio will be:

83.
The minimum application money to be paid as per SEBI shall not be more than:

84.
Unclaimed dividends should be shown in the balance sheet of a company under the heading of:

85.
Which one of the following pairs is not correctly matched

86.
Which of the following is a Personal Account:

87.
Which of the following is an intangible asset?

88.
In Sinking Fund for redemption of Debentures Account, the amount is transferred every year from

89.
Sony and Romy are equal partners with fixed capitals of Rs. 4,00,000 and Rs. 3,00,000, respectively. After closing the accounts for the year ending 31^st March 2019, it was discovered that the interest on capitals was provided @ 8% per annum instead of 10% per annum. In the adjusting entry

90.
The return of goods by a customer is debited to: