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

71.
Liquidity ratio does not include-

A. Cash

B. Bank balance

C. Debtors

D. Stock

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72.
If the rate of gross profit is 25% of the sales and the cost of goods sold is Rs. 1,00,000 the amount of gross profit will be:

A. Rs. 25,000

B. Rs. 20,000

C. Rs. 30,000

D. Rs. 33,333

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73.
Sacrifice ratio is used

A. on the death of a partner

B. on the retirement of a partner

C. on the dissolution of a firm

D. on the change in the profit sharing ratio

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74.
X and Y are partners in the firm. Their profit sharing ratio is 2 : 3. Rs. 10,000 goodwill is appearing in the books. Z becomes new partner in the firm for $${\frac{1}{5}^{{\text{th}}}}$$ share. His share of goodwill is calculated as Rs. 15,000. Amount of goodwill credited to old partners capital account will be

A. Rs. 50,000

B. Rs. 40,000

C. Rs. 75,000

D. Rs. 65,000

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75.
Company with a paid up capital of 5000 equity shares Rs. 10 each has a turnover of four times with a margin of 8% on sales. The ROI of the company will be:

A. 28%

B. 32%

C. 35%

D. 42%

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76.
Stock = Rs. 14,000
Debtors = Rs. 20,000
Stock Turnover = 5 Time
Debtor's collection period = 73 days
Creditors = Rs. 20,000
Outstanding expenses 15% Lendars
Current Assets Turnover will be:

A. 2.06

B. 2.94

C. 1.52

D. 2.0

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77.
A machinery was purchased on 1^st January 1999 and was depreciated at the rate of 10% on diminishing balance method. It was sold on 31^st March 2001 when its value was Rs. 67,129 what was its value on 1^st January 1999?

A. Rs. 90,000

B. Rs. 85,000

C. Rs. 82,000

D. None of the above

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78.
ABC Ltd was incorporated with an authorised share capital of Rs. 1,00,000 equity shares of Rs. 10 each. The Board of Directors of the company decided to allot 10,000 shares credited as fully paid to the promoters of the company for their services. Which account should be debited in the books of ABC Ltd?

A. Promoter's A/c

B. Service's A/c

C. Goodwill A/c

D. Share Capital A/c

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79.
Jagdish and Brij are partners in a firm who share profits and losses in 3 : 2. They admitted Ramesh for $$\frac{1}{3}$$ share. Their new profit sharing ratio will be?

A. 3 : 2 : 1

B. 6 : 4 : 5

C. 3 : 2 : 3

D. 3 : 2 : 2

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80.
Which of the following is accounting equation:

A. Capital = Assets + Liabilities

B. Capital = Assets - Liabilities

C. Assest = Liabilities - Capital

D. Liabilities = Assets + Capital

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Accounting MCQ Questions and Solutions with Explanations | Commerce

71. Liquidity ratio does not include-

Answer & Solution

72. If the rate of gross profit is 25% of the sales and the cost of goods sold is Rs. 1,00,000 the amount of gross profit will be:

Answer & Solution

73. Sacrifice ratio is used

Answer & Solution

Answer & Solution

75. Company with a paid up capital of 5000 equity shares Rs. 10 each has a turnover of four times with a margin of 8% on sales. The ROI of the company will be:

Answer & Solution

76. Stock = Rs. 14,000 Debtors = Rs. 20,000 Stock Turnover = 5 Time Debtor's collection period = 73 days Creditors = Rs. 20,000 Outstanding expenses 15% Lendars Current Assets Turnover will be:

Answer & Solution

77. A machinery was purchased on 1st January 1999 and was depreciated at the rate of 10% on diminishing balance method. It was sold on 31st March 2001 when its value was Rs. 67,129 what was its value on 1st January 1999?

Answer & Solution

Answer & Solution

79. Jagdish and Brij are partners in a firm who share profits and losses in 3 : 2. They admitted Ramesh for $$\frac{1}{3}$$ share. Their new profit sharing ratio will be?

Answer & Solution

80. Which of the following is accounting equation:

Answer & Solution

Read More Section(Accounting)

71.
Liquidity ratio does not include-

72.
If the rate of gross profit is 25% of the sales and the cost of goods sold is Rs. 1,00,000 the amount of gross profit will be:

73.
Sacrifice ratio is used

75.
Company with a paid up capital of 5000 equity shares Rs. 10 each has a turnover of four times with a margin of 8% on sales. The ROI of the company will be:

76.
Stock = Rs. 14,000
Debtors = Rs. 20,000
Stock Turnover = 5 Time
Debtor's collection period = 73 days
Creditors = Rs. 20,000
Outstanding expenses 15% Lendars
Current Assets Turnover will be:

77.
A machinery was purchased on 1^st January 1999 and was depreciated at the rate of 10% on diminishing balance method. It was sold on 31^st March 2001 when its value was Rs. 67,129 what was its value on 1^st January 1999?

79.
Jagdish and Brij are partners in a firm who share profits and losses in 3 : 2. They admitted Ramesh for $$\frac{1}{3}$$ share. Their new profit sharing ratio will be?

80.
Which of the following is accounting equation: