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 a firm, opening stock plus purchases minus closing stock is called:

A. cost of goods purchased

B. cost of goods sold

C. cost of goods in hand

D. cost of goods produced

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12.
X and Y are partners and sharing profits-losses in the ratio of 4 : 3. They admit Z in partnership giving $${\frac{1}{3}^{{\text{rd}}}}$$ share in profits/losses. If Z receives his share from X and Y in equal proportion, the share of Y in profits/loses in future will be

A. $$\frac{{11}}{{42}}$$

B. $$\frac{{17}}{{42}}$$

C. $$\frac{{14}}{{42}}$$

D. $$\frac{{28}}{{42}}$$

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13.
Which of the following is conclusive evidence of partnership?

A. Sharing of profits

B. Mutual agency

C. Carrying of some business

D. All of the above

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14.
Capital of firm in the beginning of a financial year was Rs. 1,00,000. At the end, total assets were Rs. 1,50,000 and total liabilities were Rs. 70,000. If total drawing during the year was Rs. 30,000, what is the gross profit or gross loss?

A. Rs. 10,000 Profit

B. Rs. 20,000 Loss

C. Rs. 50,000 Loss

D. Rs. 10,000 Loss

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15.
In case of issue of shares at discount, the rate of discount should not be more than

A. 5%

B. $$7\frac{1}{2}\% $$

C. 10%

D. 11%

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16.
Which of the following statements is/are true?
i. Tax-shield on depreciation and interest is an important variable both for the lessor and the lessee.
ii. Lease transactions in India are governed by the Lease Act.
iii. A lessee should evaluate the lease options against the buying option.
iv. As per AS-19, financial lease is shown in the balance sheet of the lessee as an asset.

A. i and iv

B. i, iii and iv

C. ii, iii and iv

D. Only ii

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17.
Unrecorded liability, when paid by a firm on its dissolution is debited to:

A. Partner's Capital

B. Unrecorded Liability Account

C. Realisation Account

D. None of these

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18.
Purchase of goods for cash-

A. Will increase the gross profit percentage

B. Will decrease the current ratio

C. Will increase the current ratio

D. Will not affect the current ratio

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19.
Collection from debtors

A. Decreases current ratio

B. Increases current ratio

C. Has no effect on current ratio

D. Improves the solvency ratio

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20.
Rate of commission payble on issue of share should not exceed

A. 2%

B. 3%

C. 4%

D. 5%

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Accounting MCQ Questions and Solutions with Explanations | Commerce

11. In a firm, opening stock plus purchases minus closing stock is called:

Answer & Solution

12. X and Y are partners and sharing profits-losses in the ratio of 4 : 3. They admit Z in partnership giving $${\frac{1}{3}^{{\text{rd}}}}$$ share in profits/losses. If Z receives his share from X and Y in equal proportion, the share of Y in profits/loses in future will be

Answer & Solution

13. Which of the following is conclusive evidence of partnership?

Answer & Solution

14. Capital of firm in the beginning of a financial year was Rs. 1,00,000. At the end, total assets were Rs. 1,50,000 and total liabilities were Rs. 70,000. If total drawing during the year was Rs. 30,000, what is the gross profit or gross loss?

Answer & Solution

15. In case of issue of shares at discount, the rate of discount should not be more than

Answer & Solution

Answer & Solution

17. Unrecorded liability, when paid by a firm on its dissolution is debited to:

Answer & Solution

18. Purchase of goods for cash-

Answer & Solution

19. Collection from debtors

Answer & Solution

20. Rate of commission payble on issue of share should not exceed

Answer & Solution

Read More Section(Accounting)

11.
In a firm, opening stock plus purchases minus closing stock is called:

12.
X and Y are partners and sharing profits-losses in the ratio of 4 : 3. They admit Z in partnership giving $${\frac{1}{3}^{{\text{rd}}}}$$ share in profits/losses. If Z receives his share from X and Y in equal proportion, the share of Y in profits/loses in future will be

13.
Which of the following is conclusive evidence of partnership?

14.
Capital of firm in the beginning of a financial year was Rs. 1,00,000. At the end, total assets were Rs. 1,50,000 and total liabilities were Rs. 70,000. If total drawing during the year was Rs. 30,000, what is the gross profit or gross loss?

15.
In case of issue of shares at discount, the rate of discount should not be more than

17.
Unrecorded liability, when paid by a firm on its dissolution is debited to:

18.
Purchase of goods for cash-

19.
Collection from debtors

20.
Rate of commission payble on issue of share should not exceed