Accounting MCQ Questions and Solutions with Explanations | Commerce

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31.
A and B are partners sharing profits and losses in 3 : 2. They admitted C in the firm. C acquired $${\frac{1}{3}^{{\text{rd}}}}$$ of A's shares and $${\frac{1}{2}^{{\text{nd}}}}$$ of B's share. What is the new profit sharing ratio?

A. 3 : 2 : 5

B. 2 : 1 : 2

C. 3 : 2 : 1

D. 3 : 2 : 2

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32.
The original amount of preference share capital should be transferred to . . . . . . . . account in the time of amalgamation in the books of vendor co.

A. Capital reserve account

B. Equity share capital account

C. Equity share capital account

D. Preference shareholders account

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33.
Profit prior to incorporation is credited to:

A. Profit and loss a/c

B. General Reserve a/c

C. Special Reserve a/c

D. Capital reserve a/c

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34.
The book in which credit note voucher is used for accounting is

A. Sales book

B. Purchase book

C. Sales return book

D. Purchase return book

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35.
If sales are Rs. 6000, gross profit is $$\frac{1}{3}$$ on cost, purchase are Rs. 4,900 and the closing stock is Rs. 900, the opening stock will be:

A. Nill

B. Rs. 500

C. Rs. 2,000

D. Rs. 4,900

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36.
Jaggi and Lau's Model is related to:

A. Social Accounting

B. Human Resource Accounting

C. Inflation Accounting

D. None of the above

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37.
Under the depreciation method, assets are shown every year at

A. At original cost

B. At cost less than projected value

C. At calculated, price, which remains the same

D. A calculated value, which keeps on decreasing

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38.
How is the amount to be paid to the land owner determined?

A. Royalty ⇔ minimum rent

B. Minimum rent ⇔ Royalty

C. Minimum rent ⇔ Short working

D. Royalty or minimum rent, whichever is higher ⇔ Short working

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39.
Which of the following is a correct accounting equation?

A. Assets = owners equity

B. Assets = liability + owner's equity

C. Assets = liability - owner's equity

D. Assets = liability = owner's equity

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40.
Income earned and collected' results in:

A. Increase of assets and increase in capital

B. Decrease in assets and increase in capital

C. Increase in assets and decrease in liability

D. Decrease in assets and increase in liability

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Accounting MCQ Questions and Solutions with Explanations | Commerce

31. A and B are partners sharing profits and losses in 3 : 2. They admitted C in the firm. C acquired $${\frac{1}{3}^{{\text{rd}}}}$$ of A's shares and $${\frac{1}{2}^{{\text{nd}}}}$$ of B's share. What is the new profit sharing ratio?

Answer & Solution

32. The original amount of preference share capital should be transferred to . . . . . . . . account in the time of amalgamation in the books of vendor co.

Answer & Solution

33. Profit prior to incorporation is credited to:

Answer & Solution

34. The book in which credit note voucher is used for accounting is

Answer & Solution

35. If sales are Rs. 6000, gross profit is $$\frac{1}{3}$$ on cost, purchase are Rs. 4,900 and the closing stock is Rs. 900, the opening stock will be:

Answer & Solution

36. Jaggi and Lau's Model is related to:

Answer & Solution

37. Under the depreciation method, assets are shown every year at

Answer & Solution

38. How is the amount to be paid to the land owner determined?

Answer & Solution

39. Which of the following is a correct accounting equation?

Answer & Solution

40. Income earned and collected' results in:

Answer & Solution

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31.
A and B are partners sharing profits and losses in 3 : 2. They admitted C in the firm. C acquired $${\frac{1}{3}^{{\text{rd}}}}$$ of A's shares and $${\frac{1}{2}^{{\text{nd}}}}$$ of B's share. What is the new profit sharing ratio?

32.
The original amount of preference share capital should be transferred to . . . . . . . . account in the time of amalgamation in the books of vendor co.

33.
Profit prior to incorporation is credited to:

34.
The book in which credit note voucher is used for accounting is

35.
If sales are Rs. 6000, gross profit is $$\frac{1}{3}$$ on cost, purchase are Rs. 4,900 and the closing stock is Rs. 900, the opening stock will be:

36.
Jaggi and Lau's Model is related to:

37.
Under the depreciation method, assets are shown every year at

38.
How is the amount to be paid to the land owner determined?

39.
Which of the following is a correct accounting equation?

40.
Income earned and collected' results in: