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

61.
The fair value of share is the average of:

A. Par value and market value

B. Intrinsic value and par value

C. Intrinsic value and yield value

D. Par value and yield value

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62.
Which of the following rules is not correct with regard to issue and forfeiture of shares?

A. For each call, at least 14 days notice to be given

B. An interval of 30 days is required between two successive share calls

C. Not more than 40% of the nominal value of the share can be called at a time as a call

D. As prescribed by SEBI, capital issues have to be made fully paid up within 12 months, if the total issue size is less than Rs. 500 crore

E. A defaulting member does not enjoy voting rights till the call money is paid

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63.
In case of a news agent, which of the following is a revenue receipt?

A. The proceeds of the sale of plant and equipment

B. Money received from insurance company as a result of crashing a delivery vehicle

C. A refund received from a supplier as compensation for damaged stock supplied

D. None of the above

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64.
When sales volume is Rs. 10,000, variable cost is Rs. 6,000 and profit is Rs. 2,000, the profit-volume ratio will be

A. 20%

B. 33%

C. 40%

D. 60%

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65.
Which of the following statement is correct?

A. Rights shares are first offered to employees

B. Rights shares are offered in lieu of dividends

C. Rights shares are offered to the existing shareholders in proportion to the equity shares held by them

D. Rights shares are those shares which are offered to the promoters

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66.
Outstanding wages is

A. Current asset

B. Current liability

C. Capital expenditure

D. Revenue expenditure

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67.
When the partnership firm is dissolved, the following account is opened in the books of firm

A. Revaluation account

B. Profit and loss adjustment account

C. Realisation account

D. Profit and loss appropriation account

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68.
Match the following

List-I List-II

a. IFRS-3 1. Operating segments

b. IFRS-8 2. Leases

c. IFRS-9 3. Business combinations

d. IFRS-16 4. Financial Instruments

A. a-1, b-2, c-3, d-4

B. a-2, b-4, c-1, d-3

C. a-3, b-1, c-4, d-2

D. a-4, b-3, c-2, d-1

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69.
X and Y are two equal partners in a firm. On 1^st January, 2004 they admitted Z on the condition that he will bring Rs. 10,000 as capital and Rs. 5000 as goodwill. In future they will share profits in the ratio of 2 : 1 : 2. The proportion of goodwill distribution between X and Y will be:

A. 1 : 1

B. 3 : 1

C. 1 : 3

D. 2 : 1

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70.
A and B partners sharing profits in the ratio of 7 : 3. C is admitted for $$\frac{3}{7}$$ share in the profit. The new profit-sharing ratio of the partners will be:

A. 14 : 6 : 15

B. 7 : 6 : 7

C. 7 : 3 : 3

D. 5 : 3 : 3

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1 2 3 4 5 6 7 8 9 10

List-I	List-II
a. IFRS-3	1. Operating segments
b. IFRS-8	2. Leases
c. IFRS-9	3. Business combinations
d. IFRS-16	4. Financial Instruments

Accounting MCQ Questions and Solutions with Explanations | Commerce

61. The fair value of share is the average of:

Answer & Solution

62. Which of the following rules is not correct with regard to issue and forfeiture of shares?

Answer & Solution

63. In case of a news agent, which of the following is a revenue receipt?

Answer & Solution

64. When sales volume is Rs. 10,000, variable cost is Rs. 6,000 and profit is Rs. 2,000, the profit-volume ratio will be

Answer & Solution

65. Which of the following statement is correct?

Answer & Solution

66. Outstanding wages is

Answer & Solution

67. When the partnership firm is dissolved, the following account is opened in the books of firm

Answer & Solution

68. Match the following List-I List-II a. IFRS-3 1. Operating segments b. IFRS-8 2. Leases c. IFRS-9 3. Business combinations d. IFRS-16 4. Financial Instruments

Answer & Solution

69. X and Y are two equal partners in a firm. On 1st January, 2004 they admitted Z on the condition that he will bring Rs. 10,000 as capital and Rs. 5000 as goodwill. In future they will share profits in the ratio of 2 : 1 : 2. The proportion of goodwill distribution between X and Y will be:

Answer & Solution

70. A and B partners sharing profits in the ratio of 7 : 3. C is admitted for $$\frac{3}{7}$$ share in the profit. The new profit-sharing ratio of the partners will be:

Answer & Solution

Read More Section(Accounting)

61.
The fair value of share is the average of:

62.
Which of the following rules is not correct with regard to issue and forfeiture of shares?

63.
In case of a news agent, which of the following is a revenue receipt?

64.
When sales volume is Rs. 10,000, variable cost is Rs. 6,000 and profit is Rs. 2,000, the profit-volume ratio will be

65.
Which of the following statement is correct?

66.
Outstanding wages is

67.
When the partnership firm is dissolved, the following account is opened in the books of firm

68.
Match the following

List-I List-II

a. IFRS-3 1. Operating segments

b. IFRS-8 2. Leases

c. IFRS-9 3. Business combinations

d. IFRS-16 4. Financial Instruments

69.
X and Y are two equal partners in a firm. On 1^st January, 2004 they admitted Z on the condition that he will bring Rs. 10,000 as capital and Rs. 5000 as goodwill. In future they will share profits in the ratio of 2 : 1 : 2. The proportion of goodwill distribution between X and Y will be:

70.
A and B partners sharing profits in the ratio of 7 : 3. C is admitted for $$\frac{3}{7}$$ share in the profit. The new profit-sharing ratio of the partners will be: