Accounting MCQ Questions and Solutions with Explanations | Commerce

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41.
If immediate payment is not made to a partner taking leave from the firm then the due amount is transferred to

A. Current account

B. Loan account

C. Reserve account

D. None of the above

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42.
The money received by owner in business is known as-

A. Capital

B. Goods

C. Assets

D. Building

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43.
Contra entries in cashbook are made when

A. Petty Cashbook is maintained

B. Simple Cashbook is prepared

C. Triple Column Cashbook is maintained

D. All of the above

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44.
An item is considered material if it

A. relates to real account

B. relates to raw material

C. is significant for the users

D. all of the above

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45.
The asset account is debited from the original value of the asset in the books of buyer and . . . . . . . . account is debited with the total amount of interest

A. Interest account

B. Interest suspense account

C. Seller account

D. All of the above

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46.
Which of the following is correct equation?

A. Assets = Capital

B. Assets = Liabilities - Capital

C. Assets = Liabilities + Capital

D. None of the above

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47.
Purchase Book is used to record

A. All purchases of goods

B. All purchases

C. All credit purchases of goods

D. None of the above

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48.
Managerial accounting is

A. Making accounts

B. Management of accounts

C. Presentation of accounting information

D. Classification of accounts

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49.
Money embezzled by an employee of a trader is:

A. Capital Expenditure

B. Revenue Expenditure

C. Capital Expenses

D. Revenue Loss

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50.
When a company is not earning profits, then which of the following securities proves a burden on the finances of the company?

A. Equity Shares

B. Preference Shares

C. Redeemable Preference Shares

D. Debentures

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Accounting MCQ Questions and Solutions with Explanations | Commerce

41. If immediate payment is not made to a partner taking leave from the firm then the due amount is transferred to

Answer & Solution

42. The money received by owner in business is known as-

Answer & Solution

43. Contra entries in cashbook are made when

Answer & Solution

44. An item is considered material if it

Answer & Solution

45. The asset account is debited from the original value of the asset in the books of buyer and . . . . . . . . account is debited with the total amount of interest

Answer & Solution

46. Which of the following is correct equation?

Answer & Solution

47. Purchase Book is used to record

Answer & Solution

48. Managerial accounting is

Answer & Solution

49. Money embezzled by an employee of a trader is:

Answer & Solution

50. When a company is not earning profits, then which of the following securities proves a burden on the finances of the company?

Answer & Solution

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41.
If immediate payment is not made to a partner taking leave from the firm then the due amount is transferred to

42.
The money received by owner in business is known as-

43.
Contra entries in cashbook are made when

44.
An item is considered material if it

45.
The asset account is debited from the original value of the asset in the books of buyer and . . . . . . . . account is debited with the total amount of interest

46.
Which of the following is correct equation?

47.
Purchase Book is used to record

48.
Managerial accounting is

49.
Money embezzled by an employee of a trader is:

50.
When a company is not earning profits, then which of the following securities proves a burden on the finances of the company?