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

91.
Accounting standard-19 (AS-19) relates to

A. Leases

B. Discontinued operations

C. Intangible assets

D. EPS

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92.
If,
Selling price is Rs. 10;
Variable cost per unit is Rs. 6 and
Total fixed costs are Rs. 48,000
Then the Break Even Point will be

A. Rs. 72,000

B. Rs. 96,000

C. Rs. 1,20,000

D. Rs. 1,60,000

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93.
If a minor choose to continue as a partner on attaining the age of majority, he will be liable to the debts of the firm from the date of his

A. attaining majority

B. admission to the profits of the firm

C. choosing to become a partner at a subsequent date

D. none of the above

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94.
A manager is paid 5% commission on the net profit after charging such commission. The gross profit of the firm is Rs. 40,000 and the selling expense is Rs. 29,500. His commission will be

A. Rs. 1,050

B. Rs. 2,100

C. Rs. 500

D. Rs. 1,000

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95.
The closing stock of a sports club was of cricket bats worth Rs. 1,000. Bats worth 6,000 were used during the year. The opening stock of bats at the beginning was Rs. 800. Which of the following sentence is correct?

A. Bats costing Rs. 6,200 were sold during the year

B. Bats costing Rs. 6,200 were purchased during the year

C. Bats costing Rs. 6,200 were re-valued during the year

D. Bats costing Rs. 5,800 were distributed during the year

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96.
When goodwill is raised in the books, the capital accounts of the old partners are credited in:

A. new profit sharing ratio

B. old profit sharing ratio

C. sacrificing ratio

D. none of the above

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97.
Which of the following are the motives of mergers? Indicate the correct answer:
1. Gain the economies of scale.
2. Utilize under-utilized resources.
3. Break the monopoly.
4. Reduce tax liability

A. 1, 3 and 4

B. 1, 2 and 4

C. 2, 3 and 4

D. 1, 2 and 3

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98.
Under capitalisation method, goodwill is calculated by

A. Number of years purchase × Average profit

B. Number of years purchase × Super profit

C. Average profit + Expected rate of return

D. Super profit + Expected rate of return

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99.
Arrange the following in correct sequence in the event of dissolution of a partnership firm.
1. If surplus, it is distributed among the partners.
2. The assets of the firm are realised.
3. Amount realised is applied towards repayment of liabilities to outsiders and loan taken from partners.
4. Capital contributed by partners is repaid.
Select the correct answer:

A. 4, 3, 2, 1

B. 2, 4, 1, 3

C. 2, 3, 4, 1

D. 2, 1, 4, 3

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100.
Under which head of the liability side of a company's balance sheet, 'unclaimed dividend' will be shown?

A. Reserve and surplus

B. Contingent liabilities

C. Current liabilities

D. Provisions

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Accounting MCQ Questions and Solutions with Explanations | Commerce

91. Accounting standard-19 (AS-19) relates to

Answer & Solution

92. If, Selling price is Rs. 10; Variable cost per unit is Rs. 6 and Total fixed costs are Rs. 48,000 Then the Break Even Point will be

Answer & Solution

93. If a minor choose to continue as a partner on attaining the age of majority, he will be liable to the debts of the firm from the date of his

Answer & Solution

94. A manager is paid 5% commission on the net profit after charging such commission. The gross profit of the firm is Rs. 40,000 and the selling expense is Rs. 29,500. His commission will be

Answer & Solution

95. The closing stock of a sports club was of cricket bats worth Rs. 1,000. Bats worth 6,000 were used during the year. The opening stock of bats at the beginning was Rs. 800. Which of the following sentence is correct?

Answer & Solution

96. When goodwill is raised in the books, the capital accounts of the old partners are credited in:

Answer & Solution

97. Which of the following are the motives of mergers? Indicate the correct answer: 1. Gain the economies of scale. 2. Utilize under-utilized resources. 3. Break the monopoly. 4. Reduce tax liability

Answer & Solution

98. Under capitalisation method, goodwill is calculated by

Answer & Solution

Answer & Solution

100. Under which head of the liability side of a company's balance sheet, 'unclaimed dividend' will be shown?

Answer & Solution

Read More Section(Accounting)

91.
Accounting standard-19 (AS-19) relates to

92.
If,
Selling price is Rs. 10;
Variable cost per unit is Rs. 6 and
Total fixed costs are Rs. 48,000
Then the Break Even Point will be

93.
If a minor choose to continue as a partner on attaining the age of majority, he will be liable to the debts of the firm from the date of his

94.
A manager is paid 5% commission on the net profit after charging such commission. The gross profit of the firm is Rs. 40,000 and the selling expense is Rs. 29,500. His commission will be

95.
The closing stock of a sports club was of cricket bats worth Rs. 1,000. Bats worth 6,000 were used during the year. The opening stock of bats at the beginning was Rs. 800. Which of the following sentence is correct?

96.
When goodwill is raised in the books, the capital accounts of the old partners are credited in:

97.
Which of the following are the motives of mergers? Indicate the correct answer:
1. Gain the economies of scale.
2. Utilize under-utilized resources.
3. Break the monopoly.
4. Reduce tax liability

98.
Under capitalisation method, goodwill is calculated by

100.
Under which head of the liability side of a company's balance sheet, 'unclaimed dividend' will be shown?