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

31.
When the goods are returned to a supplier

A. A Debit note is sent to him

B. An Account sale is sent to him

C. A receipt is sent to him

D. Either 'b' or 'c'

Answer & Solution Discuss in Board Save for Later

32.
Bills receivable endorsed are debited to

A. Bills Payable A/c

B. Debtor's A/c

C. Endorsee A/c

D. Bills Receivable A/c

Answer & Solution Discuss in Board Save for Later

33.
Del-credere Commission is allowed to cover

A. All types losses

B. Abnormal loss

C. Normal loss

D. None of the above

Answer & Solution Discuss in Board Save for Later

34.
Interest on Capital is _____ for the business

A. Revenue

B. Expense

C. Gain

D. None of the above

Answer & Solution Discuss in Board Save for Later

35.
Accounts payable has ____ balance

A. Credit

B. Debit

C. Unfavorable

D. Favorable

Answer & Solution Discuss in Board Save for Later

36.
The concept that "an accountant shouldn't anticipate profit, but must provide for all losses"

A. Conservation concept

B. Consistency concept

C. Materiality concept

D. Reduction concept

Answer & Solution Discuss in Board Save for Later

37.
Patents accounts are

A. Secured loan account

B. Nominal account

C. Real account

D. Debtors account

Answer & Solution Discuss in Board Save for Later

38.
Reserve capital means

A. Part of subscribed uncalled capital

B. Accumulated profit

C. Part of Capital Reserve

D. Part of Capital Redemption Reserve

Answer & Solution Discuss in Board Save for Later

39.
Revenue from sale of product ordinarily is reported as part of earning in the period

A. The planning takes place

B. The sale is made

C. The product is manufactured

D. The cash is collected

Answer & Solution Discuss in Board Save for Later

40.
When will the bill mature if the date of maturity of a bill is a holiday

A. Holiday itself

B. Other agreed day

C. Preceding working day

D. Next working day

Answer & Solution Discuss in Board Save for Later

1 2 3 4 5 6 7 8 9 10

Accounting MCQ Questions and Solutions with Explanations | Commerce

31. When the goods are returned to a supplier

Answer & Solution

32. Bills receivable endorsed are debited to

Answer & Solution

33. Del-credere Commission is allowed to cover

Answer & Solution

34. Interest on Capital is _____ for the business

Answer & Solution

35. Accounts payable has ____ balance

Answer & Solution

36. The concept that "an accountant shouldn't anticipate profit, but must provide for all losses"

Answer & Solution

37. Patents accounts are

Answer & Solution

38. Reserve capital means

Answer & Solution

39. Revenue from sale of product ordinarily is reported as part of earning in the period

Answer & Solution

40. When will the bill mature if the date of maturity of a bill is a holiday

Answer & Solution

Read More Section(Accounting)

31.
When the goods are returned to a supplier

32.
Bills receivable endorsed are debited to

33.
Del-credere Commission is allowed to cover

34.
Interest on Capital is _____ for the business

35.
Accounts payable has ____ balance

36.
The concept that "an accountant shouldn't anticipate profit, but must provide for all losses"

37.
Patents accounts are

38.
Reserve capital means

39.
Revenue from sale of product ordinarily is reported as part of earning in the period

40.
When will the bill mature if the date of maturity of a bill is a holiday