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

51.
If a partner takes leaves from the firm then his share of goodwill is debited to remaining partners capital account in . . . . . . . . ratio?

A. Sacrifice

B. Profit gained

C. Old

D. New

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52.
After redemption of debentures, the balance of Sinking Fund Account is transferred to

A. General Reserve Account

B. Capital Reserve Account

C. Profit and Loss Account

D. Debenture Account

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53.
Assessment year starts from:

A. 1^st December

B. 1^st April

C. 1^st June

D. 1^st March

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54.
A company incorporated on 1^st April 2001 took over a running business from 1^st January, 2001 and prpared its final accounts on 31^st December, 2001. Its grows profit was Rs. 24,000 and sales were as under:
January - Twice the average sale
February - Equal to average sale
May to August - $${\frac{1}{4}^{{\text{th}}}}$$ of average sale, each month
October and November - 3 times the average sale each month
What is the Gross Profit prior to incorporation:

A. Rs. 7,000

B. Rs. 8,000

C. Rs. 7,500

D. Rs. 8,500

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55.
Match the following:

List-I List-II

a. A new partner can be admitted with the consent of . . . . . . . . existing partners. 1. current

b. Increase in liability at the time of retirement is debited to . . . . . . . . account. 2. all

c. Buying and selling is . . . . . . . . power of partners. 3. revaluation

d. The . . . . . . . . account of partner may have a debit or credit balance. 4. implied

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

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

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

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

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56.
Which of the following is the base for preparing trial balance?

A. Journal

B. Ledger

C. Cash Book

D. Balance Sheet

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57.
If a person starts business with Rs. 50,000 cash, goods worth Rs. 50,000 and fixed assets worth Rs. 1,00,000 then his capital would be:

A. Rs. 2,00,000

B. Rs. 1,50,000

C. Rs. 1,00,000

D. Rs. 50,000

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58.
Discount allowed on reissue of forfeited shares is debited to

A. Share Capital A/c

B. Profit & Loss A/c

C. Forfeited Shares A/c

D. Discount on Issue of Shares A/c

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59.
Income is measured on the basis of

A. dual aspect concept

B. consistency concept

C. matching concept

D. none of the above

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60.
Which of the following techniques for appraisal of investment proposals are based on time value of money?
1. Accounting Rate of Return
2. Internal Rate of Return
3. Profitability Index Method
4. Earnings Per Share

A. 1 and 2

B. 2 and 3

C. 1 and 4

D. 1, 2 and 4

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1 2 3 4 5 6 7 8 9 10

List-I	List-II
a. A new partner can be admitted with the consent of . . . . . . . . existing partners.	1. current
b. Increase in liability at the time of retirement is debited to . . . . . . . . account.	2. all
c. Buying and selling is . . . . . . . . power of partners.	3. revaluation
d. The . . . . . . . . account of partner may have a debit or credit balance.	4. implied

Accounting MCQ Questions and Solutions with Explanations | Commerce

51. If a partner takes leaves from the firm then his share of goodwill is debited to remaining partners capital account in . . . . . . . . ratio?

Answer & Solution

52. After redemption of debentures, the balance of Sinking Fund Account is transferred to

Answer & Solution

53. Assessment year starts from:

Answer & Solution

Answer & Solution

Answer & Solution

56. Which of the following is the base for preparing trial balance?

Answer & Solution

57. If a person starts business with Rs. 50,000 cash, goods worth Rs. 50,000 and fixed assets worth Rs. 1,00,000 then his capital would be:

Answer & Solution

58. Discount allowed on reissue of forfeited shares is debited to

Answer & Solution

59. Income is measured on the basis of

Answer & Solution

60. Which of the following techniques for appraisal of investment proposals are based on time value of money? 1. Accounting Rate of Return 2. Internal Rate of Return 3. Profitability Index Method 4. Earnings Per Share

Answer & Solution

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51.
If a partner takes leaves from the firm then his share of goodwill is debited to remaining partners capital account in . . . . . . . . ratio?

52.
After redemption of debentures, the balance of Sinking Fund Account is transferred to

53.
Assessment year starts from:

56.
Which of the following is the base for preparing trial balance?

57.
If a person starts business with Rs. 50,000 cash, goods worth Rs. 50,000 and fixed assets worth Rs. 1,00,000 then his capital would be:

58.
Discount allowed on reissue of forfeited shares is debited to

59.
Income is measured on the basis of

60.
Which of the following techniques for appraisal of investment proposals are based on time value of money?
1. Accounting Rate of Return
2. Internal Rate of Return
3. Profitability Index Method
4. Earnings Per Share