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.
If Fixed cost = Rs. 2,50,000;
Variable cost = Rs. 10 per unit
Selling price = Rs. 15 per unit and
Production level = 75,000 units
Calculate profit earned by using marginal costing technique

A. Rs. 1,25,000

B. Rs. 1,50,000

C. Rs. 2,50,000

D. Rs. 3,75,000

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62.
Which one of the following statements is not true?

A. The job of book-keeping is analytical in nature

B. Book-keeping is an art as well as a science of recording business transactions

C. Transactions are recorded in a certain set of books

D. Book-keeping is the method of recording in account books

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63.
Consider the following statements:
Assertion (A): Accounting is the language of business.
Reason (R): Accounting provides all information needed by a businessman.
Now select your answer:

A. Both A and R are true, and R is the correct explanation of A

B. Both A and R are true, and R is not the correct explanation of A

C. A is true, but R is false

D. A is false but R is true

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64.
Which of the following companies can adopt "Table A" in place of articles of association:

A. Private limited company

B. Companies limited by guarantee

C. Public limited company

D. Unlimited companies

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65.
Cash flow Statement is governed by

A. Accounting Standard-2

B. Accounting Standard-3

C. Accounting Standard-1

D. Accounting Standard-4

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66.
Unexpired discount on discounted bill is

A. An item of income

B. A liability

C. Income received in advance

D. Outstanding income

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67.
Method/methods of accounting for amalgamation

A. The Pooling of Interest Method

B. The Purchase Method

C. Both A and B

D. None of the above

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68.
Which one of the following does not form part of the managerial skills:

A. Conceptual skills

B. Behavioral skills

C. Entrepreneurial skills

D. Analytical skills

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69.
The Double Entry System of accounting originated in:

A. America

B. Russia

C. Italy

D. England

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70.
If the cost of goods sold is Rs. 1,20,000 and gross loss is $${\frac{1}{4}^{{\text{th}}}}$$ of the selling price, then the selling price would be
or
If cost of goods sold is Rs. 1,20,000 and gross loss is 25% of sales, then what will be the amount of sales?

A. Rs. 90,000

B. Rs. 96,000

C. Rs. 1,20,000

D. Rs. 1,26,000

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Accounting MCQ Questions and Solutions with Explanations | Commerce

61. If Fixed cost = Rs. 2,50,000; Variable cost = Rs. 10 per unit Selling price = Rs. 15 per unit and Production level = 75,000 units Calculate profit earned by using marginal costing technique

Answer & Solution

62. Which one of the following statements is not true?

Answer & Solution

63. Consider the following statements: Assertion (A): Accounting is the language of business. Reason (R): Accounting provides all information needed by a businessman. Now select your answer:

Answer & Solution

64. Which of the following companies can adopt "Table A" in place of articles of association:

Answer & Solution

65. Cash flow Statement is governed by

Answer & Solution

66. Unexpired discount on discounted bill is

Answer & Solution

67. Method/methods of accounting for amalgamation

Answer & Solution

68. Which one of the following does not form part of the managerial skills:

Answer & Solution

69. The Double Entry System of accounting originated in:

Answer & Solution

70. If the cost of goods sold is Rs. 1,20,000 and gross loss is $${\frac{1}{4}^{{\text{th}}}}$$ of the selling price, then the selling price would be or If cost of goods sold is Rs. 1,20,000 and gross loss is 25% of sales, then what will be the amount of sales?

Answer & Solution

Read More Section(Accounting)

61.
If Fixed cost = Rs. 2,50,000;
Variable cost = Rs. 10 per unit
Selling price = Rs. 15 per unit and
Production level = 75,000 units
Calculate profit earned by using marginal costing technique

62.
Which one of the following statements is not true?

63.
Consider the following statements:
Assertion (A): Accounting is the language of business.
Reason (R): Accounting provides all information needed by a businessman.
Now select your answer:

64.
Which of the following companies can adopt "Table A" in place of articles of association:

65.
Cash flow Statement is governed by

66.
Unexpired discount on discounted bill is

67.
Method/methods of accounting for amalgamation

68.
Which one of the following does not form part of the managerial skills:

69.
The Double Entry System of accounting originated in:

70.
If the cost of goods sold is Rs. 1,20,000 and gross loss is $${\frac{1}{4}^{{\text{th}}}}$$ of the selling price, then the selling price would be
or
If cost of goods sold is Rs. 1,20,000 and gross loss is 25% of sales, then what will be the amount of sales?