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.
Variable cost ratio is 30%, fixed cost is Rs. 63,000. The break even point will be

A. Rs. 81,900

B. Rs. 90,000

C. Rs. 18,900

D. Rs. 71,100

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92.
Given:
Sals - Rs. 2,00,000
Gross Profit - 25% of cost
Stock velocity - 3 months
Closing stock is Rs. 2,000 more than the opening stock.

A. Rs. 1,50,000

B. Rs. 1,60,000

C. Rs. 1,62,000

D. Rs. 1,72,000

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93.
On the dissolution of a firm, loan from the wife of a partner is treated as

A. loan from the partner

B. outsider liability

C. preferential liability

D. liability payable after all other debts have been paid

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94.
The profits of a firm for the last five years are Rs. 80,000, Rs. 90,000, Rs. 70,000, Rs. 85,000 and Rs. 1,00,000 respectively. The goodwill of the firm is calculated on basis of three year purchase of average profits of five years. The value of goodwill is

A. Rs. 89,000

B. Rs. 2,25,000

C. Rs. 2,55,000

D. Rs. 4,25,000

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95.
A seller gives his goods worth Rs. 2,000 to a buyer for Rs. 1800. The differnce of Rs. 200 will be termed as

A. Cash discount

B. Trade discount

C. Credit sales

D. Bad debts

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96.
As per AS-ll construction contracts, costs that may be attributable to contract activity in general and can be allocated to specific contracts include
1. insurance
2. freight
3. costs of design and technical assistance that is not directly related to a specific contract
4. manufacturing overheads
5. construction overheads
Select the correct answer:

A. 1, 3 and 5

B. 2, 3 and 4

C. 3, 4 and 5

D. 1, 2 and 3

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97.
Goodwill is a/an:

A. Tangible Asset

B. Intangible Asset

C. Fictitious Asset

D. Current Asset

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98.
When a goodwill account is raised at the time of admission of a new partner, credit is given to old partners in their:

A. New profit sharing ratio

B. Old profit sharing ratio

C. Sacrificing ratio

D. Capital ratio

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99.
A company issues 10% irredeemable preference shares. The face value per share is Rs. 100, but the issue price is Rs. 95. What is the cost of preference share?

A. 10.63%

B. 10.73%

C. 10.83%

D. 10.53%

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100.
A, B and C are partners in a firm without any agreement. They have contributed Rs. 7,50,000, Rs. 7,30,000 and Rs. 7,20,000 by way of capital in the firm. A was unable to work for six months in a year due to illness. At the end of the year, the firm earned a profit of Rs. 7,15,000. A's share in the profit will be

A. Rs. 77,500

B. Rs. 73,750

C. Rs. 75,000

D. Rs. 72,500

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Accounting MCQ Questions and Solutions with Explanations | Commerce

91. Variable cost ratio is 30%, fixed cost is Rs. 63,000. The break even point will be

Answer & Solution

92. Given: Sals - Rs. 2,00,000 Gross Profit - 25% of cost Stock velocity - 3 months Closing stock is Rs. 2,000 more than the opening stock.

Answer & Solution

93. On the dissolution of a firm, loan from the wife of a partner is treated as

Answer & Solution

94. The profits of a firm for the last five years are Rs. 80,000, Rs. 90,000, Rs. 70,000, Rs. 85,000 and Rs. 1,00,000 respectively. The goodwill of the firm is calculated on basis of three year purchase of average profits of five years. The value of goodwill is

Answer & Solution

95. A seller gives his goods worth Rs. 2,000 to a buyer for Rs. 1800. The differnce of Rs. 200 will be termed as

Answer & Solution

Answer & Solution

97. Goodwill is a/an:

Answer & Solution

98. When a goodwill account is raised at the time of admission of a new partner, credit is given to old partners in their:

Answer & Solution

99. A company issues 10% irredeemable preference shares. The face value per share is Rs. 100, but the issue price is Rs. 95. What is the cost of preference share?

Answer & Solution

Answer & Solution

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91.
Variable cost ratio is 30%, fixed cost is Rs. 63,000. The break even point will be

92.
Given:
Sals - Rs. 2,00,000
Gross Profit - 25% of cost
Stock velocity - 3 months
Closing stock is Rs. 2,000 more than the opening stock.

93.
On the dissolution of a firm, loan from the wife of a partner is treated as

94.
The profits of a firm for the last five years are Rs. 80,000, Rs. 90,000, Rs. 70,000, Rs. 85,000 and Rs. 1,00,000 respectively. The goodwill of the firm is calculated on basis of three year purchase of average profits of five years. The value of goodwill is

95.
A seller gives his goods worth Rs. 2,000 to a buyer for Rs. 1800. The differnce of Rs. 200 will be termed as

97.
Goodwill is a/an:

98.
When a goodwill account is raised at the time of admission of a new partner, credit is given to old partners in their:

99.
A company issues 10% irredeemable preference shares. The face value per share is Rs. 100, but the issue price is Rs. 95. What is the cost of preference share?