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.
Minimum number of members in case of public company is

A. 7

B. 5

C. 2

D. 1

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62.
In Internal reconstruction

A. No company is dissolved

B. Only one company is dissolved

C. One or more companies are dissolved

D. Two or more companies are dissolved

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63.
While preparing a Fund Flow Statements the provision for taxation should be taken as:

A. A current liability only

B. An appropriation of profit only

C. As a current liability or an appropriation of profit

D. Both as a current liability as well as an appropriation of profit

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64.
The Share Capital, General Reserve and Profit and Loss Account (Cr.) of B. Ltd. stood at Rs. 6,00,000 (divided into 60,000 shares of Rs. 10 each), Rs. 1,20,000 and Rs. 1,80,000 respectively. A majority of 40,000 shares had been acquired by A. Ltd. and at the time of acquisition undistributed profit and General Reserve amounted to Rs. 1,00,000. The present value of the minority interest would be:

A. Rs. 2,00,000

B. Rs. 2,60,000

C. Rs. 2,66,667

D. Rs. 3,00,000

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65.
Which of the following is not intangible asset?

A. Goodwill

B. Creditor

C. Copyright

D. Patent

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66.
Journal is a book of:

A. First entry

B. Original entry

C. Datewise entry

D. All of the above

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67.
When forfeited share are re-issued then the balance of share forfeiture account is transferred to:

A. Share capital

B. Capital reserve

C. Share allotment

D. Share first call

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68.
As per the matching concept, revenue - ? = profit

A. Expenses

B. Liabilities

C. Losses

D. Assets

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69.
Given,

Net Loss Rs. 20,000

Depreciation on machinery Rs. 50,000

Amortisation of Goodwill Rs. 5,000

Loss on sale of old furniture Rs. 3,500

Profit on sale of land Rs. 8,500

Provision for Bad Debts Rs. 2,500

Funds from operation are

A. Rs. 25,000

B. Rs. 30,000

C. Rs. 32,500

D. Rs. 38,500

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70.
Partner X and Y withdraws Rs. 3,000 and Rs. 5,000 in the beginning of every month during the year. Interest on drawing @ 10% p.a. for the year will be

A. Rs. 5,200

B. Rs. 5,100

C. Rs. 5,150

D. Rs. 9,600

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1 2 3 4 5 6 7 8 9 10

Net Loss	Rs. 20,000
Depreciation on machinery	Rs. 50,000
Amortisation of Goodwill	Rs. 5,000
Loss on sale of old furniture	Rs. 3,500
Profit on sale of land	Rs. 8,500
Provision for Bad Debts	Rs. 2,500

Accounting MCQ Questions and Solutions with Explanations | Commerce

61. Minimum number of members in case of public company is

Answer & Solution

62. In Internal reconstruction

Answer & Solution

63. While preparing a Fund Flow Statements the provision for taxation should be taken as:

Answer & Solution

Answer & Solution

65. Which of the following is not intangible asset?

Answer & Solution

66. Journal is a book of:

Answer & Solution

67. When forfeited share are re-issued then the balance of share forfeiture account is transferred to:

Answer & Solution

68. As per the matching concept, revenue - ? = profit

Answer & Solution

69. Given, Net Loss Rs. 20,000 Depreciation on machinery Rs. 50,000 Amortisation of Goodwill Rs. 5,000 Loss on sale of old furniture Rs. 3,500 Profit on sale of land Rs. 8,500 Provision for Bad Debts Rs. 2,500 Funds from operation are

Answer & Solution

70. Partner X and Y withdraws Rs. 3,000 and Rs. 5,000 in the beginning of every month during the year. Interest on drawing @ 10% p.a. for the year will be

Answer & Solution

Read More Section(Accounting)

61.
Minimum number of members in case of public company is

62.
In Internal reconstruction

63.
While preparing a Fund Flow Statements the provision for taxation should be taken as:

65.
Which of the following is not intangible asset?

66.
Journal is a book of:

67.
When forfeited share are re-issued then the balance of share forfeiture account is transferred to:

68.
As per the matching concept, revenue - ? = profit

69.
Given,

Net Loss Rs. 20,000

Depreciation on machinery Rs. 50,000

Amortisation of Goodwill Rs. 5,000

Loss on sale of old furniture Rs. 3,500

Profit on sale of land Rs. 8,500

Provision for Bad Debts Rs. 2,500

Funds from operation are

70.
Partner X and Y withdraws Rs. 3,000 and Rs. 5,000 in the beginning of every month during the year. Interest on drawing @ 10% p.a. for the year will be