Accounting MCQs
Practice free Accounting multiple-choice questions with instant answer feedback and step-by-step solutions. Click an option to check yourself, reveal the full explanation, and work through all 3354 questions — no login required.
Question 2980hard
Match the items given in List-A with the items given in List-B and check your answer:
| List-A | List-B |
| a. Leasehold asset | 1. Depletion |
| b. Oil wells | 2. Amortisation |
| c. Loose Tools | 3. Fluctuation |
| d. Stock | 4. Revaluation |
Question 2981hard
Assertion (A) Personal transactions of the owners of the business are not recorded in the books.
Reason (R) According to the business entity concept, each business enterprise is considered as an accounting unit separate from owners.
Reason (R) According to the business entity concept, each business enterprise is considered as an accounting unit separate from owners.
Question 2982hard
'P' and 'Q' are partners, sharing profits in the ratio of 8 : 5 respectively. On 1st April 2016, they admitted R into partnership. The new profit sharing ratio among P, Q and R is fixed as 6 : 4 : 3 respectively. The sacrifice ratio of 'P' will be
Advertisement
Question 2983hard
Which of the following pairs are correctly matched?
I. Business entity - Accounting standard
II. Stock valuation - Consistency
III. Capital - Drawings
IV. Going concern - Assumption
Select the correct answer using the options given below-
I. Business entity - Accounting standard
II. Stock valuation - Consistency
III. Capital - Drawings
IV. Going concern - Assumption
Select the correct answer using the options given below-
Question 2984hard
Given that
Opening capital : Rs. 5,000
Closing capital : Rs. 6,000
Drawings : Rs. 1,000
New capital invested : Rs. 500
The profit for the year will be:
Opening capital : Rs. 5,000
Closing capital : Rs. 6,000
Drawings : Rs. 1,000
New capital invested : Rs. 500
The profit for the year will be:
Question 2985hard
Subscription received in 1998:
For the year 1997
For the year 1998
For the year 1999
Subscription outstanding on 31st December, 1998 was Rs. 4,000. What amount of subscription will appear in income and Expenditure account of 1998:
For the year 1997
For the year 1998
For the year 1999
Subscription outstanding on 31st December, 1998 was Rs. 4,000. What amount of subscription will appear in income and Expenditure account of 1998:
Advertisement
Question 2986hard
Match List-I with List-II
| List-I | List-II |
| a. Ind AS-16 | 1. Income tax |
| b. Ind AS-38 | 2. Leasing |
| c. Ind AS-17 | 3. Intangible assets |
| d. Ind AS-12 | 4. Property, plant and equipments |
Question 2987hard
Which of the following are the benefits of responsibility accounting?
1. It facilitates the centralisation of decision taking.
2. It provides a system of closer control.
3. It measures the performance of individuals in an objective manner.
4. It develops a sense of cost consciousness among managers and their subordinates.
1. It facilitates the centralisation of decision taking.
2. It provides a system of closer control.
3. It measures the performance of individuals in an objective manner.
4. It develops a sense of cost consciousness among managers and their subordinates.
Question 2988hard
Match the following.
| List-I | List-II |
| a. Partly paid preference share | 1. Premiumon redemption of preference shares |
| b. Capital redemption reserve | 2. Current liabilities |
| c. Security premium | 3. Redemption out of free reserve |
| d. Unclaimed dividend | 4. Can not be redeem |