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 3079hard
An entity issues shares as consideration for the purchase of inventory. The shares were issued on 1st January, 2017. The inventory is eventually sold on 31st December, 2018. The value of the inventory on 1st January, 2017, was Rs. 8,00,000. This value was unchanged upto the date of sale. The sale proceed was Rs. 12,00,000. The shares issued have a market value of Rs. 9,00,000. Which of the following statement correctly describes the accounting treatment of this share based payment transaction?
Question 3080hard
A and B are partners who share profit and loss equally. A with drawing Rs. 400 regularly at the end of each month for half year ended at 30th June 2008. What will be the amount of interest if 5% p.a. interest is charged on drawing?
Question 3081hard
Match the following:
| List-I | List-II |
| a. Intangible assets | 1. Ind AS-31 |
| b. Impairment of assets | 2. Ind AS-34 |
| c. Interim financial reporting | 3. Ind AS-36 |
| d. Interests in joint ventures | 4. Ind AS-38 |
Advertisement
Question 3082medium
Consider the following activities:
1. Summarising the performance of a business
2. Analysing of the business transactions
3. Interpreting the results
4. Recording the transactions
1. Summarising the performance of a business
2. Analysing of the business transactions
3. Interpreting the results
4. Recording the transactions
Question 3083hard
From the following statements related to insolvency account mark your answer according to the answer code given:
i. List A contains particulars relating to unsecured creditors.
ii. All taxes due are considered preferential creditors.
iii. Properties held by the insolvent in the fiduciary capacity can be distributed amongst his creditors.
iv. List D contains the particulars relating to assets and properties.
i. List A contains particulars relating to unsecured creditors.
ii. All taxes due are considered preferential creditors.
iii. Properties held by the insolvent in the fiduciary capacity can be distributed amongst his creditors.
iv. List D contains the particulars relating to assets and properties.
Question 3084medium
Arrange the following liabilities in the order of company's balance sheet.
1. Bank Overdraft
2. Bank Loan
3. Share Capital
4. Provision for Taxation
1. Bank Overdraft
2. Bank Loan
3. Share Capital
4. Provision for Taxation
Advertisement
Question 3085easy
Petty cash fund is supposed to be replenished
Question 3086hard
Consider the following statements:
Assertion (A): Rights shares are given to equity shareholders in proportion to their share capital in the company.
Reason (R): Equity shareholders assume the greatest risk in company finance.
Now select your answer:
Assertion (A): Rights shares are given to equity shareholders in proportion to their share capital in the company.
Reason (R): Equity shareholders assume the greatest risk in company finance.
Now select your answer:
Question 3087easy
Statement I Capital expenditure benefits the current accounting period.
Statement II Capital expenditure will also benefit the next accounting period.
Statement II Capital expenditure will also benefit the next accounting period.