Accounting MCQs

Match the following.

List-I	List-II
a. Absorption	1. Profit on reissue of shares is to be transferred to . . . . . . . .
b. Accumulated losses and fictitious assets	2. When there are one or more liquidation and no formation, it is known as . . . . . . . .
c. Consolidated revenue profits	3. Internal reconstruction is generally resorted to write off . . . . . . . .
d. Capital reserve	4. The group share of proposed dividends by the subsidiary is added to . . . . . . . .

Match the items of list-I with those of list-II and check your answer:

List-I	List-II
a. Accrued Interest	1. Real Account
b. Special donation received for hockey tournament	2. Income and expenditure
c. Football club	3. Balance sheet
d. Patent Rights	4. Personal Account

Match List-I (Items) with List-II (Standards) and select the correct answer using the options given below the lists:

List-I (Items)	List-II (Standards)
a. Accounting for fixed assets	1. AS-9
b. Revenue recognition	2. AS-10
c. Depreciation accounting	3. AS-3
d. Cash flow statement	4. AS-6

Given:
Debentures = Rs. 5,00,000
Equity share capital = Rs. 25,00,000
Cash = Rs. 1,00,000
Debtor = Rs. 2,00,000
Debt Equity Ratio will be

Match the following:

List-I	List-II
a. At the beginning of each month	1. 5 and 1/2 month
b. At the end of each month quarter	2. 6 and 1/2 month
c. At the beginning of each quarter	3. 4 and 1/2 month
d. At the end of each	4. 7 and 1/2 month

Assertion (A): In preparing final accounts, if closing stock is given in the trial balance, it is shown only in the Balance Sheet.
Reason (R): Any item appearing in the trial balance is treated only at one place i.e. either in the trading and profit & loss a/c or in the balance sheet.
Now, select the correct answer:

Which of the following are correct regarding rights of partners?
1. A partner has the right to allow the admission of a new partner.
2. Every partner has a right to take part in the management of business.
3. Every partner has a joint ownership of partnership property.
4. Every partner has a right to share the profit not the losses with other partners.
5. Every partner has a right to inspect the books of account and have a copy of the same.
6. In case of emergency, a partner has a right to act as a man of prudence.
Select the correct answer:

Consider the following statement, while preparing annual financial statements, the balance of bills receivable account can be treated as-
I. an accrued income
II. an item of assets
III. a "personal account" balance
Of these statement:

In what order following items should be shown in company's balance sheet?
i. Goodwill
ii. Investment
iii. Creditors
iv. Preliminary expenses
Choose answer from one of the options