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 3160hard
Subscription to Newspapers and Periodicals - Rs. 350.00
Sale proceeds of old Newspapers - Rs. 60.00
What amount is posted on the expenditure side of the income and Expenditure Account:
Sale proceeds of old Newspapers - Rs. 60.00
What amount is posted on the expenditure side of the income and Expenditure Account:
Question 3161hard
Match List-I (Items of expenditure and receipt) with List-II (Nature of expenditure and receipt) and select the correct answer using the options given below the lists:
| List-I | List-II |
| a. Premium paid for a lease hold property | 1. Revenue expenditure |
| b. Insurance premium paid for risks against accidental losses of properties (fixed assets) | 2. Capital receipt |
| c. Amount realised from the sale of securities (investment)purchased earlier | 3. Deferred revenue expenditure |
| d. Huge sales promotion expenses | 4. Capital expenditure |
Question 3162medium
The following accounting information is given by a company
Total assets turnover 3 times the net profit margin: 10%
Total assets: Rs. 1,00,000.
The net profit is
Total assets turnover 3 times the net profit margin: 10%
Total assets: Rs. 1,00,000.
The net profit is
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Question 3163hard
Which of the following are examples of cash flow from operating activities as per AS-7?
1. Cash receipts from the sale of goods and the rendering of services.
2. Cash receipts from disposal of intangible assets.
3. Cash receipts from royalties, fees, commissions and other revenue.
4. Cash payments to suppliers for goods and services.
5. Cash proceeds from issuing shares or other similar instruments.
6. Cash payments to and on behalf of employees.
Select the correct answer:
1. Cash receipts from the sale of goods and the rendering of services.
2. Cash receipts from disposal of intangible assets.
3. Cash receipts from royalties, fees, commissions and other revenue.
4. Cash payments to suppliers for goods and services.
5. Cash proceeds from issuing shares or other similar instruments.
6. Cash payments to and on behalf of employees.
Select the correct answer:
Question 3164hard
Given,
Funds from operation are
| 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
Question 3165hard
| Fixed Assets | Rs. 14,40,000 |
| Net Worth | Rs. 15,00,000 |
| Debt (Long-term) | Rs. 9,00,000 |
| Other current assets | Rs. 7,60,000 |
| Currents liabilities | Rs. 6,00,000 |
The currnet ratio is
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Question 3166hard
| Opening Debtors | Rs. 10,000 |
| Sales Returns | Rs. 7,000 |
| Bad Debts | Rs. 3,000 |
| Cash Received from Debtors | Rs. 40,000 |
| Closing Debtor | Rs. 13,000 |
Find out the amount of credit sales.
Question 3167hard
Charulata is a partner in a firm. She withdrew Rs. 10,000 in each quarter during the year ending on 31st March 2019. The interest on her drawings @ 9%per annum will be
Question 3168hard
P, Q and R are equal partners with fixed capitals of Rs. 5,00,000, Rs. 4,00,000 and Rs. 3,00,000, respectively. After closing the accounts for the year ending 31st March 2019, it was discovered that the interest on capitals was provided @ 7% per annum instead of 9% per annum. In the adjusting entry