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 3187hard
Match List-I with List-II and select the correct answer
| List-I | List-II |
| a. Prepaid rent | 1. Current liability |
| b. Bank overdraft | 2. Current assets |
| c. Goodwill | 3. Fictitious assets |
| d. Profit & Loss A/c | 4. Intangible assets |
Question 3188hard
Stock of stationery on 1st January 1991- Rs. 300, creditors for stationery on 31st December 1991- Rs. 130, payment for stationery during 1991- Rs. 1,080, stock of stationary on 31st December 1991- Rs. 50. What amount on account of stationery will be posted to income and expenditure A/c:
Question 3189hard
Match list-I with list-II and select the correct answer:
| List-I (Accounting Standards) | List-II (Objects) |
| a. AS-1 | 1. Valuation of inventory |
| b. AS-2 | 2. Cash Flow Statement |
| c. AS-3 | 3. Revenue Recognition |
| d. AS-4 | 4. Disclosure of Accounting Policies |
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Question 3190hard
Assertion (A) When a company earns profit prior to its incorporation, it is called capital profit.
Reason (R) Capital profit cannot be used for distribution as dividend to the shareholders.
Reason (R) Capital profit cannot be used for distribution as dividend to the shareholders.
Question 3191hard
The question contains two sentences. One is statement (A) and the other is Reason (R). You have to examine both the sentence carefully and decide whether statement (A) and reason (R) correct and if so, reason is the correct explanation of statement. Mark these items in the answer sheet:
Statement (A): Wages paid for installation of new machine is treated as capital expenditure.
Reason (R): It is related to giving work to new asset.
Statement (A): Wages paid for installation of new machine is treated as capital expenditure.
Reason (R): It is related to giving work to new asset.
Question 3192hard
A business concern provides the following details-
Cost of goods sold = Rs. 1,50,000
Sales = Rs. 2,00,000
Opening stock = Rs. 60,000
Closing stock = Rs. 40,000
Debtors = Rs. 45,000
Creditors = Rs. 50,000
The concerns, purchses would amount to (in Rs.):
Cost of goods sold = Rs. 1,50,000
Sales = Rs. 2,00,000
Opening stock = Rs. 60,000
Closing stock = Rs. 40,000
Debtors = Rs. 45,000
Creditors = Rs. 50,000
The concerns, purchses would amount to (in Rs.):
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Question 3193hard
Given that the value of furniture on 1st Januray 1993 is Rs. 8,000, furniture purchased during the year is Rs. 4,000, sale of furniture no loss no profit basis is Rs. 2,000, and the furniture is valued at Rs. 7,000 on 31st December 1993, the depreciation for the year 1993 will be:
Question 3194medium
Given,
Net profit will be
| Total Assets Turnover | 4 |
| Net Profit | 10% |
| Total Assets | Rs. 50,000 |
Net profit will be
Question 3195hard
Match the following
| List-I | List-II |
| a. . . . . . . . . . concept is related to recognition of income. | 1. Rent |
| b. Trading account and profit and loss account are . . . . . . . . statements. | 2. Realisation |
| c. . . . . . . . . is a tangible fixed assets. | 3. Periodic |
| d. Outstanding rent will be debited to . . . . . . . . account. | 4. Land |