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 3259hard
Calculate the interest on drawings assuming the rate @ 10% p.a for the year ended 31st December 2016, for the withdrawals of Rs. 2000 made at the beginning of each month
Question 3260hard
The cost of the motor car as on 1st January 1987 is Rs. 70,000. The rate of depreciation is 10% P.A. The balance of motor car on 1st January 1991 by fixed installation method and by written down value method will be
Question 3261hard
In case of dissolution of a firm, in which order the following creditors should be paid?
1. Creditors having floating charge on the assets of the firm
2. Remuneration of liquidator
3. Provident fund money payable to employees
4. Bank overdraft
1. Creditors having floating charge on the assets of the firm
2. Remuneration of liquidator
3. Provident fund money payable to employees
4. Bank overdraft
Advertisement
Question 3262hard
Assertion (A): Personal transactions of the business owners are not recorded in the books.
Reason (R): According to the business entity concept, each business enterprise is considered an accounting unit separate from owners.
Reason (R): According to the business entity concept, each business enterprise is considered an accounting unit separate from owners.
Question 3263medium
Given:
Sals - Rs. 2,00,000
Gross Profit - 25% of cost
Stock velocity - 3 months
Closing stock is Rs. 2,000 more than the opening stock.
Sals - Rs. 2,00,000
Gross Profit - 25% of cost
Stock velocity - 3 months
Closing stock is Rs. 2,000 more than the opening stock.
Question 3264hard
Match the items of List-I with those of List-II and indicate the correct answer:
| List-I | List-II |
| a. AS-6 | 1. Accounting for consolidated financial statements |
| b. As-3 | 2. Accounting for fixed assets |
| c. AS-10 | 3. Depreciation accounting |
| d. AS-21 | 4. Accounting for cash flow statement |
Advertisement
Question 3265hard
A complete set of financial statements under Ind AS includes the following.
1. Balance sheet at the end of the period.
2. Statement of profit and loss for the period.
3. Statement of changes in equity for the period.
4. Statement of cash flow for the period.
5. Balance sheet at the beginning of the preceding period.
Which statements given above are correct?
1. Balance sheet at the end of the period.
2. Statement of profit and loss for the period.
3. Statement of changes in equity for the period.
4. Statement of cash flow for the period.
5. Balance sheet at the beginning of the preceding period.
Which statements given above are correct?
Question 3266hard
Which of the following expenditures are to be treated as revenue expenditure?
I. Interest paid on money borrowed during construction period
II. Cost of patent rights
III. Loss of uninsured stock due to fire
IV. Retirement gratuity paid to an employee
Select the correct answer using the options given below:
I. Interest paid on money borrowed during construction period
II. Cost of patent rights
III. Loss of uninsured stock due to fire
IV. Retirement gratuity paid to an employee
Select the correct answer using the options given below:
Question 3267hard
Match List-I with List-II (subject) and select the correct answer:
| List-I | List-II |
| a. Preliminary expenses | 1. Revenue expenditure |
| b. Interest on loan for business | 2. Revenue receipts |
| c. Life subscription | 3. Deferred revenue expenditure |
| d. Interest on bank deposits | 4. Capital Receipts |