Accounting MCQs
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Question 3295hard
Arrange the following parties in the event of dissolution of a firm.
1. Secured creditors
2. Unsecured creditors
3. Partners who have granted loans
4. Partners who have contributed over and above profit sharing ratio
Select the correct answer:
1. Secured creditors
2. Unsecured creditors
3. Partners who have granted loans
4. Partners who have contributed over and above profit sharing ratio
Select the correct answer:
Question 3296hard
Direction-The question have two statements.
One is labelled as Assertion (A) and the other as Reason (R). You have to examine both the statements carefully and decide whether Assertion (A) and Reason (R) separately are true and if so then reason is the correct explanation of the assertion. Mark these items on the answer sheet.
Assertion (A): Interest payable on working capital should be treated as an item of operating expenses.
Reason (R): Interest is the cost of capital used in the business.
One is labelled as Assertion (A) and the other as Reason (R). You have to examine both the statements carefully and decide whether Assertion (A) and Reason (R) separately are true and if so then reason is the correct explanation of the assertion. Mark these items on the answer sheet.
Assertion (A): Interest payable on working capital should be treated as an item of operating expenses.
Reason (R): Interest is the cost of capital used in the business.
Question 3297hard
Statement I In the traditional accounting, assets are shown at cost, year after year.
Statement II The cost in inflation accounting represent the cost that prevails at the time of reporting.
Which of the following is/are correct?
Statement II The cost in inflation accounting represent the cost that prevails at the time of reporting.
Which of the following is/are correct?
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Question 3298hard
Sony and Romy are equal partners with fixed capitals of 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 @ 8% per annum instead of 10% per annum. In the adjusting entry
Question 3299hard
Following information is given to you:
Calculate Break Even Point (BEP) of sales
| Sales | Rs. 4,00,000 |
| Fixed cost | Rs. 1,80,000 |
| Variable cost | Rs. 2,00,000 |
Calculate Break Even Point (BEP) of sales
Question 3300hard
The final accounts of a manufacturing company generally include the following statements. Select the correct sequence in the which the statements are prepared
i. Balance sheet
ii. Manufacturing account
iii. Profit and loss account
iv. Trading account
v. Profit and loss appropriation account
i. Balance sheet
ii. Manufacturing account
iii. Profit and loss account
iv. Trading account
v. Profit and loss appropriation account
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Question 3301easy
Discount allowed on reissue of forfeited shares is debited to
Question 3302hard
Anu and Tanu are equal partners with fixed capitals of Rs. 2,00,000 and Rs. 1,00,000, respectively. After closing the accounts for the year ending 31st March 2019, it was dis covered that the interest on capitals @ 8% per annum was omitted to be provided. In the adjusting entry
Question 3303hard
Calculate the profit volume ratio from the following statement:
| Year | Sales | Profit |
| 2006 | 4,00,000 | (-) 24,000 |
| 2007 | 5,00,000 | (+) 30,000 |