accounting
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accounting questions with answers

2,134 multiple-choice questions. Open any question for its answer and explanation.

  1. The study of the effects of output volume on revenue, expenses and net income is known as
  2. Which one of the following statements is not correct?
  3. Which of the following formula is correct to calculate provision on debtors to be transferred to Profit and Loss Account?
  4. Profit on re-issue of forfeited share is transferred to which account?
  5. Debentures can be redeemed by
  6. Distribution of income by way of public expenditure is
  7. If the cost of goods sold is Rs. 1 lakh, the value of opening and closing is Rs. 20,000 and Rs. 30,000 respectively, the stock turnover ratio will be
  8. In absence of an agreement, loss arising out of a partner becoming insolvent shall be borne by solvent partner in
  9. An act of giving up the title to the shares by an allottee, in favour of his nominees either in full or in part is known as
  10. As per section 205 (2A) a company is obliged to transfer at least what amount in reserve, if the rate of dividend is more than 20% of the paid up capital? or If the proposed dividend is 20% the percentage of profits to be transferred to reserve is
  11. Preference shares can be redeemed
  12. Non-convertible debenture refer to
  13. X Ltd. purchased 70% of the shares of Y Ltd. at a price on 1,00,000. Share capital of Y Ltd. was of Rs. 70,000 and its accumulated profits amounted to Rs. 90,000. What would be the amount of Minority Interest in the consolidated balance sheet?
  14. If there is a decrease of Rs. 6,000 in the value of creditors, the journal entry will be
  15. In the absence of an agreement retiring partners share in the firm will be purchase by the remaining partners in the
  16. Accounting for price level changes is related to
  17. A trader does not keep a complete set of books and provides the following information- He started business on 1st June, 2004 with Rs. 10,000. He made withdrawals at the rate of Rs. 500 per month during the last 6 months. During the year, a further capital of Rs. 2,000 was invested. His total assets as on 31st December, 2004 were Rs. 23,700, his creditors were Rs. 3,000 on the same date and unpaid expenses were Rs. 500 then his net profit would be
  18. A and B are partners in the ratio of 2 : 1. They admit C for $${\frac{1}{4}^{{\text{th}}}}$$ share. C brings Rs. 3,000 for his share of goodwill. The total value of the goodwill of the firm is
  19. Recieved Rs. 5,000 from Ram wrongly posted to his account as Rs. 50,000. This is error of
  20. Schedule VI given in Companies Act relates to
  21. The interest on the Capital Accounts of partners is credited to
  22. Profit prior to incorporation of a company
  23. A and B are partner in partnership firm. They admitted C for $${\frac{1}{4}^{{\text{th}}}}$$ share in profit. New profit sharing ratio between A, B and C is A. 3 : 2 : 1 B. 3 : 1 : 2 C. 3 : 3 : 2 D. 3 : 3 : 3
  24. Discount on issue of debenture should be shown in
  25. Which of the following is not the responsibility centre for control purposes?