accounting
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accounting questions with answers

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

  1. The basic concept related to profit and loss account is/are
  2. If current ratio is 2.5 and working capital is Rs. 90,000 then the value of current assets would be
  3. The Debt-Equity Ratio is a test of
  4. Break Even Point means
  5. AS-37 does not apply to contingent liabilities of
  6. X Ltd. goes into liquidation and a new company Z Ltd. purchases the business of X Ltd. It is a case of
  7. Arrange the following in correct sequence in the event of dissolution of a partnership firm. 1. Residue, if any, divided among the partners. 2. Paying to each partner for his capital. 3. Paying the debts of third party. 4. Paying to each partner for advances made by him. Select the correct answer
  8. An asset was purchased for Rs. 5,00,000 with the down payment of Rs. 1,00,000 and bills adopted for Rs. 4,00,000. What would be the effect on the total asset and total liabilities in the Balance Sheet?
  9. Securities premium can be used by a company for
  10. By underwriting of shares, it is
  11. You are given the following items- 1. Bill received 2. Investment 3. Debtors 4. Interest earned but not received Which of the following arrangement in order of liquidity is correct?
  12. According to which of the following concepts, fixed assets are depreciated over their useful life, rather than over a shorter period, on the expectation of early liquidation?
  13. X, Y and Z are partner in a partnership firm who share profits and loses in 4 : 2 : 1. It is decided that Z's share of profit will not be less than Rs. 7,500. If profit for the year is Rs. 31,500 then how will be profit distributed between each partner?
  14. Garner Vs. Murray rule is applicable when
  15. Current liabilities are equal to
  16. The equation to find opening stock is
  17. Mortgage loan is shown in
  18. When does the buyer get the ownership in the hire purchase method?
  19. If closing stock is given in adjustment then it would be shown in
  20. Which of the following statement is wrong?
  21. Over-capitalization results in
  22. Cash sales during the year - Rs. 46,000 Cash collected from customers during the year - Rs. 1,26,000 Amount regarded as collected from the customers at the end of the year decreased by Rs. 4,940 as compared to the collectable amount at the beginning of the year. One account of the amount of Rs. 1,300 was determined worthless during the year. The amount of credit sales during the year was
  23. Consider the following statements. 1. Atleast three persons are necessary for forming a partnership. 2. The right to share a profit is full proof of one being a partner. 3. The business of the firm can be conducted even by one partner. Which of the statement(s) given above is/are correct?
  24. A new partner for acquiring his share in the profit brings
  25. X Ltd. forfeited 20 shares of Rs. 10 each on which Rs. 6 per share were paid. Out of these shares, 8 shares were reissued as fully paid up on payment of Rs. 5.50 per share. The amount to be transferred to capital reserve account will be