Accounting MCQs with Answers 2027

Q1701

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

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Q1702

Open question

A company forfeited 100 equity shares of Rs. 10 each on which a final call of Rs. 4 per share was unpaid. At what minimum rate per share these shares can be reissued by the company?

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Q1703

Open question

Ram of Allahabad filed a petition in the court for adjudication as insolvent. At that time one month's salary due to five clerks amounted to Rs. 2,000, one month's wages due to ten workers amounted to Rs. 1,500, rent and rates due amounted to Rs. 500. Income tax due amounted to Rs. 1,200 and one month's rent due amounted to Rs. 1,000. The amount of preferential creditors would be:

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Q1704

Open question

Outstanding wages will be classified as:

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Q1705

Open question

According to Garner Vs. Murray in absence of any contract to contrary deficiency arising on account of a partner becoming insolvent shall be borne by solvent partners in their

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Q1706

Open question

Which one of the following statements is not true?

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Q1707

Open question

Redeemable preference shares of Rs. 1,00,000 are redeemed at a premium of 5% for which fresh equity shares of Rs. 40,000 are issued at par. What amount should be transferred to Capital Redemption Reserve account:

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Q1708

Open question

Profit or loss on revaluation will be borne by

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Q1709

Open question

Profit on revolution of assets and liabilities in case of amalgamation of partnership firm is

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Q1710

Open question

Segment Environmental accounting is the part of

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Q1711

Open question

Which of the following is not an accounting concept?

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Q1712

Open question

The following accounting information is given by a company
Total assets turnover 3 times the net profit margin: 10%
Total assets: Rs. 1,00,000.
The net profit is

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Q1713

Open question

Which of the following transactions would affect the current ratio:

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Q1714

Open question

On account purchases of goods at a current ratio of 2 : 1

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Q1715

Open question

Return on Investment (ROI) is computed as

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Q1716

Open question

According to the profit and loss account, the net profit for the year is Rs. 1,50,000. The total interest on partner's capital is Rs. 18,000 and, interest on partner's drawings is Rs. 2,000. The net profit as per profit and loss appropriation account will be

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Q1717

Open question

A and B are partners sharing profits and losses in the ratio 3 : 1. They decided to admit C. C will be given

\frac{1}{4}^{th}

share in future profits of the firm which he takes from A and B in ratio 2 : 1. New profit sharing ratio will be:

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Q1718

Open question

Subscriptions outstanding 31^st December, 1993 Rs. 200
Subscriptions received in advance in year 1993:
1994 ⇔ 300
1995 ⇔ 100
Total subscriptions received during 1994 Rs. 5,800
Subscriptions outstanding on 31^st December, 1994:
1993 ⇔ 50
1994 ⇔ 250
Subscriptions received in advance in 1994:
1995 ⇔ 350
1996 ⇔ 150
Subscriptions to be shown in Income and Expenditure Account for the year ended 31^st December, 1994 is:

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Q1719

Open question

Sometimes all the partners including the new partner may agree not to alter the book value of assets and liabilities even when they agree to revalue them. In order to record this, . . . . . . . . is opened.

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Q1720

Open question

A and B are partners sharing profit and loss in 2 : 1 ratio. They admitted C who agreed to contribute Rs. 50,000 towards his capital. The future profit sharing ratio of A, B and C is 2 : 3 : 3 respectively. C agreed to transfer Rs. 15,000 for Goodwill from his capital account. A's capital account will be credited by

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