I.com II Accounting MCQs with Answers

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Important MCQs with Answers

Receipt and payment consist of:

Income and expenditure account

Cash receipt and payment

Debit & Credit balance of ledger account

None of these

Correct! Wrong!

Payment of honorarium is considered as:

Liability

Asset

Income

Expense

Correct! Wrong!

A fee charged by the club from its members for their entire life is known as:

Grant

Subscription

Entrance fee

Life membership fee

Correct! Wrong!

The institutions which deal in activities other than trade are called:

Trading concerns

Manufacturing concerns

Non trading concerns

None of these

Correct! Wrong!

Single entry system is suitable for:

Small scale business

Large scale business

Both of these

None of these

Correct! Wrong!

Balance sheet is prepared under:

Single entry system

Double entry system

Both of these

None of these

Correct! Wrong!

Statement of assets and liabilities prepared under single entry system is called:

Balance sheet

Profit and loss account

Statement of affairs

Income statement

Correct! Wrong!

Consignee is a:

Principal

Seller

Buyer

Agent

Correct! Wrong!

A document sent by a consignor to consignee given details is called:

Account sales

Proforma invoice

Voucher

All of these

Correct! Wrong!

The right of consignee is:

Only restricted to receive the commission

To safe guard the goods

To sell the goods

All of these

Correct! Wrong!

In which method depreciation is reduced from year to year:

Straight line method

Original cost method

Reducing balance method

Fixed method

Correct! Wrong!

The systematic write off to expense to the cost of an intangible asset over the period of its economic usefulness:

Depletion

Amortization

Fluctuation

Obsolescence

Correct! Wrong!

Which one is a not depreciable asset?

Equipment

Machinery

Land

None of these

Correct! Wrong!

Maximum number of members in private limited company:

100

Correct! Wrong!

Certificate of incorporation for the company business is issued by registrar to the:

Public limited company

Private limited company

Partnership

Cooperative society

Correct! Wrong!

Certificate of commencement of business is issued by:

Directors

Promoters

Registrar

Managing agent

Correct! Wrong!

An association of two or more persons to carry on a business for profit is known as:

Sole proprietorship

Partnership

J.S. company

Cooperative society

Correct! Wrong!

A person can also become a partner by offering his:

Ability

Energy

Intelligence

All of these

Correct! Wrong!

The written agreement among the partner is known as:

Memorandum of association

Prospectus

Articles of association

Partnership deed

Correct! Wrong!

The demerit of partnership is:

Elasticity

Ease of formation

Unlimited liability

Ease of raising loan

Correct! Wrong!

If opening capital is Rs.10,000 & closing capital is Rs.15,000 then profit or loss:

Please select 2 correct answers

Loss of Rs.5,000

Profit of Rs.2,500

Profit of Rs.5,000

None of these

Correct! Wrong!

Cash in hand can be obtained by preparing:

Cash book

Statement of affairs

Debtors account

Creditors account

Correct! Wrong!

How many methods are available to calculate the profit or loss under single entry system?

Four

Three

Two

One

Correct! Wrong!

The balance sheet of a hospital does not contain the item of:

Cash

Owner’s equity

Building

Stock

Correct! Wrong!

A fee paid by the members of club at the time of becoming the member is called:

Grant

Subscription

Entrance fee

Donation

Correct! Wrong!

The amount which will be realized at the end of asset’s useful life

Market value

Scrap value

Book value

All of above

Correct! Wrong!

The value of asset may rise or fall due to:

Passage of time

Fluctuation

Depreciation

Amortization

Correct! Wrong!

When asset is purchased, which account is debited?

Depreciation

Asset account

Purchase a/c

Cash account

Correct! Wrong!

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I.com II Accounting MCQs with Answers

Receipt and payment consist of:

Payment of honorarium is considered as:

A fee charged by the club from its members for their entire life is known as:

The institutions which deal in activities other than trade are called:

Single entry system is suitable for:

Balance sheet is prepared under:

Statement of assets and liabilities prepared under single entry system is called:

Consignee is a:

A document sent by a consignor to consignee given details is called:

The right of consignee is:

In which method depreciation is reduced from year to year:

The systematic write off to expense to the cost of an intangible asset over the period of its economic usefulness:

Which one is a not depreciable asset?

Maximum number of members in private limited company:

Certificate of incorporation for the company business is issued by registrar to the:

Certificate of commencement of business is issued by:

An association of two or more persons to carry on a business for profit is known as:

A person can also become a partner by offering his:

The written agreement among the partner is known as:

The demerit of partnership is:

If opening capital is Rs.10,000 & closing capital is Rs.15,000 then profit or loss:

Cash in hand can be obtained by preparing:

How many methods are available to calculate the profit or loss under single entry system?

The balance sheet of a hospital does not contain the item of:

A fee paid by the members of club at the time of becoming the member is called:

The amount which will be realized at the end of asset’s useful life

The value of asset may rise or fall due to:

When asset is purchased, which account is debited?

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