Accounting Objective Questions and Answers

2017. Match List-I and List-II and Select the correct answer:

List-I	List-II
a. Loss in business	1. Profit & Loss Adjustment A/c
b. Partner loan	2. Joint Life Policy
c. Death of Partners	3. Debit balance of Profit and Loss A/c
d. Revaluation A/c	4. 6% Interest

A. a-3, b-4, c-2, d-1

B. a-1, b-2, c-3, d-4

C. a-1, b-3, c-4, d-2

D. a-3, b-2, c-1, d-4

Discussion

2018. What is interest on drawing to the business?

A. Preliminary expense

2019. Which of the following is an error of commission?

A. A sale of Rs. 560 ommitted to be recorded

B. A purchase of Rs. 840 was wrongly posted

C. Treating charges as addition to asset

D. Sales book over cost by Rs. 600 and purchase book was under cost by the same amount

Discussion

2020. Given, subscription received in 1990:
For the year 1989 - Rs. 500
For the year 1990 - Rs. 7,000
For the year 1991 - Rs. 400
1990 - subscription outstanding on 31^st December 1990 : Rs. 250
The amount of subscription to be posted to income and expenditure account of 1990 is:

2021. If the period for writing-off the short working has expired then it is transferred to which account by lessee?

A. Profit and Loss A/c

2022. Statement I IFRS are issued by International Accounting Standard Board (IASB).
Statement II IFRS-16, i.e.'leases' applies to annual reporting periods beginning on or after 1^st January, 2019.

A. Only statement I is true

B. Only statement II is true

C. Both statements are true

D. Both statements are false

Discussion

2023. Under Garner vs Murray rule, in the event of dissolution of a partnership firm, solvent partner will have to share the deficiency of insolvent partner in

A. Profit Sharing Ratio

B. Adjusted Capital Ratio

C. Sacrificing Ratio

D. None of these

Discussion

Accounting MCQs