MCQ Questions for Class 12 Accountancy set-1 ICSE XII MCQs: multiple choice questions and answers,Mock Tests and Practice Papers

Question:

A draws â‚¹ 1,000 per month on the last day of every month. If the rate of interest is 5% p.a., then the total interest on drawings will be :

1. â‚¹ 325

2. â‚¹ 275

3. â‚¹ 300

4. â‚¹ 350

Posted Date:-2022-10-14 07:02:17

Question:

All items of revenue in nature are shown in:

1.Income and Expenditure A/c

2. Balance Sheet

3.(a) and (b) both

4. None of these

Posted Date:-2022-10-14 06:53:11

Question:

All receipts from sale of consumable items are treated as:

1. Capital Receipts

2. Revenue Receipts

3. Both (a) and (b)

4.None of these

Posted Date:-2022-10-12 06:22:00

Question:

All receipts of capital nature are shown in :

1.Income and Expenditure A/c

2.Balance Sheet

3.P. & L. A/c

4. None of these

Posted Date:-2022-10-14 06:50:50

Question:

Balance of Income and Expenditure Account shows:

1.Cash in hand

2. Capital Fund

3.Net Profit

4.Excess of Income over Expenditure or Vice Versa

Posted Date:-2022-10-12 06:25:36

Question:

Calculate interest on drawings @ 12% p.a. for Gambhir if he withdrew 7 2,000 once at the beginning of each month:

1.7 1,560

2.7 1,500

3.7 1,200

4.7 1,000

Posted Date:-2022-10-14 07:04:32

Question:

Capital fUnd is calculated:

1. Income-Expenditure

2. Assets Liabilities

3.Capital + Liabilities

4.None of these

Posted Date:-2022-10-12 06:22:29

Question:

Donation received for a special purpose:

1. Should be credited to Income and Expenditure A/c

2. Should be credited to a separate account and shown in the Balance Sheet

3.Should be shown on the Assets side of the Balance Sheet

4.None of these

Posted Date:-2022-10-12 06:27:35

Question:

Entrance fees, unless otherwise stated, is treated as:

1.A Capital Receipt

2. A Revenue Income

3.A Liability

4.None of these

Posted Date:-2022-10-12 06:37:33

Question:

Features of a partnership firm are:

1.Two or more persons

2.Sharing profit and losses in the agreed ratio

3.Business carried on by all or any of them acting for all

4. All of the above

Posted Date:-2022-10-14 06:58:25

Question:

Fluctuating capital account is credited with :

1. Interest on capital

2. Profit of the year

3.Remuneration of partners

4. All of these

Posted Date:-2022-10-14 07:03:22

Question:

For a non-trading concern, honorarium paid is:

1. An Income

2. An Asset

3.An Expense

4.None of these

Posted Date:-2022-10-12 06:37:08

Question:

In case specific fund is maintained, the expenses exceeding the amount of the fluids, should be recorded on:

1. Liabilities side of the Balance Sheet

2.Debit side the Income and Expenditure Account

3. Credit side of the Income and Expenditure Account

4. Assets side of the Balance Sheet

Posted Date:-2022-10-12 06:21:26

Question:

In case specific fund is maintained, the expenses exceeding the amount of the funds, should be recorded on:

1. Liabilities side of the Balance Sheet

2.Debit side of the Income and Expenditure Account

3. Credit side of the Income and Expenditure Account

4. Assets side of the Balance Sheet

Posted Date:-2022-10-12 06:32:15

Question:

In not-for-profit organisation, excess of expenditure over income is called :

1. Loss

2.Profit

3.Deficit

4. Surplus

Posted Date:-2022-10-12 06:28:06

Question:

In the absence of an agreement, partners are entitled to:

1.Salary

2.Profit share in capital ratio

3. Interest on loan and advances

4. Commission

Posted Date:-2022-10-14 07:02:48

Question:

Income and Expenditure Account generally indicates:

1.Surplus/Deficit

2.Cash Balance

3.Capital Fund

4.Net Profit/Loss

Posted Date:-2022-10-12 06:27:00

Question:

Income and Expenditure Account is prepared :

1.By Business Organisation

2. By Industrial Organisation

3. By Not-for-Profit Organisation

4.By All Organisations

Posted Date:-2022-10-12 06:34:26

Question:

Income and Expenditure Account is preparedly :

1.Trending Organisation

2. Non-trading Organisation

3.Both (a) and (b)

4.None of these

Posted Date:-2022-10-12 06:29:01

Question:

Income and Expenditure Account is:

1. Personal Account

2. Real Account

3. Nominal Account

4.None of these

Posted Date:-2022-10-12 06:32:43

Question:

Income and Expenditure Account records transactions of:

1. Capital nature only

2.Revenue nature only

3.(a) and (b) both

4.None of these

Posted Date:-2022-10-14 06:41:40

Question:

Income and expenses related to the prize fund is shown in:

1.Income and Expenditure Account

2.Assets side of the Balance Sheet

3.Liabilities side of the Balance Sheet

4.Cash Account

Posted Date:-2022-10-12 06:30:09

Question:

Interest on drawings of the Partners is a :

1.Loss to business

2. Profit to business

3.Profit to partners

4.Loss to Bank

Posted Date:-2022-10-14 07:05:02

Question:

Interest on Partnerâ€™s capital is :

1. An expenditure

2. An appropriation

3.A gain

4.None of these

Posted Date:-2022-10-14 07:03:56

Question:

Legacies should be treated as :

1.A Liability

2. A Revenue Receipt

3. An Income

4. None of these

Posted Date:-2022-10-12 06:35:46

Question:

Life membership fee received by a club is:

1.Revenue Receipt

2.Capital Receipt

3.(a) and (b) both

4.None of these

Posted Date:-2022-10-14 06:42:17

Question:

Life Membership Fees received by a club is shown in :

1.Income and Expenditure A/c

2.Balance Sheet

3.Receipts and Payments A/c

4.None of these

Posted Date:-2022-10-12 06:33:14

Question:

Most transaction in non-trading concerns are:

1. Cash

2. Credit

3.Both (a) and (b)

4.None of these

Posted Date:-2022-10-14 06:55:19

Question:

Out of the following items, which one is shown in the Receipts and Payments Account?

1.Outstanding Salary

2.Depreciation

3. Life Membership Fees

4.Accrued Subscription

Posted Date:-2022-10-12 06:20:54

Question:

Outstanding subscription is a:

1. Income

2.Asset

3. (a) and (b) both

4. None of these

Posted Date:-2022-10-12 06:35:18

Question:

Payment of honorarium to secretary is treated as :

1.Capital expenditure

2. Revenue expenditure

3. An Income

4. None of these

Posted Date:-2022-10-12 06:34:52

Question:

Property received as a result of the will of the deceased person is called:

1. Legacy

2.Honorarium

3. Donation

4. Subscription

Posted Date:-2022-10-12 06:26:05

Question:

Receipts and Payments A/c is a summary of:

1.All Capital Receipts and Payments

2.All Revenue Receipts and Payments

3. All Revenue and Capital Receipts and Payments

4.None of the above

Posted Date:-2022-10-12 06:18:43

Question:

Receipts and Payments Account is a :

1.Personal Account

2.Real Account

3.Nominal Account

4. None of these

Posted Date:-2022-10-12 06:33:42

Question:

Receipts and Payments Account usually indicates:

1.Surplus

2. Capital Fund

3.Debit Balance

4. Credit Balance

Posted Date:-2022-10-12 06:26:32

Question:

Sale of old newspapers is:

1.Capital Receipt

2.Revenue Receipt

3.Asset

4. Profit

Posted Date:-2022-10-12 06:29:36

Question:

Specific donation is:

1.Capital Receipt

2. (Revenue Receipt

3. Asset

4.None of these

Posted Date:-2022-10-12 06:37:58

Question:

Subscription received by a schoblfbr organising annual V function is treated as:

1.Capital Receipt

2.Revenue Receipt

3. Asset

4. Earned Income

Posted Date:-2022-10-12 06:20:22

Question:

Subscription received by an organisation is:

1.Capital Receipt

2.Revenue Receipt

3.Both (a) and (b)

4.None of the above

Posted Date:-2022-10-14 06:56:53

Question:

Subscription received during the year 50,000 Rs. Subscriptions outstanding at the end of the year 8,000 Rs. Subscription outstanding at the beginning of the year 6,000 Rs. Net Income from subscription will be :

1. 48,000 Rs.

2. 64,000 Rs.

3.52,000 Rs.

4. 36,000 Rs.

Posted Date:-2022-10-12 06:31:03

Question:

Subscription received during the year â‚¹ 1,80,000 Subscriptions outstanding at the end of the year â‚¹ 20,000 Subscriptions received in advance at the end of the year â‚¹ 10,000. The amount of subscription to be credited to Income and Expenditure Account will be:

1.â‚¹ 2,10,000

2.â‚¹ 1,90,000

3. â‚¹ 1,70,000

4. â‚¹ 2,00,000

Posted Date:-2022-10-12 06:31:33

Question:

Subscription redeved in advance during the current year is:

1.An income

2.An Asset

3.A liability

4.None of these

Posted Date:-2022-10-12 06:25:05

Question:

Subscriptions received in advance by a club are shown onâ€¦ .of the Balance Sheet

1. Assets Side

2.Liabilities Side

3.Debit Side

4.Credit Side

Posted Date:-2022-10-14 06:54:20

Question:

The excess of assets over liabilities in non-trading concerns is termed as:

1.Capital Fund

2.Capital

3. Profit

4. Net Profit

Posted Date:-2022-10-12 06:36:40

Question:

The main object of non-profit organisation is:

1.To earn Profit

2.To Serve the Society

3.To Prepare Profit & Loss A/c

4.All the above

Posted Date:-2022-10-14 06:56:22

Question:

What time would be taken into consideration if equal monthly amount is drawn as drawings at the beginning of each month ?

1. 7 months

2. 6 months

3.5 months

4. 6.5 months

Posted Date:-2022-10-14 07:01:47

Question:

Which of the following is a non-profitable organisation ?

1. Jharkhand Academic Council

2. Tata Steel

3. Air India

4.Reliance Co. Ltd.

Posted Date:-2022-10-12 06:28:34

Question:

Which of the following is not a not-for-profit organisation ?

1. College

2. Sports Club

3.Maruti Udyog

4. Hospital

Posted Date:-2022-10-14 06:53:49

Question:

Which of the following is not a not-for-profit organisation:

1. School

2. Hospital

3.Club

4.Partnership Firm

Posted Date:-2022-10-12 06:30:36

Question:

Which of the following is not an income ?

1.Subscription

2. Donation

3. Sale of Ticket

4.Endowment Fund

Posted Date:-2022-10-14 06:54:48

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ICSE XII/MCQ Questions for Class 12 Accountancy set-1 Sample Test,Sample questions

Question: A draws â‚¹ 1,000 per month on the last day of every month. If the rate of interest is 5% p.a., then the total interest on drawings will be :

Question: All items of revenue in nature are shown in:

Question: All receipts from sale of consumable items are treated as:

Question: All receipts of capital nature are shown in :

Question: Balance of Income and Expenditure Account shows:

Question: Calculate interest on drawings @ 12% p.a. for Gambhir if he withdrew 7 2,000 once at the beginning of each month:

Question: Capital fUnd is calculated:

Question: Donation received for a special purpose:

Question: Entrance fees, unless otherwise stated, is treated as:

Question: Features of a partnership firm are:

Question: Fluctuating capital account is credited with :

Question: For a non-trading concern, honorarium paid is:

Question: In case specific fund is maintained, the expenses exceeding the amount of the fluids, should be recorded on:

Question: In case specific fund is maintained, the expenses exceeding the amount of the funds, should be recorded on:

Question: In not-for-profit organisation, excess of expenditure over income is called :

Question: In the absence of an agreement, partners are entitled to:

Question: Income and Expenditure Account generally indicates:

Question: Income and Expenditure Account is prepared :

Question: Income and Expenditure Account is preparedly :

Question: Income and Expenditure Account is:

Question: Income and Expenditure Account records transactions of:

Question: Income and expenses related to the prize fund is shown in:

Question: Interest on drawings of the Partners is a :

Question: Interest on Partnerâ€™s capital is :

Question: Legacies should be treated as :

Question: Life membership fee received by a club is:

Question: Life Membership Fees received by a club is shown in :

Question: Most transaction in non-trading concerns are:

Question: Out of the following items, which one is shown in the Receipts and Payments Account?

Question: Outstanding subscription is a:

Question: Payment of honorarium to secretary is treated as :

Question: Property received as a result of the will of the deceased person is called:

Question: Receipts and Payments A/c is a summary of:

Question: Receipts and Payments Account is a :

Question: Receipts and Payments Account usually indicates:

Question: Sale of old newspapers is:

Question: Specific donation is:

Question: Subscription received by a schoblfbr organising annual V function is treated as:

Question: Subscription received by an organisation is:

Question: Subscription received during the year 50,000 Rs. Subscriptions outstanding at the end of the year 8,000 Rs. Subscription outstanding at the beginning of the year 6,000 Rs. Net Income from subscription will be :

Question: Subscription received during the year â‚¹ 1,80,000 Subscriptions outstanding at the end of the year â‚¹ 20,000 Subscriptions received in advance at the end of the year â‚¹ 10,000. The amount of subscription to be credited to Income and Expenditure Account will be:

Question: Subscription redeved in advance during the current year is:

Question: Subscriptions received in advance by a club are shown onâ€¦ .of the Balance Sheet

Question: The excess of assets over liabilities in non-trading concerns is termed as:

Question: The main object of non-profit organisation is:

Question: What time would be taken into consideration if equal monthly amount is drawn as drawings at the beginning of each month ?

Question: Which of the following is a non-profitable organisation ?

Question: Which of the following is not a not-for-profit organisation ?

Question: Which of the following is not a not-for-profit organisation:

Question: Which of the following is not an income ?

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Question:
A draws â‚¹ 1,000 per month on the last day of every month. If the rate of interest is 5% p.a., then the total interest on drawings will be :

Question:
All items of revenue in nature are shown in:

Question:
All receipts from sale of consumable items are treated as:

Question:
All receipts of capital nature are shown in :

Question:
Balance of Income and Expenditure Account shows:

Question:
Calculate interest on drawings @ 12% p.a. for Gambhir if he withdrew 7 2,000 once at the beginning of each month:

Question:
Capital fUnd is calculated:

Question:
Donation received for a special purpose:

Question:
Entrance fees, unless otherwise stated, is treated as:

Question:
Features of a partnership firm are:

Question:
Fluctuating capital account is credited with :

Question:
For a non-trading concern, honorarium paid is:

Question:
In case specific fund is maintained, the expenses exceeding the amount of the fluids, should be recorded on:

Question:
In case specific fund is maintained, the expenses exceeding the amount of the funds, should be recorded on:

Question:
In not-for-profit organisation, excess of expenditure over income is called :

Question:
In the absence of an agreement, partners are entitled to:

Question:
Income and Expenditure Account generally indicates:

Question:
Income and Expenditure Account is prepared :

Question:
Income and Expenditure Account is preparedly :

Question:
Income and Expenditure Account is:

Question:
Income and Expenditure Account records transactions of:

Question:
Income and expenses related to the prize fund is shown in:

Question:
Interest on drawings of the Partners is a :

Question:
Interest on Partnerâ€™s capital is :

Question:
Legacies should be treated as :

Question:
Life membership fee received by a club is:

Question:
Life Membership Fees received by a club is shown in :

Question:
Most transaction in non-trading concerns are:

Question:
Out of the following items, which one is shown in the Receipts and Payments Account?

Question:
Outstanding subscription is a:

Question:
Payment of honorarium to secretary is treated as :

Question:
Property received as a result of the will of the deceased person is called:

Question:
Receipts and Payments A/c is a summary of:

Question:
Receipts and Payments Account is a :

Question:
Receipts and Payments Account usually indicates:

Question:
Sale of old newspapers is:

Question:
Specific donation is:

Question:
Subscription received by a schoblfbr organising annual V function is treated as:

Question:
Subscription received by an organisation is:

Question:
Subscription received during the year 50,000 Rs. Subscriptions outstanding at the end of the year 8,000 Rs. Subscription outstanding at the beginning of the year 6,000 Rs. Net Income from subscription will be :

Question:
Subscription received during the year â‚¹ 1,80,000 Subscriptions outstanding at the end of the year â‚¹ 20,000 Subscriptions received in advance at the end of the year â‚¹ 10,000. The amount of subscription to be credited to Income and Expenditure Account will be:

Question:
Subscription redeved in advance during the current year is:

Question:
Subscriptions received in advance by a club are shown onâ€¦ .of the Balance Sheet

Question:
The excess of assets over liabilities in non-trading concerns is termed as:

Question:
The main object of non-profit organisation is:

Question:
What time would be taken into consideration if equal monthly amount is drawn as drawings at the beginning of each month ?

Question:
Which of the following is a non-profitable organisation ?

Question:
Which of the following is not a not-for-profit organisation ?

Question:
Which of the following is not a not-for-profit organisation:

Question:
Which of the following is not an income ?