Accountancy MCQ Class 12 Chapter 1: Check the below NCERT MCQ Questions for Accountancy MCQ Class 12 Chapter 1 with Answers Pdf free download. Accountancy MCQ Class 12 Chapter 1 Questions for Accountancy with Answers were prepared based on the latest exam pattern. We have provided Accountancy MCQ Class 12 Chapter 1 with Answers to help students understand the concept very well.

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Accountancy MCQ Class 12 Chapter 1

1. Receipts and payments account usually indicate ______.
(a) Capital fund
(b) Debit balance
(c) Credit balance
(d) Surplus

2. In case a specific fund is maintained, the expenses exceeding the amount of the fluids should be recorded on ______.
(a) Debit side of the income and expenditure account
(b) Credit side of the income and expenditure account
(c) Assets side of the balance sheet
(d) Liabilities side of the balance sheet

3. Number of partners in a partnership firm may be _______.
(a) Maximum ten
(b) Maximum one hundred
(c) Maximum fifty
(d) Maximum two

4. No cash transaction will be excluded from the ______.
(a) Profit and loss account
(b) Receipts and payments
(c) Income and expenditure account
(d) Balance sheet

5. Liability of a partner is _____.
(a) Unlimited
(b) Determined by the partnership account
(c) Limited
(d) None of the above

6. The task of preparing the income and expenditure account and the balance sheet commences after the preparation of the ________.
(a) Profit and loss account
(b) Trading account
(c) Cash account
(d) Trial balance

7. Sleeping partners are those who _______.
(a) Take an active part in the conduct of the business but provide no capital. However, salary is paid to them
(b) Do not take any part in the conduct of the business but provide capital and share profits and losses in the agreed ratio
(c) Take an active part in the conduct of the business but provide no capital. However, share profits and losses in the agreed ratio
(d) Do not take any part in the conduct of the business and contribute no capital. However, share profits and losses in the agreed ratio

8. Out of the following items, which one is shown in the receipts and payments account?
(a) Depreciation
(b) Life membership fees
(c) Accrued subscription
(d) Outstanding salary

9. Balance of income and expenditure account shows ______.
(a) Capital Fund
(b) Net Profit
(c) Excess of income over expenditure or vice versa
(d) Cash in hand

10. Which one of the following is not an essential feature of a partnership?
(a) There must be a business
(b) The business must be carried on for profits
(c) The business must be carried on by all the partners
(d) There must be an agreement

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By Team Learning Mantras