Accountancy MCQ Class 12 Chapter 2: Check the below NCERT MCQ Questions for Accountancy MCQ Class 12 Chapter 2 with Answers Pdf free download. Accountancy MCQ Class 12 Chapter 2 Questions for Accountancy with Answers were prepared based on the latest exam pattern. We have provided Accountancy MCQ Class 12 Chapter 2 with Answers to help students understand the concept very well.

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Accountancy MCQ Class 12 Chapter 2

1. Which accounts are opened when the capitals are fixed?
(a) Only current accounts
(b) Liability accounts
(c) Capital and current accounts
(d) Only capital accounts

2. In the absence of an agreement, partners are entitled to:
(a) Salary
(b) Profit share in capital ratio
(c) Interest on loan and advances
(d) Commission

3. Interest payable on the capital of the partners is recorded in _____.
(a) Realisation A/c
(b) Profit and loss appropriation A/c
(c) Profit and loss A/c
(d) None of the above

4. In the absence of any agreement, the profits or losses of the firm are shared _______.
(a) In capital ratio
(b) In different proportions
(c) Equally
(d) None of the above

5. Profit and loss appropriation account is prepared to ______.
(a) Find out net profit
(b) Find out divisible profit
(c) Create a reserve fund
(d) None of the above

6. Features of a partnership firm are:
(a) Two or more persons
(b) Sharing profit and losses in the agreed ratio
(c) Business carried on by all or any of them acting for all
(d) All of the above

7. What time would be taken into consideration if equal monthly amount is drawn as drawings at the beginning of each month ?
(a) 7 months
(b) 6 months
(c) 5 months
(d) 6.5 months

8. Fluctuating capital account is credited with :
(a) Interest on capital
(b) Profit of the year
(c) Remuneration of partners
(d) All of these

9. Liability of Partners is :
(a) Limited
(b) Unlimited
(c) Determined by partnerships Account
(d) None of these

10. Which accounts are opened when the capitals are fixed?
(a) Only current accounts
(b) Liability accounts
(c) Capital and current accounts
(d) Only capital accounts

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