Accountancy MCQ Class 12 Chapter 2 | Accounting for Partnership: Basic Concepts | Accountancy Quiz for Class 12 and Other Competitive Exams
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.
We trust that the offered Accountancy MCQs for Class 12 with responses Chapter 2: Accounting for Partnership: Basic Concepts will help you. Assuming you have any questions with respect to CBSE Class 12 Accountancy, Accounting for Partnership: Basic Concepts MCQs, drop a remark underneath, and we will hit you up at the most punctual.
Accountancy MCQ Class 12 Chapter 2
1. Interest on drawings of the Partners is a : (b) Profit to business
(a) Loss to business
(b) Profit to business
(c) Profit to partners
(d) Loss to Bank
2. The current account of the partners will always have _______. (b) Either of the two
(a) Credit balance
(b) Either of the two
(c) Debit balance
(d) None of the above
3. Interest on Partner’s capital is : (b) An appropriation
(a) An expenditure
(b) An appropriation
(c) A gain
(d) None of these
4. Which one is not the feature of partnership? (b) Limited liability
(a) Sharing of profit
(b) Limited liability
(c) Two or more than two persons
(d) Agreement
5. The relation of partners with the firm is that of: (c) An owner and an agent
(a) An owner
(b) An Agent
(c) An owner and an agent
(d) Manager
6. Partners’ current accounts are opened when their capital is: (a) Fixed
(a) Fixed
(b) Fluctuating
(c) Both (a) and (b)
(d) None of these
7. When the time of withdrawals is not mentioned, interest on drawings is charged ______. (d) For 6 months Withdrawals are not mentioned interest on drawing is charged for 6 month.
(a) For 8 months
(b) For 24 months
(c) For 12 months
(d) For 6 months
8. Partnership deed is also called ______. (c) Articles of Partnership
(a) Articles of Association
(b) Principles of Partnership
(c) Articles of Partnership
(d) Prospectus
9. Partner’s salary is debited to : (c) Profit & Loss Appropriation Account
(a) Trading Account
(b) Profit and Loss Account
(c) Profit & Loss Appropriation Account
(d) None of these
10. The interest on capital accounts of partners under the fixed capital method is to be credited to ______. (c) Partner’s current A/c
(a) Profit and loss A/c
(b) Interest A/c
(c) Partner’s current A/c
(d) Partner’s capital A/c
By Team Learning Mantras