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MCQ Questions for Class 12 Accountancy set-1

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1. Receipts and Payments A/c is a summary of:




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




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




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




5. All receipts from sale of consumable items are treated as:




6. Capital fUnd is calculated:




7. Subscription redeved in advance during the current year is:




8. Balance of Income and Expenditure Account shows:




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




10. Receipts and Payments Account usually indicates:




11. Income and Expenditure Account generally indicates:




12. Donation received for a special purpose:




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




14. Which of the following is a non-profitable organisation ?




15. Income and Expenditure Account is preparedly :




16. Sale of old newspapers is:




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




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




19. 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 :




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




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




22. Income and Expenditure Account is:




23. Life Membership Fees received by a club is shown in :




24. Receipts and Payments Account is a :




25. Income and Expenditure Account is prepared :




26. Payment of honorarium to secretary is treated as :




27. Outstanding subscription is a:




28. Legacies should be treated as :




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




30. For a non-trading concern, honorarium paid is:




31. Entrance fees, unless otherwise stated, is treated as:




32. Specific donation is:




33. Income and Expenditure Account records transactions of:




34. Life membership fee received by a club is:




35. All receipts of capital nature are shown in :




36. All items of revenue in nature are shown in:




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




38. Subscriptions received in advance by a club are shown on… .of the Balance Sheet




39. Which of the following is not an income ?




40. Most transaction in non-trading concerns are:




41. The main object of non-profit organisation is:




42. Subscription received by an organisation is:




43. Features of a partnership firm are:




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




45. A draws ₹ 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 :




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




47. Fluctuating capital account is credited with :




48. Interest on Partner’s capital is :




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




50. Interest on drawings of the Partners is a :