ICSE XII MCQ Quiz Hub

MCQ Questions for Class 12 Accountancy set-2

Choose a topic to test your knowledge and improve your ICSE XII skills

1. The relation of partners with the firm is that of:




2. Liability of Partners is :




3. Partners’ current accounts are opened when their capital is:




4. The interest on partner’s drawings is debited to:




5. Interest on advance given to the firm is :




6. Interest on loan is :




7. Partner’s salary is debited to :




8. Partnership may be :




9. Partnership Deed is also called :




10. In which year did the Partnership Act passed ?




11. Calculate interest on drawing @12% p.a. for Abhishek if he withdraw ₹ 2,000 once in month :




12. The interest on capital accounts of partners under fixed capital method is to be credited to:




13. In the absence of partnership deed, the partner will be allowed interest on the amount advanced to the firm:




14. Which one is not the feature of partnership?




15. In the absence of partnership deed, interest on capital will be given to the partners at:




16. The interest on partners’ Capital Accounts under fluctuating method is to be credited to:




17. The Current Account of the partners will always have:




18. Interest on partner’s capital is calculated on:




19. Preparation of partnership agreement in writing is :




20. Interest payable on the capital of the partners is recorded in:




21. For the firm, interest on partner’s drawings is a/an :




22. In the absence ofany agreement, the profits or losses of the firm are shared:




23. In partnership firm profits and losses are shared :




24. Profit & Loss Appropriation Account is prepared to:




25. In an Ordinary Partnership, maximum number of partners can be:




26. Which of the following is an appropriation of profit?




27. When time of withdrawals are not mentioned, interest on drawings is charged :




28. When drawings are made at the end of every month of certain amount, then interest will be calculated on total drawings:




29. In the absence of partnership deed, partners are not entitled to receive:




30. If a fixed amount is withdrawn on the first day of every quarter, the interest on total drawing will be calculated :




31. Which accounts are opened when the capitals are fixed?




32. Goodwill is nothing more than probability that the old customer will resort to the old place. This definition of goodwill was given by:




33. Goodwill is to be calculated at one and half year’ purchase of average profit of last 5 years. The firm earned profits during 3 years as ₹ 20,000 ₹ 18,000 and ₹ 9,000 and suffered losses of ₹ 2,000 and ₹5,000 in last 2 years. The amount of goodwill will be :




34. When there is no Goodwill Account in the books and goodwill is raised,…………….account will be debited :




35. The amount of goodwill is paid by new partner :




36. At the time of admission of a new partners general reserve appearning in the old Balance Sheet is transferred to:




37. Profit or Loss on Revaluation is borne by:




38. Share of goodwill brought by new partner in case is shared by old partners in :




39. A, Band Care three partners sharing profits and losses in the ratio of 4:3:2. D is admitted for 1/10 share, the new ratio will be :




40. A and B are partners in a firm sharing profits in the ratio of 3:2. They admit C as a new partner for 1/3 rd share in the profits of the firm. The new profit sharing ratio of A, B and C would be :




41. X and Y are partners sharing profits in the ratio of 1:1. They admit Z for 1/5 th share who contributed ₹25,000 for his share of goodwill. The total value of goodwill of the firm will be :




42. A, B and C are partners in a firm. If D is admitted as a new partner, then:




43. In which ratio, the cash brought in for goodwill by the new partner is shared by the existing partners :




44. Sacrificing ratio is ascertained at the time of:




45. If at the time of admission of new partner, Profit and Loss Account balance appears in the books, it will the transferred to:




46. State the ‘true’ statement:




47. Excess of the credit side over the debit side of Revaluation account is:




48. Balance sheet prepared after new partnership agreement, assets and liabilities are recorded at:




49. Assets and Liabilities are shown at their revalued values in :




50. Which of the following assets is compulsorily revalued at the time of admission of a new partner :