Accountancy MCQ Quiz Questions with Answers for Class 12 part 2
Categories: Freshers Intermediate class MCQ Accountancy
Accountancy MCQ Quiz Questions with Answers for Class 12 part 2
Q1. Income and Expenditure Account generally indicates:
- Surplus/Deficit
- Cash Balance
- Capital Fund
- Net Profit/Loss
Answer: (a)
Q2. Donation received for a special purpose:
- Should be credited to Income and Expenditure A/c
- Should be credited to a separate account and shown in the Balance Sheet
- Should be shown on the Assets side of the Balance Sheet
- None of these
Answer: (b)
Q3. In not-for-profit organisation, excess of expenditure over income is called:
- Loss
- Profit
- Deficit
- Surplus
Answer: (c)
Q4. Which of the following is a non-profitable organisation?
- Jharkhand Academic Council
- Tata Steel
- Air India
- Reliance Co. Ltd.
Answer: (a)
Q5. Income and Expenditure Account is preparedly:
- Trending Organisation
- Non-trading Organisation
- Both (a) and (b)
- None of these
Answer: (b)
Q6. Sale of old newspapers is:
- Capital Receipt
- Revenue Receipt
- Asset
- Profit
Answer: (b)
Q7. Income and expenses related to the prize fund is shown in:
- Income and Expenditure Account
- Assets side of the Balance Sheet
- Liabilities side of the Balance Sheet
- Cash Account
Answer: (a)
Q8. Which of the following is not a not-for-profit organisation:
- School
- Hospital
- Club
- Partnership Firm
Answer: (d)
Q9. 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:
- 48,000 Rs.
- 64,000 Rs.
- 52,000 Rs.
- 36,000 Rs.
Answer: (c)
Q10. 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:
- ₹ 2,10,000
- ₹ 1,90,000
- ₹ 1,70,000
- ₹ 2,00,000
Answer: (b)