Accountancy MCQ Quiz Questions with Answers for Class 12
Categories: Intermediate class Accountancy
Accountancy MCQ Quiz Questions with Answers for Class 12
Q1. Receipts and Payments A/c is a summary of:
- All Capital Receipts and Payments
- All Revenue Receipts and Payments
- All Revenue and Capital Receipts and Payments
- None of the above
Answer: (c)
Q2. Subscription received by a schoblfbr organising annual V function is treated as:
- Capital Receipt
- Revenue Receipt
- Asset
- Earned Income
Answer: (c)
Q3. Out of the following items, which one is shown in the Receipts and Payments Account?
- Outstanding Salary
- Depreciation
- Life Membership Fees
- Accrued Subscription
Answer: (b)
Q4. In case specific fund is maintained, the expenses exceeding the amount of the fluids, should be recorded on:
- Liabilities side of the Balance Sheet
- Debit side the Income and Expenditure Account
- Credit side of the Income and Expenditure Account
- Assets side of the Balance Sheet
Answer: (b)
Q5. All receipts from sale of consumable items are treated as:
- Capital Receipts
- Revenue Receipts
- Both (a) and (b)
- None of these
Answer: (b)
Q6. Capital fund is calculated:
- Income-Expenditure
- Assets Liabilities
- Capital + Liabilities
- None of these
Answer: (b)
Q7. Subscription redeved in advance during the current year is:
- An income
- An Asset
- A liability
- None of these
Answer: (c)
Q8. Balance of Income and Expenditure Account shows:
- Cash in hand
- Capital Fund
- Net Profit
- Excess of Income over Expenditure or Vice Versa
Answer: (d)
Q9. Property received as a result of the will of the deceased person is called:
- Legacy
- Honorarium
- Donation
- Subscription
Answer: (a)
Q10. Receipts and Payments Account usually indicates:
- Surplus
- Capital Fund
- Debit Balance
- Credit Balance
Answer: (c)