Accounts MCQ Class 12 : Accountancy MCQs for Class 12 with Answers Chapter 6 “Financial Statements of Not-for-Profit Organisations (N.P.O.)“. Practicing CBSE RBSE and NCERT Accountancy MCQ Questions for Class 12 with Answers is one of the best ways to prepare for the CBSE Class 12 board exam.
Accountancy MCQs for Class 12 with Answers Chapter 6 Financial Statements of Not-for-Profit Organisations (N.P.O.) with Answer
Q1. When realisation expenses are paid by the firm on behalf of a partner, such expenses are debited to :
(a) Realisation Account
(b) Partners’ Capital Account
(c) Partner’s Loan Account
(d) None of these
(b) Partners’ Capital Account
Q2. Which of the following is transferred to Realisation Account ?
(a) Balance of Profit Account
(b) Balance of Profit & Loss Account
(c) Amount realised on sale of assets
(d) Reserves
(c) Amount realised on sale of assets
Q3. On disolution of firm, loss calculated in realisation account is debited/credited to which account ?
(a) Cash Account
(b) Partners’ Capital Accounts
(c) Realisation Account
(d) None of these
(b) Partners’ Capital Accounts
Q4. Which of the following is not transferred to Realisatsion Account ? Accountancy MCQs for Class 12 with Answers Chapter 6
(a) Balance of Cash Account
(b) Balance of Reserves
(c) Balance of Profit & Loss Account
(d) All of the above
(d) All of the above
Q5. On taking responsibility of payment of a liability of ₹ 20,000 by a partner, the account credited will be :
(a) Realisation Account
(b) Cash Account
(c) Capital Account of the Partner
(d) Liability Account
(c) Capital Account of the Partner
Q6. Cash balance shown in the Balance Sheet is shown on dissolution of firm in :
(a) Realisation Account
(b) Cash Account
(c) Capital Account
(d) None of the Account
(b) Cash Account
Q7. At the time of dissolution of a partnership firm, all assets (except fictitious) are transferred to _ account.
(a) realisation
(b) revaluation
(c) capital
(d) loan.
(a) realisation
Q8. At the time of dissolution, partner’s loan account is closed by _.
(a) transferring in realisation
(b) payment
(c) abolished
(d) none of these.
(b) payment
Q9. At the time of dissolution of partnership firm, balance of cash and bank will be transferred to _ account.
(a) realisation
(b) revaluation
(c) bank
(d) capital
(c) bank
Q10. At the time of dissolution of partnership firm _ account is prepared. Accountancy MCQs for Class 12 with Answers Chapter 6
(a) realisation
(b) partners capital
(c) bank
(d) All of these
(d) All of these
Q11. After the dissolution of firm, business of the firm will automatically __.
(a) continued
(b) closed
(c) extended
(d) None of these
(b) closed
Q12. Realisation account can be prepared _ in the life of firm.
(a) many
(b) once
(c) two
(d) three
(b) once
Q13. Revaluation account can be prepared __ time(s) in the firm. Accountancy MCQs for Class 12 with Answers Chapter 6
(a) many
(b) one
(c) two
(d) three
(a) many
Q14. Unrecorded assets taken over any creditor will __.
(a) be debited to realisation account
(b) be debited and credited both to realisation account
(c) be credited to realisation account
(d) not be recorded anywhere.
(d) not be recorded anywhere.
Q15. Unrecorded liability will be __ to realisation account when paid.
(a) debited
(b) debited and credited both
(c) credited
(d) paid
(a) debited
Q16. Why is realisation account prepared
a) Closing the accounts
b) Opening the account
c) For profit sharing
d) None of the options
a) Closing the accounts
Q17. How will goodwill account appearing in the balance sheet be treated in case of dissolution of the firm
a) By transferring to realisation A/c (Dr. Side)
b) By transferring to realisation A/c (Cr. Side)
c) Both Side
d) None of the options
a) By transferring to realisation A/c (Dr. Side)
Q18. How will you treat accumulated profit/losses at the time of dissolution of the firm
a) Transferred to partners Capital A/C
b) Transferred to partners Capital A/C
c) Transferred to partners Salary A/C
d) None of the options
a) Transferred to partners Capital A/C
Q19. what will be the accounting treatment of balance of the realisation account | Accountancy MCQs for Class 12 with Answers Chapter 6
a) Transferred to partners Capital A/C in their profit sharing ratio
b) Transferred to partners Capital A/C in their old ratio
c) Transferred to partners Capital A/C in their new ratio
d) None of the options
a) Transferred to partners Capital A/C in their profit sharing ratio
Q20. At the time of dissolution of the firm , if goodwill appears in the balance sheet , it is transferred to
a) Realisation A/c
b) Revaluation A/c
c) Capital A/c
d) Current Account
a) Realisation A/c
Q21. At the time of dissolution of the firm , the assets and liabilities appearing in the balance sheet are transferred to
a) Realisation A/c
b) Real Account
c) Capital A/c
d) None of the options
a) Realisation A/c
Accountancy MCQs for Class 12 Chapter Wise with Answers Pdf Download
Accountancy MCQs for Class 12 Chapter Wise with Answers Pdf Free Download will help you. Accountancy MCQs for Class 12 with Answers Chapter 6 Financial Statements of Not-for-Profit Organisations (N.P.O.) with Answer
