CBSE has introduced multiple choice based questions (MCQs) in the new exam pattern for the Class 12th Accountancy exam 2020. The MCQs will carry one mark each and can be asked from any chapter of the syllabus. For the ease of students in the last minute revision process, we have provided here a list of MCQs with answers which are important from the exam perspective.
Ques 1 A and B are partners in a firm having a capital of Rs. 54,000 and 36,000 respectively. They admitted C for 1/3rd share in the profits C brought proportionate amount of capital. The Capital brought in by C would be:
- Rs. 90,000
- Rs. 45,000
- Rs. 5,400
- Rs. 36,00
Ans: B) Rs. 45,000
Ques 2 At what rate is interest payable on the amount remaining unpaid to the executor of deceased partner, in absence of any agreement among partners, when (s)he opts for interest and not share of profit.
- 12% p.a.
- 8% p.a.
- 6% p.a.
- 5%p.a.
Ans: C) 6% p.a.
Ques 3 What is the Ideal Current Ratio?
(A) 1 : 1
(B) 1 : 2
(C) 1 : 3
(D) 2 : 1
Ans: (D) 2 : 1
Ques 4 Which one of the following is NOT an essential feature of a partnership?
(A) There must be an agreement
(B) There must be a business
(C) The business must be carried on for profits
(D) The business must be carried on by all the partners
Ans: (D) The business must be carried on by all the partners
Ques 5 . What happens when a new partner is admissioned in a company?
(A) Old firm is dissolved
(B) Old partnership is dissolved
(C) Both old partnership and firm are dissolved
(D) Neither partnership nor firm is dissolved
Ans: (B) Old partnership is dissolved
Ques 6 What is the role of Shareholders in a company?
(A) Customers of the Company
(B) Owners of the Company
(C) Creditors of the Company
(D) None of these
Ans: (B) Owners of the Company
Ques 7 Debentures are considered as the :
(A) Long-term Borrowings of a Company
(B) The Investment of Equity-Shareholders
(C) Directors’ shares in a company
(D) Short-term Borrowings of a Company
Ans: (A) Long-term Borrowings of a Company
Ques 8 Which one of the following is not a tool used for financial analysis?
(A) Comparative Statements
(B) Ratio Analysis
(C) Common Size Statements
(D) Statement of Dividend Distribution
Ans: (D) Statement of Dividend Distribution
Ques 9 Current Ratio is a type of :
(A) Solvency Ratio
(B) Liquidity Ratio
(C) Activity Ratio
(D) Profitability Ratio
Ans: (D) Profitability Ratio
Ques 10 Quick Ratio is also known as :
(A) Liquid Ratio
(B) Current Ratio
(C) Working Capital Ratio
(D) None of the Above
Ans: (A) Liquid Ratio