CBSE Class 12 Accounting for Partnership – Basic Concepts Multiple Choice Questions with Answers. MCQ Questions Class 12 Accounting for Partnership – Basic Concepts with Answers Is Prepared Based on Latest Exam Pattern. Students can solve NCERT MCQ questions Class 12 Accounting for Partnership – Basic Concepts with Answers to know their preparation level.
Students who are searching for NCERT MCQ Questions Class 12 Accounting for Partnership – Basic Concepts with Answers are compiled here to get good practice on all fundamentals. Know your preparation level on MCQ Questions for Class 12 Accounting for Partnership – Basic Concepts with Answers. You can also verify your answers from the provided MCQ Class 12 Accounting for Partnership – Basic Concepts with Answers. So, ace up your preparation with MCQ of Class 12 Accountancy Examinations.
MCQ Questions Class 12 Accounting for Partnership - Basic Concepts with Answers - Set - 1
Question 1:Â
Partner’s Current Accounts are opened when their Capital Accounts are :
(a) Fixed
(b) Fixed and Fluctuating
(c) Fluctuating
(d) None of these
Correct Answer – (A)
Question 2:Â
The Agreement of Partnership may be :
(a) Oral
(b) Written
(c) Both (a) and (b)
(d) None of theseÂ
Correct Answer – (C)
Question 3:Â
Goodwill is a ______________ Asset.
(a) Tangible
(b) Intangible
(c) Not an asset
(d) None of these
Correct Answer – (B)
Question 4:Â
The persons who have entered into partnership are individually known as :
(a) Partners
(b) Firm
(c) Associations
(d) None of these
Correct Answer – (A)
Question 5:Â
Ostensible partners are those who
A) do not contribute any capital but get some share of profit for lending their name to the business
B) contribute very less capital but get equal profit
C) do not contribute any capital and without having any interest in the business, lend their name to the business
(D) contribute maximum capital of the business
Correct Answer – (C)
MCQ Questions Class 12 Accounting for Partnership – Basic Concepts With Answers
Question 6:Â
Interest on capital will be paid to the partners if provided for in the partnership deed but only out of:
(A) Profits
(B) Reserves
(C) Accumulated Profits
(D) Goodwill
Correct Answer – (A)
Question 7:Â
When is the Partnership Act enforced
(A) when there is no partnership deed
(B) where there is a partnership deed but there are differences of opinion between the partners
(C) when capital contribution by the partners varies
(D) when the partner’s salary and interest on capital are not incorporated in the partnership deed
Correct Answer – (A)
Question 8:Â
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
Correct Answer – (D)
Question 9:Â
When only Partner‘s capital Account is maintained all the adjustments are made :
(a) Partners’ Capital Accounts
(b) Partners’ Current Accounts
(c) Cash Account
(d) None of theseÂ
Correct Answer – (A)
Question 10:Â
Features of a partnership firm are :
(A) Two or more persons are carrying common business under an agreement.
(B) They are sharing profits and losses in the fixed ratio.
(C) Business is carried by all or any of them acting tor all as an agent.
(D) All of the above.
