Accountancy practice quiz

Quick MCQs from Class 11 and 12 Accountancy, with the reasoning after every answer. Free, no sign-up.

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In the absence of a partnership deed, profits are shared among partners…

In the absence of a deed, interest on a partner's loan to the firm is allowed at…

A partner withdrew ₹2,000 at the end of every month for a year. Interest on drawings at 6% p.a. is…

Sacrificing ratio is calculated as…

Average profit ₹50,000, normal profit ₹40,000. Goodwill at 3 years' purchase of super profit is…

Gaining ratio is used when…

Revaluation Account is a…

Calls in arrears are shown in the Balance Sheet…

Securities Premium can be used for…

Current assets ₹4,00,000 and current liabilities ₹2,00,000. Current ratio is…

Quick assets exclude…

For a non-financial company, purchase of machinery is a cash flow from…

For a non-financial company, dividend paid is a cash flow from…

Goods withdrawn by the owner for personal use are debited to…

A Trial Balance is prepared mainly to…

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