Class 12 Accountancy Quick Practice
Try real questions from active chapters in this subject.
Question 1 of 8
Income and Expenditure A/c is of the nature of:
A
Balance Sheet
B
P & L A/c
C
Deficit A/c
D
Trial Balance
Correct answer: B
Question 2 of 8
In Receipts and Payments A/c, cash in hand or at the bank is put on:
A
None of these
B
Right-hand side
C
Left-hand side
D
Credit side
Correct answer: C
Question 3 of 8
No cash transaction will be excluded from:
A
Income and Expenditure A/c
B
Receipts and Payments
C
Profit & Loss A/c
D
Balance Sheet
Correct answer: B
Question 4 of 8
Receipts and Payments A/c is the summary of a:
A
Journal
B
Purchases Book
C
Sales Book
D
Cash Book
Correct answer: D
Question 5 of 8
Cash received by converting an asset into cash is reflected in:
A
Suspense A/c
B
Contract A/c
C
Receipts and Payments A/c
D
Conversion A/c
Correct answer: C
Question 6 of 8
If the credit side of Receipts and Payments A/c exceeds the debit side, the balance represents:
A
Interest
B
Bank overdraft
C
Commission
D
Bank charges
Correct answer: B
Question 7 of 8
In Income and Expenditure A/c all revenue expenses are entered on:
A
Right-hand side
B
Liabilities side
C
Left-hand side
D
Assets side
Correct answer: C
Question 8 of 8
Subscriptions received in advance during the accounting year is:
A
A Liability
B
An Asset
C
An Expense
D
An Income
Correct answer: A
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