Class 12 Accountancy MCQs with Answers

Question

Unlocking Success with Class 12 Accountancy MCQs

Are you gearing up for your Class 12 Accountancy exams? The pressure to master balance sheets, ledgers, and financial statements can feel overwhelming. Sarthaks’ Class 12 Accounts MCQs are here to help you excel by offering a structured and practical way to prepare. Here's a detailed guide on how these MCQs, coupled with chapter-wise strategies, can transform your preparation journey.
To become an expert in the concepts of Accounts, questions can help you a lot. This page is developed by the academic team of Sarthaks and team uploaded chapter-wise Accountancy questions with the answer keys.

Answer 1

Why Sarthaks Class 12 Accounts MCQs?

1. Comprehensive Coverage: Our MCQs cover both Book 1: Part A (Financial Accounting) and Book 2: Part B (Company Accounts and Analysis of Financial Statements) in alignment with the NCERT syllabus.
2. Real-World Relevance: By focusing on commonly tested areas like journal entries, debentures, and ratio analysis, these MCQs bridge textbook knowledge with practical applications.
3. Exam-Aligned: The questions mimic CBSE and competitive exam formats, helping students prepare efficiently for boards and beyond.
4. Conceptual Clarity: Detailed solutions are provided for each question, ensuring you grasp the underlying principles.

NCERT Solutions for Class 12 Accountancy

Refer to Our -

Class 12 MCQs for Business Studies
Class 12 MCQs for Economics
Class 12 MCQs for Mathematics

Chapter-Wise MCQ Tips for Book 1: Financial Accounting

1. Accounting for Partnership Firms (Basic Concepts):

   • Understand the basics of profit-sharing ratios and journal entries for admission, retirement, and death of a partner.
   • Example: What happens to goodwill during a partner’s admission?

2. Reconstitution of a Partnership Firm (Dissolution):

   • Focus on ledger accounts like Realisation Account and Capital Accounts.
   • Solve MCQs on allocation of liabilities and assets.

Class 12 Accountancy Part-I MCQs with Answers:

Chapter No.	Class 12 Accountancy Part-I Chapter-wise MCQs
Chapter 1	Accounting for Partnership: Basic Concepts MCQs
Chapter 2	Reconstitution of a Partnership Firm- Admission of a Partner MCQs
Chapter 3	Reconstitution of a Partnership Firm- Retirement/Death of a Partner MCQs
Chapter 4	Dissolution of Partnership Firm MCQs

Chapter-Wise MCQ Tips for Book 2: Company Accounts and Analysis of Financial Statements

1. Issue and Redemption of Debentures:

   • Grasp concepts like collateral securities and premium on redemption.
   • Example MCQ: How do you record a debenture issued at par but redeemable at a premium?

2. Cash Flow Statements:

   • Understand indirect and direct methods thoroughly.
   • Practice distinguishing between operating, investing, and financing activities.

3. Financial Statement Analysis:

   • Pay special attention to ratio analysis (current ratio, debt-equity ratio).
   • Example: Which ratio measures short-term liquidity?

Class 12 Accountancy Part-II MCQs with Answers:

Chapter No.	Class 12 Accountancy Part-II Chapter-wise MCQs
Chapter 1	Accounting for Share Capital MCQs
Chapter 2	Issue and Redemption of Debentures MCQs Issue and Redemption of Debentures MCQs
Chapter 3	Financial Statements of a Company MCQs
Chapter 4	Analysis of Financial Statements MCQs
Chapter 5	Accounting Ratios MCQs
Chapter 6	Cash Flow Statement MCQs

Preparation Strategies for Accounts MCQs

1. Understand the Basics: Before jumping into MCQs, ensure you have a clear grasp of fundamental concepts like double-entry bookkeeping and matching principles.

2. Use Visual Aids: Diagrams, T-accounts, and charts can simplify complex concepts like ledger entries and financial ratios.

3. Mock Tests and Revision: Take mock tests to simulate exam conditions. Analyze mistakes to avoid repeating them.

4. Regular Practice: Accounts require meticulous practice. Dedicate daily time to solve at least 15-20 MCQs from Sarthaks.

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Overcoming Common Challenges

1. Balance Sheet Confusion: Students often misclassify assets and liabilities. Use Sarthaks MCQs to strengthen your understanding of balance sheet formatting.

2. Ledger Posting Errors: Problems in ledger entries? Practice MCQs focusing on journal-to-ledger transitions.

3. Time Management: Struggling to complete MCQs on time? Regular timed quizzes can help improve your speed.

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Why Choose Sarthaks for Accountancy MCQs?

Sarthaks not only provides well-structured MCQs but also ensures you understand each topic deeply. By referring to these MCQs:

• You'll strengthen your basics while tackling challenging problems.
• Gain confidence for high-stakes exams like CBSE boards and entrance tests.