Top 50 CBSE Class 12 Accountancy MCQs with Answers: CBSE class 12 Pre-boards exams are ongoing, and with this students can practice well for the upcoming board exams. The second pre-board will help students in understanding the question paper well. It will also help assess their overall performance. Pre-boards also carry a lot of significance in helping students build momentum. For the 2025-26 academic session, students are required to practice MCQs as well as half the paper relies on objective type questions which offer more marks than theory in total. Utilising this section well will help you score higher, especially in practical or numerical based subjects like Accountancy.
Students can find the top 50 MCQs from all chapters in the Accountancy paper. From Accounting for Companies to Cash Flow Statements, you can find all relevant questions from these topics to help you prepare well.
(Note: The questions will be updated on a regular basis, students are advised to keep checking the article to solve the remaining MCQs)
Check for relevant links: CBSE 12th Date Sheet 2026: Download FINAL Class 12 Schedule PDF; Check Exam Day, Date and Time
Top 50 CBSE Class 12 Accountancy MCQs with Answers: Key Highlights
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Students can find 50 MCQ questions to prepare for the upcoming Accountancy Pre-board exams.
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Covers questions from each chapter from the subject.
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Also access the solutions for MCQs to evaluate your performance.
Top 50 MCQs for 12 Accountancy MCQs with Answers
Given here are MCQ questions for students who are looking to practice Accountancy chapters for a quick preparation.
1. When the new partner pays for goodwill in cash, the amount should be debited in the firm’s book to _____.
(a) Cash account
(b) Capital account of a new partner
(c) Goodwill account
(d) None of the above
2. What is the formula to calculate the gaining ratio?
(a) Old Ratio – sacrificing ratio
(b) New Ratio – sacrificing ratio
(c) Old Ratio – new ratio
(d) New Ratio – old ratio
3. A partner’s capital account was credited with ₹80,000 during the year. Which of the following can be the possibility for such a credit in his capital account?
A. Opening Balance
B. Drawings during the year
C. Loss during the year
D. Capital introduced
4. Arun and Barun were partners sharing Profits &Losses in the ratio 3:2. They admitted Charan into partnership for 20% share. Charan was to bring proportionate Capital and he brought ₹3,50,000 (including ₹ 50,000 for goodwill share) in firm. If adjusted capital of Arun after Revaluation Gain/Loss, Accumulated Profits/Losses and Goodwill treatment was ₹ 8,40,000. What was Barun’s Capital after Revaluation Gain/Loss, Accumulated Profits/Losses and Goodwill treatment?
A. ₹ 5,60,000
B. ₹ 3,60,000
C. ₹ 12,00,000
D. ₹ 6,60,000
5. 10. Under the capitalisation method, goodwill is calculated by _____.
(a) Super profit x number of years’ purchase
(b) Total of the discounted value of expected future benefits
(c) Super profit – (r) expected rate of return
(d) Average profit x number of years’ purchase
6. Which of the following is not a part of the financial statement of a company?
(a) Profit and loss A/c
(b) Balance sheet
(c) Ledger account
(d) Cash flow statement
7. John and Sourabh were partners sharing Profit &Loss equally. They decided to share future Profit &Loss in the ratio 3:2. Their manager Arya met with an accident in the office itself and his claim for compensation amounted to ₹. 50,000. The firm had a Workmen Compensation Reserve of ₹. 80,000. Which of the following statement holds true at the time of reconstitution?
A. ₹ 50,000 will be provided as workmen claim out of Workmen Compensation Reserve and balance ₹ 30,000 will be distributed amongst partners in old ratio.
B. ₹ 50,000 will be provided as workmen claim out of Workmen Compensation Reserve and balance ₹ 30,000 will be distributed amongst partners in new ratio.
C. ₹ 50,000 will be provided as workmen claim out of Workmen Compensation Reserve and balance ₹ 30,000 will be credited to the Revaluation Account.
D. ₹ 50,000 will be provided as workmen claim out of Workmen Compensation Reserve and balance ₹ 30,000 will be carried forward in the books of the firm without any treatment
8. Which of the following assets is not taken into consideration in calculating the acid-test ratio?
(a) Cash
(b) Bills receivable
(c) Stock
(d) None of the above
9. Which statement reflects the financial position of a company at the end of an accounting period?
(i) Statement of Profit and Loss.
(ii) Balance Sheet.
(iii) Cash Flow Statement.
(iv) Income Tax Return.
10.Which of the following financial statements shows the company’s profitability over a period?
(i) Balance Sheet.
(ii) Statement of Profit and Loss.
(iii) Statement of Cash Flow.
(iv) Budget Report.
11. If a share of 10 on which 8 has been paid up is forfeited, it can be reissued at the minimum price of
(a) 10 pershare
(b) 8pershare
(c) 5 per share
(d) 2 per share
12. In a firm, 10% of net profit after deducting all adjustments, including reserve is transferred to general reserve. The net profit after all adjustments but before transfer to general reserve is ₹ 88,000. Calculate the amount which is to be transferred to reserve.
(a) ₹ 5,000
(b) ₹ 8,000
(c) ₹ 8,800
(d) ₹ 4,400
13. Which postulate assumes that the enterprise will continue to operate for a longer period of time?
(i) Money measurement postulate.
(ii) Realization postulate.
(iii) Going concern postulate.
(iv) Business entity postulate.
14. Pista Ltd. took over running business of Vista Ltd. comprising of Assets of ₹ 45,00,000 and Liabilities of ₹ 7,50,000 and in consideration issued them 30,000, 9% debentures of ₹ 100 each at 5% discount and a cheque of ₹ 10,00,000. Determine the amount of Goodwill or Capital Reserve.
A. Goodwill ₹ 9,00,000
B. Capital Reserve ₹ 9,00,000
C. Goodwill ₹ 1,00,000
D. Capital Reserve ₹ 1,00,000
OR
Dawn Ltd. purchased Equipment and paid ₹ 2,20,000 by cheque and issued 16,000 equity shares of ₹ 10 each at 25% premium. The purchase consideration will be:
A. ₹ 3,40,000
B. ₹ 4,20,000
C. ₹ 3,80,000
D. ₹ 2,00,000
15. At the time of admission of new partner Vasu, Old partners Paresh and Prabhav had debtors of ₹ 6,20,000 and a provision for doubtful debts (PDD) of ₹ 20,000 in their books. As per terms of admission, assets were revalued, and it was found that debtors worth ₹ 15,000 had turned bad and hence should be written off. Which journal entry reflects the correct accounting treatment of the above situation?
CBSE Class 12 Accountancy MCQ Answer Key Table
| SI. No. | Answers |
| 1. | Answer: (a) Cash account |
| 2. | Answer: (d) New Ratio – old ratio |
| 3. | Answer: D. Capital introduced OR A. Both A and R are correct, and R is the correct explanation of A |
| 4. | Answer; B ₹ 3,60,000 OR B. ₹ 1,00,000 |
| 5. | Answer: (c) Super profit – (r) expected rate of return |
| 6. | Answer: (c) Ledger account |
| 7. | A. ₹ 50,000 will be provided as workmen claim out of Workmen Compensation Reserve and balance ₹ 30,000 will be distributed amongst partners in old ratio. |
| 8. | Answer: (c) Stock |
| 9. | Answer: (ii) Balance Sheet. |
| 10. | Answer: (ii) Statement of Profit and Loss. |
| 11. | Answer: (d) 2 per share |
| 12. | Answer: (b) 10% of net profit after adjustments = 88,000 x 10110 = ₹ 8,000 |
| 13. | Answer: (iii) Going concern postulate. |
| 14. | C. Goodwill ₹ 1,00,000 OR B. Rs. 4,20,000 |
| 15. | Answer: Option- A |
These MCQs will be updated with solutions consecutively. Students can check the article for full access to questions from here. Use this to prepare for your pre-board exams and score well.
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