MCQ Quiz – Practice Questions Past Adjustments MCQ Question 1 What is the primary purpose of Past Adjustments in accounting? To record new transactions. To correct incorrect transactions previously recorded in the books of accounts. To forecast future profits. To prepare financial statements for the current period. B Correct Answer: To correct incorrect transactions previously […]
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Guarantee of Profits MCQ Quiz The below Guarantee of Profits MCQ is designed for conceptual clarity. Attempt the test and check your concepts now!!! MCQ Quiz – Practice Questions MCQ Quiz Question 1 In a partnership, who can give a guarantee of profits? Only the senior partner. One or more partners. Only the newly admitted
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Meaning of Loan When you need money and you borrow it from someone then it is called loan. You can borrow money from anyone like your friend or your relatives or from a bank or anyone else. When you borrow money then you have to repay it back after certain time. You also need to
Profit and Loss appropriation account MCQ Quiz The below Profit and Loss appropriation account MCQ are designed for conceptual clarity. Attempt the test and check your concepts now!!! MCQ Quiz – Practice Questions MCQ Quiz Question 1 What is the primary purpose of preparing a Profit and Loss Appropriation Account? To calculate the net profit
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MCQ Quiz – Practice Questions MCQ Quiz Question 1 Which of the following closely resembles a charge against profits Distribution of profit to partners Deduction from revenue to determine net profit/loss Allocation of reserves Payment made only when there is profit B Correct Answer: Deduction from revenue to determine net profit/loss A charge against profits
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MCQ Quiz – Practice Questions MCQ Quiz Question 1 If a partner takes a loan from the firm for personal use, what is this treated as? Partner's Capital Loan by partner to firm Loan by firm to partner Partner's Drawings C Correct Answer: Loan by firm to partner When a partner borrows money from the
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CBSE board pattern is changing and the weightage for multiple choice questions and competency based questions is increasing every year. Below students can practice accounts MCQ class 12 from the topic MCQ Partnership Fundamentals as per the latest board patterns. With the change in CBSE board pattern other boards are also changing their patterns in
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Partnership Fundamentals Class 12 MCQ The CBSE board examinations pattern is changing, with a growing emphasis on Multiple Choice Questions (MCQs) and Competency Based Questions (CBQs). To stay ahead, it’s crucial to adapt your study approach, shifting focus from traditional long-answer numerical questions to questions as per new pattern. MCQ of Partnership Fundamentals class 12
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