MCQs Pdf with Answers to know their preparation level. Select the Best Alternate and tally your answer with the Answers given at the end of the book : 1. Income and Expenditure Account records transactions of: A Revenue nature only B Capital nature only C Both revenue and capital nature D Income of only revenue nature and expenditure of revenue and capital nature. Donation received for a special purpose : A Should be credited to Income and Expenditure Account B Should be credited to separate account and shown in the Balance Sheet C Should be shown on the assets side D Should not be recorded at all. Subscription received by a school for organising annual function is treated as: A Capital Receipt i. Out of following items, which one is shown in the Receipts and Payments Account?
Accountancy MCQs for Class 12 with Answers Chapter 11 Financial Statements Analysis
le212.info: CASH FLOW STATEMENT 12TH STANDARD CBSE ACCOUNTANCY
The curriculum has been broken down in two halves to segregate the relevant topics and concepts. Each section of the curriculum has been detailed precisely to help students achieve the best possible marks in board exams. The first chapter of the 12 th standard NCERT accountancy book briefs about how non-profit organisations such as charities, trade unions, Government bodies, public organisation, and so on operate. The chapter explains the different types of accounts like Receipt and Payment Account, Income and Expenditure Account, based on which these organisations function. Various features of these accounts are also listed in a detailed and precise manner. First chapter of the NCERT class 12 accountancy Part 1 book also discusses the ins and outs of subscription income collected from the members as a membership fee , capital fund the excess of assets over liabilities.
CBSE Class 12 Accountancy Board Exam 2020: Chapter-Wise Most Important Questions & Answers
Class 12 Important Accountancy Questions: In this article we will provide you ten important Accountancy questions, which will help you in your class 12 board exams and other entrance exams. Class 12 Important Accountancy Questions. You will also get idea about the type of questions, you can expect in your Class 12th examination.
According to the given case study the revisiting of the conceptual framework begins in the year , the revision of the conceptual framework of both the boards depends heavily upon objectives, characteristics and criteria of the existing conceptual framework. While revising the conceptual framework the focus of both the boards were to develop a common framework that can be used by both the boards. The given case study has also highlighted that one of the goals of the two boards was to develop accounting standards based on principles. Therefore, the prime objective of both the board is also to root the fundamental concepts of accounting in the accounting conceptual framework. Whittington a explains that the conceptual framework is found to be essential for financial reporting as it helps in the preparation and the in the presentation of the financial statements.