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| MCQ Questions for Class 12 Accountancy Chapter 1 With Answers PDF |
MCQ Questions for Class 12 Accountancy Chapter 1 With Answers PDF: Multiple Choice Questions (MCQs) are a popular method of testing a student's understanding of a particular subject. They are widely used in school and college exams as they are a quick and efficient way to assess a student's knowledge.
An MCQ Questions for Class 12 Accountancy Chapter 1 consists of a question or statement, followed by several answer options, of which the student must choose the correct one. The answer options are usually presented as a list of possible choices, such as A, B, C or D.
MCQ Questions for Class 12 Accountancy Chapter 1 With Answers PDF
- What is the primary objective of a Not for Profit Organization (NPO)? a) To make a profit b) To serve the community c) To pay dividends to shareholders d) To provide goods and services at a low cost
Answer: b) To serve the community
- What is the major source of revenue for NPOs? a) Sales of goods and services b) Interest on investments c) Donations and grants d) None of the above
Answer: c) Donations and grants
- What is the name given to the funds received by NPOs in advance for specific purposes? a) Restricted funds b) Unrestricted funds c) Endowment funds d) Operating funds
Answer: a) Restricted funds
- What is the name given to the funds received by NPOs that can be used for any purpose as per the discretion of the management? a) Restricted funds b) Unrestricted funds c) Endowment funds d) Operating funds
Answer: b) Unrestricted funds
- What is the difference between revenue and gains in accounting for NPOs? a) Revenue is earned by providing goods and services while gains arise from sale of non-inventory assets b) Revenue is earned from donations while gains arise from investments c) There is no difference between revenue and gains d) None of the above
Answer: a) Revenue is earned by providing goods and services while gains arise from sale of non-inventory assets
- What is the difference between expenses and losses in accounting for NPOs? a) Expenses are incurred to generate revenue while losses arise from the sale of inventory items b) Expenses are incurred to generate revenue while losses arise from the sale of non-inventory assets c) There is no difference between expenses and losses d) None of the above
Answer: b) Expenses are incurred to generate revenue while losses arise from the sale of non-inventory assets
- What is the term used to describe the difference between the total revenue and total expenses for a given period in NPO accounting? a) Surplus b) Deficit c) Revenue balance d) None of the above
Answer: a) Surplus
- What is the purpose of preparing a statement of financial position for NPOs? a) To show the financial performance of the organization for a given period b) To show the assets, liabilities, and equity of the organization at a given point in time c) To show the cash flows of the organization for a given period d) None of the above
Answer: b) To show the assets, liabilities, and equity of the organization at a given point in time
- What is the purpose of preparing a statement of activities for NPOs? a) To show the financial performance of the organization for a given period b) To show the assets, liabilities, and equity of the organization at a given point in time c) To show the sources and uses of funds for a given period d) None of the above
Benefits of MCQ Questions for Class 12 Accountancy Chapter 1
One of the benefits of using MCQ Questions for Class 12 Accountancy Chapter 1 is that they are easy to grade. The correct answer is already provided, so the teacher or exam proctor simply needs to check that the student has chosen the correct option. This makes MCQ Questions for Class 12 Accountancy Chapter 1 more efficient than open-ended questions, which require more time and effort to grade.
Another benefit of MCQ Questions for Class 12 Accountancy Chapter 1 is that they can test a wide range of knowledge, including factual information, concepts, and problem-solving skills. They can also be used to test a student's ability to apply knowledge to new situations, rather than just recall information.
Conclusion of MCQ Questions for Class 12 Accountancy Chapter 1 With Answers PDF
In conclusion, MCQ Questions for Class 12 Accountancy Chapter 1 are a popular method of testing a student's understanding of a particular subject. They are widely used in school and college exams as they are a quick and efficient way to assess a student's knowledge. But to minimize the drawbacks, it is important to write good MCQs and use a variety of question types. They can test a wide range of knowledge, including factual information, concepts, and problem-solving skills, but they should not be the only method of assessment, it's important to use different types of questions to evaluate a student's understanding of a subject.
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