Free Practice Questions for PSEB SS Accountancy
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Key Facts: PSEB SS Accountancy Exam
80+15+05
Theory + Practical + Project/INA marks for PSEB Accountancy code 142
PSEB Scheme of Studies Senior Secondary
33%
Minimum separately in Theory, Practical, INA and in aggregate
PSEB Scheme of Studies Senior Secondary
Code 142
Accountancy subject code on PSEB Senior Secondary scheme
PSEB Scheme of Studies
Board-level practical
Accountancy practical is conducted by external examiners at Board level
PSEB Scheme of Studies notes
English MCQ adaptation
This free local bank is not the official Senior Secondary paper format
OpenExamPrep practice policy
PSEB Senior Secondary Accountancy (code 142) is a Class 12 public-exam elective: Theory 80 + Practical 15 + Project/INA 05 = 100, with 33% required separately in each component and in aggregate. Syllabus covers partnership, company accounts, ratios, and cash flow — not a pure MCQ board paper. This free 2026 bank is an English MCQ study adaptation for NCERT/PSEB-focused Class 12 Accountancy concepts and calculations.
Sample PSEB SS Accountancy Practice Questions
Try these sample questions to review concepts for the PSEB SS Accountancy exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.
1In the absence of a partnership deed, interest on partners' capital is:
2A and B share profits equally. A drew ₹48,000 on 1 July and B drew ₹36,000 on 1 October. Interest on drawings is charged at 10% p.a. for the year ended 31 March. Total interest on drawings is:
3Average profits of the last 5 years are ₹90,000. Goodwill is valued at 2 years' purchase of average profits. Goodwill is:
4Normal rate of return is 12%. Capital employed is ₹8,00,000. Average profit is ₹1,20,000. Super profit is:
5Super profit is ₹30,000. Normal rate of return is 15%. Goodwill by capitalisation of super profit is:
6Under the fixed capital method, interest on capital is credited to:
7Profits of a firm for 3 years are ₹40,000, ₹50,000 and ₹60,000. Goodwill is valued at 2½ years' purchase of average profits. Goodwill is:
8In the absence of a partnership deed, profits and losses are shared:
9Salary to a partner, if provided by the deed, is treated as:
10Capital employed ₹5,00,000; normal rate 10%; average profit ₹70,000. Goodwill by capitalisation of average profit method is:
About the PSEB SS Accountancy Exam
Punjab Senior Secondary Accountancy under PSEB covers Class 12 Accountancy aligned to the Board’s Scheme of Studies and NCERT-style Class 12 Accountancy. Core topics include partnership fundamentals and goodwill, reconstitution (admission, retirement, death), dissolution, company share capital (issue, forfeiture, reissue), debentures, company financial statements, ratio analysis, and cash flow statement (AS-3). Official assessment is Theory 80 + Practical 15 + Project/INA 05 = 100 (subject code 142), with Board-level practical by external examiners. This free local bank provides English four-option MCQs for revision and calculation practice; pair it with official scheme/syllabus PDFs and written numerical practice via pseb.ac.in.
Exam sponsor: Punjab School Education Board (PSEB). The requirements and fees below concern the certification or admission exam, separate from our free practice resources.
Assessment
PSEB Senior Secondary Accountancy is a Class 12 elective under the Senior Secondary Certificate Examination (subject code 142). Official mark scheme: Theory 80 + Practical 15 + Project work/INA 05 = 100. Practical examination for Accountancy is conducted at Board level by external examiners. Syllabus is CBSE/NCERT Class 12 Accountancy-aligned: partnership fundamentals and goodwill, reconstitution (admission, retirement, death), dissolution, company share capital, debentures, financial statement analysis, accounting ratios, and cash flow statement (AS-3). Pass requires 33% separately in Theory, Practical, and INA plus 33% aggregate. English/Punjabi/Hindi medium materials are typical; this practice bank is an English-language MCQ study adaptation. Confirm the current syllabus PDF and circulars on pseb.ac.in.
Time Limit
3 hours
Passing Score
33% separately in Theory, Practical, and Project/INA, and 33% in aggregate
Exam / Certification Fees
As notified by PSEB and paid through affiliated schools for regular and compartment/improvement sittings (no single fixed public subject fee for all categories).
Exam sponsor websiteFees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.
Our practice resources: topics covered
We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.
Partnership Fundamentals
Deed defaults, capitals, appropriations, interest, and goodwill valuation methods.
Reconstitution
Admission, retirement, death — ratios, revaluation, reserves, and goodwill.
Dissolution
Realisation Account, payment order, and realisation results.
Company Share Capital
Issue, premium, pro-rata, forfeiture, reissue, and capital reserve.
Debentures
Issue, premium/discount concepts, interest, and Class 12 redemption basics.
Company Financial Statements
Schedule III presentation and comparative/common-size ideas.
Ratio Analysis
Liquidity, solvency, activity, and profitability ratios with calculations.
Cash Flow Statement
Operating, investing, financing classification and indirect-method adjustments.
Preparing for the PSEB SS Accountancy Exam
What You Need to Know
- Passing score: 33% separately in Theory, Practical, and Project/INA, and 33% in aggregate
- Assessment: PSEB Senior Secondary Accountancy is a Class 12 elective under the Senior Secondary Certificate Examination (subject code 142). Official mark scheme: Theory 80 + Practical 15 + Project work/INA 05 = 100. Practical examination for Accountancy is conducted at Board level by external examiners. Syllabus is CBSE/NCERT Class 12 Accountancy-aligned: partnership fundamentals and goodwill, reconstitution (admission, retirement, death), dissolution, company share capital, debentures, financial statement analysis, accounting ratios, and cash flow statement (AS-3). Pass requires 33% separately in Theory, Practical, and INA plus 33% aggregate. English/Punjabi/Hindi medium materials are typical; this practice bank is an English-language MCQ study adaptation. Confirm the current syllabus PDF and circulars on pseb.ac.in.
- Time limit: 3 hours
- Exam / certification fees: As notified by PSEB and paid through affiliated schools for regular and compartment/improvement sittings (no single fixed public subject fee for all categories). Official sources
Using Our Practice Resources
- Work through all 100 available questions
- Review every answer and explanation
- Track weak areas and revisit them
- Use our AI tutor for tough concepts
PSEB SS Accountancy: Suggested Study Strategy
Frequently Asked Questions
How is PSEB Senior Secondary Accountancy officially examined?
Accountancy (subject code 142) is examined under the Punjab Senior Secondary Certificate Examination as a Class 12 elective. The Scheme of Studies allocates Theory 80 + Practical 15 + Project work/INA 05 = 100. Practical for Accountancy is conducted at Board level by external examiners. Confirm the year’s syllabus PDF, date sheet, and circulars on pseb.ac.in.
Is this practice bank the same format as the official Senior Secondary Accountancy paper?
No. Official PSEB Class 12 Accountancy theory papers mix objective and subjective numerical/theory sections, plus Board-level practical and project/INA. This bank is an English-language multiple-choice study adaptation for concepts and numericals only — not an official translation, blueprint replica, or full written-paper simulation.
What syllabus does this bank follow?
It is aligned to PSEB Senior Secondary (Class 12) Accountancy / NCERT Class 12 Accountancy style scope: partnership fundamentals and reconstitution, dissolution, company share capital, debentures, company financial statements, ratio analysis, and cash flow statement (AS-3).
What is the pass mark for PSEB Senior Secondary Accountancy?
Under the PSEB Scheme of Studies, candidates must obtain a minimum of 33% marks separately in Theory, Practical, and Internal Assessment (INA), as well as 33% in aggregate. Always verify the current PSEB Senior Secondary result notification for exact criteria for your sitting.
Where should I check official syllabus and scheme of studies?
Use the Punjab School Education Board website at pseb.ac.in for Class 12 syllabus entries (including Accountancy code 142), Scheme of Studies PDFs, date sheets, and exam circulars.