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Fundamentals Questions

Practice 8 Fundamentals questions with detailed answers and explanations. Free MCQs, PYQs, and mock test questions for NEET, JEE, GATE, SSC and more.

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5
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Practice by Exam:CUET Accountancy(4)Accountancy(4)

About Fundamentals — practice questions, PYQs & concepts

Fundamentals is a frequently-tested topic on CUET Accountancy, Accountancy. ExamTest.live currently lists 8 Fundamentals questions spanning previous-year papers from 2026 to 2026, each with worked solutions and a step-by-step explanation. Use the filters on this page to focus on a specific exam, difficulty level or year — every answer key is free, no sign-up required.

Fundamentals weight in competitive exams

Across our Fundamentals question bank, the largest sources are CUET Accountancy (4) and Accountancy (4). Click any exam chip above to drill down to that exam-specific question set.

How to use this page

  • Start easy: 5 easy Fundamentals questions are available — build fluency before moving up.
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All Fundamentals Questions(1–8 of 8)

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Q1easymcqCUET AccountancyCUET Accountancy 16 July Shift 22026
Match List I with List II:List IList IIA. Mutual AgencyI. It can be oral or writtenB. AgreementII. Written agreementC. Liability of partnersIII. Partnership concern carried by all or any of them acting for all.D. Partnership deedIV. Joint and unlimitedChoose the correct answer from the options given below:
Q2mediummcqCUET AccountancyCUET Accountancy 16 July Shift 22026
Find the right chronological sequence of the appropriation of profits in a partnership firm:A. Profits transferred to P and L appropriation A/c.B. Interest on capitalC. Profits distributed to partners after appropriationD. Interest on partner's loan A/cChoose the correct answer from the options given below:
Q3mediummcqCUET AccountancyCUET Accountancy 16 July Shift 22026
Choose the correct sequence of financial statements prepared for a partnership firm at the end of a financial year:A. Capital AccountsB. Profit and Loss A/cC. Profit and Loss Appropriation A/c (Adjustment A/c)D. Balance SheetChoose the correct answer from the options given below:
Q4easymcqCUET AccountancyCUET Accountancy 16 July Shift 22026
Soni, Moni, and Toni are partners sharing profits in the ratio of . If Moni's share of profit at the end of the year amounted to ₹1,50,000, what will be Soni's share of profits?
Q5easymcqAccountancyCUET Accountancy 2025 14 May Shift 22026
A partnership comes into existence as a result of an agreement among the partners. This written agreement is legally called the:
Q6easymcqAccountancyCUET Accountancy 2025 14 May Shift 22026
Which of the following is NOT a general feature of a partnership firm?
Q7mediummcqAccountancyCUET Accountancy 2025 14 May Shift 22026
Which combination of the given statements is correct regarding partnership regulations and structures?(A) A valid partnership can be formulated even without a written agreement between the partners.(B) Methods of settlement of disputes among the partners cannot be a part of the partnership deed.(C) If the deed is silent, interest at the rate of p.a. would be charged on the drawings made by a partner.(D) Each partner carrying on the business acts as a principal as well as an agent for all the other partners.Choose the correct answer from the options given below:
Q8easymcqAccountancyCUET Accountancy 2025 14 May Shift 22026
Which of the following statement configurations is NOT true regarding Capital Accounts of partners?

Frequently Asked Questions

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We have 8 Fundamentals questions spread across 1 pages, covering easy, medium, and hard difficulty levels with detailed explanations.
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Which exams include Fundamentals questions?▼
Fundamentals questions are commonly asked in CUET Accountancy, Accountancy. You can filter by exam using the links above.
How do I practice Fundamentals questions effectively?▼
Start with easy questions to build confidence, then tackle medium and hard ones. Use the filter buttons to sort by difficulty. Reveal the answer only after attempting each question, and read the explanation thoroughly.