New ! Accountancy MCQ Practise Tests

Important 2 Mark Creative Questions (New Syllabus) 2020

12th Standard

    Reg.No. :


Time : 01:00:00 Hrs
Total Marks : 30

    Part A

    15 x 2 = 30
  1. Why is statement of affairs prepared under single entry system not referred to as balance sheet?

  2. Write a note on Donations

  3. Income and expenditure account of a not-for-profit organization is akin to profit and loss account ofa business concern. Explain the statement.

  4. What is partner's current Account?

  5. Suresh and Ramesh are partners in a firm with capitals of Rs.3,00,000 and Rs.4,00,000 respectively. The do not have a partnership deed. Ramesh wants to share the profits in the ratio of capitals. State with reason whether the claim is valid

  6. An accountant of the firm has debited interest on partner's loan to the profit and loss appropriation account and credited to the partner's capital account. Is he correct?

  7. Why is goodwill considered as an intangible asset but not a fictitious assets?

  8. Durga and Naresh were partnership in a firm. They wanted to admit five more members in the firm. List any two categories of individuals other than minors who cannot be admitted by them.

  9. Name the account which is opened to credit the share of profit of the deceased partner, till the time of death to his capital account. 

  10. What is prorata allotment?

  11. What is funds flow analysis?

  12. Financial statement analysis is a post-mortem of the business transactions to some extent. Do you agree?

  13. What does high total assets to debt ratio indicates?

  14. Why should the inventory turnover ratio be more important when analysing a grocery store than an insurance company?

  15. Identify the value, violate by the employee of company? Who uses office computer for chatting on social networking sities?


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