New ! Accountancy MCQ Practise Tests

Sample 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. Can a limited company maintain its accounts under single entry system?

  2. Write a note on Donations

  3. Every receipt and Payments, whether capital or revenue and irrespective of the period is recorded in receipts and payments accounts why? Give reason.

  4. If the partner's capital accounts are fixed, where will you record the following items?
    (a) Salary payable to a partner
    (b) Drawings made by a partner

  5. Interest on partner's capital and interest on drawings are recorded through profit and loss appropriation account instead of profit and loss account. Why?

  6. How does the factor's 'quality of product' affect the goodwill of a firm?

  7. The amount of bills payable appearing in the balance sheet is understated by. Rs.10,000 State whether the revaluation account will be debited or credited to restore the amount of bills payable to its actual value. Also give reason for your answer.

  8. Who is an outgoing partner?

  9. If the retiring partner is not paid the full amount due to him immediately on retirement, how should his capital account be shown in subsequent balance sheet?

  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 is turnover ratios?

  14. How does ratio analysis become less effective due to does ratio changes?

  15. What is MIS?


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