#### 12th standard accountancy chapter one creative multiple choice questions for new syllabus state board english medium

12th Standard 2019 EM

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Accountancy

Follow the instructions properly
Time : 00:20:00 Hrs
Total Marks : 25

Part - A

Answer the following questions

25 x 1 = 25
1. The different between the total of assets and total of liabilities is taken as

(a)

drawings

(b)

capital

(c)

profit

(d)

loss

2. The total assets of a proprietor are Rs.5,00,000. His liabilities Rs.3,50,000. Then his capital in the business is

(a)

Rs.8,50,000

(b)

Rs.1,50,000

(c)

Rs.3,50,000

(d)

Rs.4,25,000

3. A firm has assets worth Rs.60,000 and capital Rs.45,000.Then it's liabilities is

(a)

Rs.45,000

(b)

Rs.1,05,000

(c)

Rs.60,000

(d)

Rs.15,000

4. Under the net worth method, the basis for ascertaining the profit is

(a)

the difference between the capital on two dates

(b)

the difference between the liabilities on two dates

(c)

the different between the gross assets on two dates

(d)

the difference between the gross profit on two dates

5. Credit sale is obtained from

(a)

Bills receivable account

(b)

Bills payable account

(c)

Total debtors account

(d)

Total creditors account

6. The capital of a business is ascertained by preparing

(a)

(b)

Statement of profit or loss

(c)

Balance sheet

(d)

Statement of affairs

7. Credit purchase is obtained from

(a)

Bills receivable account

(b)

Bills payable account

(c)

Total debtors account

(d)

Total creditors account

8. Debtors on 1.4.2018 was Rs.1,00,000 and on 31.3.2019 was Rs.80,000 cash received from debtors during the year is Rs.1,60,000. Then the credit sales during the year is

(a)

Rs.3,40,000

(b)

Rs.2,40,000

(c)

Rs.1,40,000

(d)

Rs.1,60,000

9. A firms total sales is Rs.80,000 and its credit sales is Rs.60,000 Then its cash sales is

(a)

Rs.1,40,000

(b)

Rs.70,000

(c)

Rs.20,000

(d)

Rs.80,000

10. A firm has assets worth Rs.47,500 and liabilities Rs.17,700. Then its capital is

(a)

Rs.29,800

(b)

Rs.65,200

(c)

Rs.35,400

(d)

Rs.17,700

11. Companies cannot keep books on single entry system because of

(a)

tax properties

(b)

legal provisions

(c)

both (a) and (b)

(d)

None of these

12. Match List I with List II and Select the Correct Answer using the Codes given below.

 List I List II (i) Incomplete records 1. Net worth method (ii) Single entry system 2. Double entry (iii) Statement of affairs method 3. Small traders (iv) Nominal account 4. Incomplete double system
(a)
 (i) (ii) (iii) (iv) 1 2 3 4
(b)
 (i) (ii) (iii) (iv) 4 3 1 2
(c)
 (i) (ii) (iii) (iv) 2 3 1 4
(d)
 (i) (ii) (iii) (iv) 3 4 1 2
13. Match List I with List II and Select the Correct Answer using the Codes given below.

 List I List II (i) Nature 1. Needs and conveniences (ii) Types of accounts 2. No legal obligations (iii) Lack of uniformity 3. Real account and nominal accounts (iv) Suitability 4. Unsystematic way of transactions
(a)
 (i) (ii) (iii) (iv) 1 2 3 4
(b)
 (i) (ii) (iii) (iv) 2 3 4 1
(c)
 (i) (ii) (iii) (iv) 4 3 1 2
(d)
 (i) (ii) (iii) (iv) 3 4 2 1
14. Incomplete records are those records which are not kept under ____ system

(a)

Single entry

(b)

Double entry

(c)

Book keeping

(d)

none of these

15. _____ is an unscientific and unsystematic way of recording transactions.

(a)

Incomplete records

(b)

Complete records

(c)

Single entry system

(d)

Double entry system

16. Statement of affairs method is also called as _____ method.

(a)

Net profit

(b)

Net loss

(c)

Net worth/capital comparison

(d)

None of these

17. _____ is a statement showing the balances of assets and liabilities on a particular date.

(a)

Statement of affairs

(b)

(c)

Profit and loss account

(d)

Balance sheet

18. _____ capital can be found by preparing a statement of affairs at the beginning of the year.

(a)

Opening capital

(b)

Closing capital

(c)

Both (a) and (b)

(d)

None of these

19. A statement of affairs resembles a _____

(a)

(b)

Profit and loss account

(c)

Balance sheet

(d)

Trial balance

20. Closing capital can be found by preparing a statement affairs at the _____ of the year.

(a)

opening

(b)

end

(c)

centre

(d)

none of these

21. In _____ system, only personal and cash accounts are opened.

(a)

Single entry

(b)

Double entry

(c)

Trial balance

(d)

Balance Sheet

22. Creditors on 1.4.2016 was Rs.80,000 and on 31.3.2017 was Rs.65,000 cash paid to creditors during the year is Rs.10,000. Then the credit purchases during the year is

(a)

Rs.95,000

(b)

Rs.1,75,000

(c)

Rs.1,95,000

(d)

Rs.1,50,000

23. _____ maintains only personal and cash accounts.

(a)

Single entry system

(b)

Double entry system

(c)

Both (a) and (b)

(d)

None of these

24. _____ is suitable only for sole traders and partnership firms.

(a)

Double entry system

(b)

Single entry system

(c)

Both (a) and (b)

(d)

None of these

25. Single entry system keeps one cash book which mixes up business as well as ____ transactions.

(a)

Private

(b)

Own

(c)

Public

(d)

Capital