New ! Accountancy MCQ Practise Tests

Important 1 Mark Creative Questions (New Syllabus) 2020

12th Standard

    Reg.No. :
  •  
  •  
  •  
  •  
  •  
  •  

Accountancy

Time : 00:20:00 Hrs
Total Marks : 20

    Part A

    20 x 1 = 20
  1. 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

  2. Capital at the end - net profit + drawings = 

    (a)

    Capital in Beginning

    (b)

    Gross profit

    (c)

    Interest on capital

    (d)

    Interest on drawings

  3. Income and Expenditure account is based on

    (a)

    Cash accounting

    (b)

    Government accounting

    (c)

    Management accounting

    (d)

    Accrual accounting

  4. List I List II
    (i) Subscription 1. Balls, bats
    (ii) Investments 2. Time of admission
    (iii) Old sports materials 3. Receive interest
    (iv) Admission fee 4. Tennis or billiards
    (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 4 1
    (d)
    (i) (ii) (iii) (iv)
    2 3 4 1
  5. The profit or loss arising from the partnership business is shared by the partners in the

    (a)

    old ratio

    (b)

    new ratio

    (c)

    agreed ratio

    (d)

    sacrifice ratio

  6. __________ can be formed only for a legal business.

    (a)

    Sole trader

    (b)

    Co-operative societies

    (c)

    Partnership

    (d)

    None of these

  7. Goodwill is shown under fixed assets in the

    (a)

    Trial balance

    (b)

    Balance sheet

    (c)

    Trading account

    (d)

    Profit and loss account

  8. List I List II
    i)  Goodwill 1. Excess of EM.P.
    over normal profit
    ii) Fictitious asset 2. Accounted in the
    books of accounts
    iii) Purchased
    goodwill
    3. Intangible hllving
    no realisable value
    iv) Super profit 4. An intangible asset
    (a)
    (i) (ii) (iii) (iv)
    4 3 2 1
    (b)
    (i) (ii) (iii) (iv)
    1 2 3 4
    (c)
    (i) (ii) (iii) (iv)
    2 3 4 1
    (d)
    (i) (ii) (iii) (iv)
    3 4 1 2
  9. Revaluation account is also called

    (a)

    Accumulation profit and loss account

    (b)

    Profit and loss adjustment account

    (c)

    Profit and loss appropriation account

    (d)

    None of these

  10. Introduction of a new partner due to

    (a)

    Need to more capital

    (b)

    Fresh ideas and more contacts

    (c)

    Obtaining of a skilled and reputable person

    (d)

    All of the above

  11. The firm is reconstituted and other partners continue the partnership firm with a new

    (a)

    Contract

    (b)

    agreement

    (c)

    start business

    (d)

    none of these

  12. ________ of partner will be paid off, before the settlement of partner’s capital.

    (a)

    Capital

    (b)

    Loan

    (c)

    Asset

    (d)

    None of these

  13. The capital of companies is divided into small units called

    (a)

    shares

    (b)

    debentures

    (c)

    dividend

    (d)

    none of these

  14. The excess amount paid over the called up value of a share is known as _____________

    (a)

    Calls in arrear

    (b)

    Calls in advance

    (c)

    Capital Reserve

    (d)

    None of these

  15. Financial statements are prepared based on

    (a)

    past data

    (b)

    future cost

    (c)

    terminal cost

    (d)

    historical cost

  16. _______________ analysis helps in assessing the liquidity and solvency of a business concern.

    (a)

    Fund flow

    (b)

    Trend

    (c)

    Cash flow

    (d)

    None of these

  17. If both items in a ratio are from balance sheet, it is classified as

    (a)

    Inter statement ratio

    (b)

    Income statement ratio

    (c)

    Balance sheet ratio

    (d)

    All of these

  18. Which ratio is considered as safe margin of solvency?

    (a)

    Liquid Ratio

    (b)

    Quick Ratio

    (c)

    Current Ratio

    (d)

    None of the above

  19. In 2009, Tally Solutions introduced the software

    (a)

    Tally. ERP 9

    (b)

    Tally. ERP 10

    (c)

    Tally. ERP 6.0

    (d)

    Tally. 8.0

  20. _________ are used for recording both cash and credit purchases of goods.

    (a)

    Purchase voucher

    (b)

    Sales voucher

    (c)

    Journal voucher

    (d)

    Contra voucher

*****************************************

TN 12th Standard Accountancy free Online practice tests

Reviews & Comments about 12th Standard Accountancy English Medium Important 1 Mark Creative Questions (New Syllabus) 2020

Write your Comment