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Model 1 Mark Book Back Questions (New Syllabus) 2020

12th Standard EM

    Reg.No. :
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Accountancy

Time : 00:45:00 Hrs
Total Marks : 46

    Part A

    46 x 1 = 46
  1. 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

  2. Incomplete records are those records which are not kept under ____ system

    (a)

    Single entry

    (b)

    Double entry

    (c)

    Book keeping

    (d)

    none of these

  3. If it is desired to calculate profit by preparing trading and profit and loss account under single entry then it is called ______ method.

    (a)

    Networth

    (b)

    Statement of affairs

    (c)

    Conversion

    (d)

    None of these

  4. Single entry system has effect

    (a)

    One effect

    (b)

    Two effect

    (c)

    Three effect

    (d)

    None of the above

  5. In single entry two-fold aspects of transaction are not recorded, so it is

    (a)

    Complete & Scientific

    (b)

    Incomplete & Unscientific

    (c)

    Complete & Unscientific

    (d)

    Incomplete & Scientific

  6. Debtors on 31.12.2014 is Rs.2,00,000. Cash received from debtors during the year is Rs.3,00,000. Then the credit sales during the year is __________

    (a)

    Rs.1,00,000

    (b)

    Rs.2,00,000

    (c)

    Rs.3,00,000

    (d)

    Rs.5,00,000

  7. Rs.10,000 received as to annual membership subscription. Out of this Rs.2,000 is pertaining to the previous accounting period whereas Rs.1000 is receivable at the end of the current accounting period. Calculate the amount of subscription that will be shown in the income and expenditure account for this accounting.

    (a)

    Rs.10,000

    (b)

    Rs.9,000

    (c)

    Rs.12,000

    (d)

    Rs.8,000

  8. Expenditures greater than incomes of a nonprofit organization give rise to a

    (a)

    Loss

    (b)

    Profit

    (c)

    Surplus

    (d)

    Deficit

  9. 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

  10. In a partnership business, agreement is

    (a)

    compulsory

    (b)

    optional

    (c)

    not necessary

    (d)

    none of these

  11. __________ method, only capital account is maintained for each partner

    (a)

    Fixed capital

    (b)

    Fluctuating capital

    (c)

    Both 'a' and 'b'

    (d)

    None of these

  12. Indian partnership Act was enacted in the year ___________

    (a)

    1932

    (b)

    1956

    (c)

    1991

    (d)

    1992

  13. The monetary value of such advantage is termed as

    (a)

    Goodwill

    (b)

    Bank overdraft

    (c)

    Capital

    (d)

    Cash

  14. Goodwill is paid for obtaining

    (a)

    future profit

    (b)

    present benefit

    (c)

    past benefit

    (d)

    none of the above

  15. ________  is the good name or reputation of the business which brings benefit to the business

    (a)

    Goodwill

    (b)

    Fixed asset

    (c)

    Current asset

    (d)

    None of these

  16. _______refers to series of uniform cash flows at regular intervals.

    (a)

    Cash flow

    (b)

    Funds flow

    (c)

    Annuity

    (d)

    None of these

  17. When the value of an asset increases, it results in

    (a)

    profit

    (b)

    loss

    (c)

    income

    (d)

    expense

  18. Revaluation account is a___________account

    (a)

    real

    (b)

    nominal

    (c)

    personal

    (d)

    capital

  19. Decrease in provision for bad and doubtful debts will be shown in the _________ side of Revaluation Account

    (a)

    Debit

    (b)

    Credit

    (c)

    Both 'a' and 'b'

    (d)

    None of these

  20. At the time of admission of a new partner, revaluation of ______ and _______should be taken up.

    (a)

    Capital & Assets

    (b)

    Capital & Liabilities

    (c)

    Assets & Liabilities

    (d)

    Income & Expenses

  21. Persons who have entered into partnership with one another are individually called:

    (a)

    Partners

    (b)

    Directors

    (c)

    Sole trader

    (d)

    All of these

  22. Profits and losses of previous years which are not distributed to the partners are known as

    (a)

    Accumulated profit and losses

    (b)

    general reserve

    (c)

    Reserve fund

    (d)

    workmen compensation fund

  23. The section related to the retirement of partner in Indian partnership Act is

    (a)

    30(a)

    (b)

    31(1)

    (c)

    21(c)

    (d)

    20(a)

  24. _____account which is otherwise called profit and loss adjustment account

    (a)

    Capital

    (b)

    General reserve fund

    (c)

    Revaluation

    (d)

    Goodwill

  25. Revaluation account is operated to find out gain or loss at the time of:

    (a)

    Admission of a partner

    (b)

    Retirement of a partner

    (c)

    Death of a partner

    (d)

    All of these

  26. The proportion in which the continuing partners benefit due to retirement of partner:

    (a)

    Sacrificing Ratio

    (b)

    Gaining Ratio

    (c)

    Both (a) & (b)

    (d)

    None of these

  27. Sacrificing ratio is the ratio in which the old partners (existing) have agreed to sacrifice their share of profit in favour of_______.

    (a)

    Outgoing Partner

    (b)

    Incoming Partner

    (c)

    Both (a) & (b)

    (d)

    None of these

  28. The money raised by issuing shares is called

    (a)

    Share capital

    (b)

    Dividend

    (c)

    Equity capital

    (d)

    Share application

  29. The last installment called

    (a)

    first call money

    (b)

    allotment money

    (c)

    application money

    (d)

    final call money

  30. _____ is an artificial person.

    (a)

    Business

    (b)

    Industry

    (c)

    Organisation

    (d)

    Company

  31. _____ is returned to the applicants for rejected applications.

    (a)

    Application money

    (b)

    Allotment money

    (c)

    Under subscription

    (d)

    Over subscription

  32. _____ shares have to be reissued at a price lesser than the face value.

    (a)

    Issue

    (b)

    Equity

    (c)

    Subscribed

    (d)

    Forfeited

  33. A company forfeited 2,000 shares of Rs.10 each (which were issued at par) held by Mr.John for non-payment of allotment money of Rs.4 per share. The called – up value per share was Rs.9. On forfeiture, the amount debited to share capital will be

    (a)

    Rs.10,000

    (b)

    Rs.8,000

    (c)

    Rs.2,000

    (d)

    Rs.18,000

  34. Minimum number of members in case of public company is ________________

    (a)

    4

    (b)

    5

    (c)

    6

    (d)

    7

  35. Comparative statement and trend percentages are examples of

    (a)

    Cash flow analysis

    (b)

    Trend analysis

    (c)

    Horizontal analysis

    (d)

    Vertical analysis

  36. ________ is required in analysing the financial statements.

    (a)

    Expert knowledge

    (b)

    Quality informationHistorical dataHistorical data

    (c)

    Historical data

    (d)

    None of these

  37. Which ratio is the proportion of fixed income bearing funds to equity shareholders funds?

    (a)

    Debt equity ratio

    (b)

    Capital gearing ratio

    (c)

    Proprietary ratio

    (d)

    Profitability ratio

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

    List I List II
    (i) Current assets 1. Acid test ratio
    (ii) Current liabilities 2. Longterm solvency position
    (iii) Quick ratio 3. Short term provisions
    (iv) Debt equity ratio 4. Inventories
    (a)
    (i) (ii) (iii) (iv)
    1 3 4 2
    (b)
    (i) (ii) (iii) (iv)
    4 3 1 2
    (c)
    (i) (ii) (iii) (iv)
    3 2 4 1
    (d)
    (i) (ii) (iii) (iv)
    2 3 1 4
  39. ______ gives the proportion of current assets to current liabilities of a business concern.

    (a)

    Current ratio

    (b)

    Turn over ratio

    (c)

    Quick ratio

    (d)

    None of these

  40. _____ is an overall measure of profitability of a business concern.

    (a)

    Return on investment

    (b)

    Conversion period

    (c)

    None of these

    (d)

    Average period

  41. Liquid ratio is otherwise known as __________

    (a)

    Current ratio

    (b)

    Absolute Ratio

    (c)

    Quick ratio/Acide test ratio

    (d)

    None of these

  42. Absolute liquid asset mean ________________

    (a)

    Cash, Bank, and Short term investments

    (b)

    Cash, Bank and Stock

    (c)

    Cash, Bank, Stock, and Prepaid Expenses

    (d)

    None of these

  43. If selling price is fixed 25% above the cost, the Gross Profit ratio is

    (a)

    13%

    (b)

    28%

    (c)

    26%

    (d)

    20%

  44. Transactions are to be recorded through

    (a)

    journal entries

    (b)

    voucher entries

    (c)

    accounting entries

    (d)

    none of these

  45. ____________ is a compilation of accounting information that are derived from the accounting records of a business concern.

    (a)

    Accounting report

    (b)

    System software

    (c)

    System hardware

    (d)

    Accouting system

  46. Tally has __________ predefined ledgers.

    (a)

    two

    (b)

    three

    (c)

    four

    (d)

    six

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