New ! Accountancy MCQ Practise Tests

Sample 1 Mark Book Back Questions (New Syllabus) 2020

12th Standard

    Reg.No. :
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Accountancy

Time : 00:15:00 Hrs
Total Marks : 15

    Part A

    15 x 1 = 15
  1. The excess of assets over liabilities is

    (a)

    Loss

    (b)

    Cash

    (c)

    Capital

    (d)

    Profit

  2. What is the amount of capital of the proprietor, if his assets are Rs. 85,000 and liabilities are Rs. 21,000?

    (a)

    Rs.85,000

    (b)

    Rs.1,06,000

    (c)

    Rs.21,000

    (d)

    Rs.64,000

  3. Income and expenditure account is a

    (a)

    Nominal A/c

    (b)

    Real A/c

    (c)

    Personal A/c

    (d)

    Representative personal account

  4. Legacy is a

    (a)

    Revenue expenditure

    (b)

    Capital expenditure

    (c)

    Revenue receipt

    (d)

    Capital receipt

  5. As per the Indian Partnership Act, 1932, the rate of interest allowed on loans advanced by partners is

    (a)

    8% per annum

    (b)

    12% per annum

    (c)

    5% per annum

    (d)

    6% per annum

  6. In the absence of an agreement, partners are entitled to

    (a)

    Salary

    (b)

    Commission

    (c)

    Interest on loan

    (d)

    Interest on capital

  7. Identify the incorrect pair

    (a)

    Goodwill under Average profit method - Average profit × Number of years of purchase

    (b)

    Goodwill under Super profit method - Super profit × Number of years of purchase

    (c)

    Goodwill under Annuity method - Average profit × Present value annuity factor

    (d)

    Goodwill under Weighted average profit method - Weighted average profit × Number of years of purchase

  8. At the time of admission, the goodwill brought by the new partner may be credited to the capital accounts of

    (a)

    all the partners

    (b)

    the old partners

    (c)

    the new partner

    (d)

    the sacrificing partne

  9. On retirement of a partner from a partnership firm, accumulated profits and losses are distributed to the partners in the

    (a)

    New profit sharing ratio

    (b)

    Old profit sharing ratio

    (c)

    Gaining ratio

    (d)

    Sacrificing ratio

  10. That part of share capital which can be called up only on the winding up of a company is called:

    (a)

    Authorised capital

    (b)

    Called up capital

    (c)

    Capital reserve

    (d)

    Reserve capital

  11. Supreme Ltd. forfeited 100 shares of Rs.10 each for non-payment of final call of Rs.2 per share. All these shares were re-issued at Rs.9 per share. What amount will be transferred to capital reserve account?

    (a)

    Rs.700

    (b)

    Rs.800

    (c)

    Rs.900

    (d)

    Rs.1,000

  12. Which of the following tools of financial statement analysis is suitable when data relating to several years are to be analysed?

    (a)

    Cash flow statement

    (b)

    Common size statement

    (c)

    Comparative statement

    (d)

    Trend analysis

  13. The mathematical expression that provides a measure of the relationship between two figures is called

    (a)

    Conclusion

    (b)

    Ratio

    (c)

    Model

    (d)

    Decision

  14. Which one of the following is not correctly matched?

    (a)

    Liquid ratio – Proportion

    (b)

    Gross profit ratio – Percentage

    (c)

    Fixed assets turnover ratio – Percentage

    (d)

    Debt-equity ratio – Proportion

  15. Contra voucher is used for

    (a)

    Master entry

    (b)

    Withdrawal of cash from bank for office use

    (c)

    Reports

    (d)

    Credit purchase of assets

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