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12th Standard Accounts English Medium Free Online Test 1 Mark Questions 2020

12th Standard

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Accountancy

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

    Answer all the questions

    20 x 1 = 20
  1. When capital in the beginning is Rs 10,000, drawings during the year is Rs.6,000, profit made during the year is Rs2,000 and the additional capital introduced is 3,000, find out the amount of capital at the end

    (a)

    9,000

    (b)

    11,000

    (c)

    21,000

    (d)

    3,000

  2. 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

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

    (a)

    Single entry

    (b)

    Double entry

    (c)

    Trial balance

    (d)

    Balance Sheet

  4. Capital can be obtained by preparing

    (a)

    Cash Book

    (b)

    Statement of Affairs

    (c)

    Debtors Account

    (d)

    Creditors account

  5. Generally, depreciation on fixed assets is calculated on which balance?

    (a)

    Opening Balance

    (b)

    Closing Balance

    (c)

    Only on additional

    (d)

    Amount realized on asset sole

  6. Legacy is a

    (a)

    Revenue expenditure

    (b)

    Capital expenditure

    (c)

    Revenue receipt

    (d)

    Capital receipt

  7. If the donation is received without any specific condition, then it is a

    (a)

    general donation

    (b)

    specific donation

    (c)

    donation fund

    (d)

    none of these

  8. 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

  9. ___________ is a document in writing that contains the terms of the agreement among the partners.

    (a)

    Partnership deed

    (b)

    Partnership at will

    (c)

    Both 'a' and 'b'

    (d)

    None of these

  10. Goodwill is paid for obtaining

    (a)

    future profit

    (b)

    present benefit

    (c)

    past benefit

    (d)

    none of the above

  11. The profit or loss on revaluation of assets and liabilities is transferred to the capital account of

    (a)

    The old partners

    (b)

    The new partner

    (c)

    All the partners

    (d)

    The Sacrificing partne

  12. On admission of a partner if goodwill account is to be raised this should be debited to

    (a)

    Partner's capital account

    (b)

    Partner's capital account

    (c)

    Revaluation account

    (d)

    None of these

  13. Under revaluation method goodwill account is raised by crediting the old partner's _________ accounts in the old profit sharing ratio.

    (a)

    capital

    (b)

    profit and loss

    (c)

    assets

    (d)

    revaluation

  14. ) A partner who is newly admitted to the firm with the consent of all the parties is called

    (a)

    Salaries Partner

    (b)

    Incoming partner

    (c)

    Junior partner

    (d)

    Minor partner

  15. The amount due to the________partner is either paid off immediately or is paid in instalments.

    (a)

    Admitting

    (b)

    Retiring

    (c)

    Death

    (d)

    All of the above

  16. If the amount due to the outgoing partner is transferred to loan account then he is entitled to interest at _________ until it is paid out.

    (a)

    9%

    (b)

    5%

    (c)

    6%

    (d)

    8%

  17. When the number of shares subscribed is less than the number of shares offered, it is known as

    (a)

    over subscription

    (b)

    under subscription

    (c)

    allotment share

    (d)

    application money

  18. Interest on calls in advance is ________________

    (a)

    4% p.a.

    (b)

    5% p.a.

    (c)

    6% p.a.

    (d)

    7% p.a.

  19. 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

  20. Current liabilities Rs. 40,000; Current assets Rs. 1,00,000 ; Inventory Rs. 20,000. Quick ratio is

    (a)

    1:1

    (b)

    2.5:1

    (c)

    2:1

    (d)

    1:2

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