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

12th Standard

    Reg.No. :
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Accountancy

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

    Answer all the questions

    20 x 1 = 20
  1. Legacy is a

    (a)

    Revenue expenditure

    (b)

    Capital expenditure

    (c)

    Revenue receipt

    (d)

    Capital receipt

  2. Pick the odd one out

    (a)

    Partners share profits and losses equally

    (b)

    Interest on partners’ capital is allowed at 7% per annum

    (c)

    No salary or remuneration is allowed

    (d)

    Interest on loan from partners is allowed at 6% per annum

  3. Book profit of 2017 is Rs.35,000; non-recurring income included in the profit is Rs.1,000 and abnormal loss charged in the year 2017 was Rs.2,000, then the adjusted profit is

    (a)

    Rs.36,000

    (b)

    Rs.35,000

    (c)

    Rs.38,000

    (d)

    Rs.34,000

  4. Match List I with List II and select the correct answer using the codes given below:

    List I List II
    (i) Sacrificing ratio 1. Investment fluctuation fund
    (ii) Old profit sharing ratio 2. Accumulated profit
    (iii) Revaluation Account 3. Goodwill
    (iv) Capital Account 4. Unrecorded liability
    (a)
    (i) (ii) (iii) (iv)
    1 2 3 4
    (b)
    (i) (ii) (iii) (iv)
    3 2 4 1
    (c)
    (i) (ii) (iii) (iv)
    4 3 2 1
    (d)
    (i) (ii) (iii) (iv)
    3 1 4 2
  5. In partnership accounting, capital accounts are prepared under following method:

    (a)

    Fluctuating

    (b)

    Fixed

    (c)

    Both (a) & (b)

    (d)

    None of these

  6. At the time of retirement of a partner, determination of gaining ratio is required

    (a)

    To transfer revaluation profit or loss

    (b)

    To distribute accumulated profits and losses

    (c)

    To adjust goodwill

    (d)

    None of these

  7. Gaining ratio will be calculated by

    (a)

    New ratio minus old ratio

    (b)

    Old ratio minus new ratio

    (c)

    Old ratio minus sacrificing ratio

    (d)

    Old ratio minus new ratio

  8. Partnership is _________ on the retirement or death of a partner

    (a)

    Dissolved

    (b)

    Agreed

    (c)

    Retired

    (d)

    None of these

  9. Which of the following statement is false?

    (a)

    Issued capital can never be more than the authorised capital

    (b)

    In case of under subscription, issued capital will be less than the subscribed capital

    (c)

    Reserve capital can be called at the time of winding up

    (d)

    Paid up capital is part of called up capital

  10. When a company issues shares at a price equal to the face value it is known as

    (a)

    issues at par

    (b)

    issues at discount

    (c)

    both 'a' and 'b'

    (d)

    none of these

  11. Indian companies act, 20B, interest may be paid on calls in advance if Articles of Association so provide not exceeding _____ per annum.

    (a)

    6%

    (b)

    10%

    (c)

    12%

    (d)

    15%

  12. The balance of forfeited share account is ____ in the Balance sheet.

    (a)

    added to paid up capital

    (b)

    added to authorised capital

    (c)

    deducted from paid up capital

    (d)

    deducted from subscribed capacity

  13. The financial statements do not exhibit

    (a)

    Non-monetary data

    (b)

    Past data

    (c)

    Short term data

    (d)

    Long term data

  14. Preparation of common size statements and computation of ratios are examples of

    (a)

    Ratio analysis

    (b)

    Vertical analysis

    (c)

    Horizontal analysisNone of these

    (d)

    None of these

  15. 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

  16. _____ are current assets excluding inventories and prepaid expenses.

    (a)

    Quick assets

    (b)

    Fixed assets

    (c)

    Non-fixed assets

    (d)

    None of these

  17. The relationship of liquid assets to current liabilities is known as ________________

    (a)

    Liquid Ratio

    (b)

    Current Ratio

    (c)

    Absolute Liquid Ratio

    (d)

    Solvency Ratio

  18. In the Balance sheet of a firm, the debt equity ratio is 2:1. The amount of long term sources is Rs.12 lacks. What is the amount of tangible net worth of the firm?

    (a)

    Rs.12 lacks

    (b)

    Rs.8 lacks

    (c)

    Rs.4 lacks

    (d)

    Rs.2 lacks

  19. ___________ shows the company selected under List of Selected Companies on the left pane

    (a)

    Tally. ERP 9

    (b)

    Microsoft

    (c)

    Gate of Tally

    (d)

    None of these

  20. ____________ are used for recording both cash and credit sales of goods.

    (a)

    Purchase voucher

    (b)

    Sales vouchers

    (c)

    Contra voucher

    (d)

    Receipt voucher

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