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

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. Opening balance of debtors: Rs 30,000, cash received:Rs 1,00,000, credit sales: Rs90,000; closing balance of debtors is

    (a)

    Rs.30,000

    (b)

    Rs.1,30,000

    (c)

    Rs.40,000

    (d)

    Rs.20,000

  2. The capital of a business is ascertained by preparing

    (a)

    Trading account

    (b)

    Statement of profit or loss

    (c)

    Balance sheet

    (d)

    Statement of affairs

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

    (a)

    Single entry

    (b)

    Double entry

    (c)

    Book keeping

    (d)

    none of these

  4. In single entry system of accounting 

    (a)

    Duel aspects of a transaction is recorded

    (b)

    Single aspect of transaction is recorded

    (c)

    Important transaction are recorded

    (d)

    All of them

  5. Income and Expenditure Account is prepared to find out

    (a)

    Profit or loss

    (b)

    Cash and bank balance

    (c)

    Surplus or deficit

    (d)

    Financial position

  6. In non - profit organization, the sale of old newspapers is generally considered as an

    (a)

    Revenue receipt

    (b)

    Expenditure

    (c)

    Income

    (d)

    Capital receipt

  7. When fixed capital method is adopted by a partnership firm, which of the following items will appear in capital account?

    (a)

    Additional capital introduced

    (b)

    Interest on capital

    (c)

    Interest on drawings

    (d)

    Share of profit

  8. When the average profit is Rs.25,000 and the normal profit is Rs.15,000, super profit is

    (a)

    Rs.25,000

    (b)

    Rs.5,000

    (c)

    Rs.10,000

    (d)

    Rs.15,000

  9. ‘ A’ was a partner in a partnership firm. He died on 31st March 2019. The final amount due to him is Rs. 25,000 which is not paid immediately. It will be transferred to

    (a)

    A’s capital account

    (b)

    A’s current account

    (c)

    A’s Executor account

    (d)

    A’s Executor loan account

  10. When shares are issued for purchase of assets, the amount should be credited to

    (a)

    Vendor’s A/c

    (b)

    Sundry assets A/c

    (c)

    Share capital A/c

    (d)

    Bank A/c

  11. 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

  12. Debt equity ratio is a measure of

    (a)

    Short term solvency

    (b)

    Long term solvency

    (c)

    Profitability

    (d)

    Efficiency

  13. 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

  14. _____ indicates the number of times inventory is turned over to make revenue from operations during a particular accounting period.

    (a)

    Inventory turnover ratio

    (b)

    Trade receivable turnover ratio

    (c)

    Trade payables turnover ratio

    (d)

    Fixed assets turnover ratio

  15. _____ assets means current assets less stock and prepaid expenses.

    (a)

    Current

    (b)

    Fixed

    (c)

    Liquid

    (d)

    None the these

  16. Which of the following operation is correct?

    (a)

    Tangible Assets = Land + Building + Furniture

    (b)

    Tangible Assets = Land + Building + Goodwill

    (c)

    Tangible Assets = Land + Building + Furniture + Copy right

    (d)

    None of the above

  17. _____________ Assets = Total current assets - (Stock + Prepaid expenses)

    (a)

    Current

    (b)

    Liquid

    (c)

    Fixed

    (d)

    Tangible

  18. Which submenu displays groups, ledgers and voucher types in Tally?

    (a)

    Inventory vouchers

    (b)

    Accounting vouchers

    (c)

    Company Info

    (d)

    Account Info

  19. All transactions related to payments either in cash or through bank are recorded using

    (a)

    journal voucher

    (b)

    sontra voucher

    (c)

    receipt voucher

    (d)

    payment voucher

  20. __________ is used by various types of trade and industries.

    (a)

    Microsoft

    (b)

    Tally

    (c)

    Excel

    (d)

    C++

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