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

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. Effects of dishonour of B/R is given -

    (a)

    Only in the B/R account

    (b)

    Only in the debtors A/c

    (c)

    In debtor A/c and B/R A/c

    (d)

    Only in the B/P account

  2. A firm's total sales is Rs.80,000 and its credit sales id Rs.60,000 then its cash sales is - 

    (a)

    Rs.20,000

    (b)

    Rs.1,40,000

    (c)

    Rs.70,000

    (d)

    Rs.25,000

  3. 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

  4. Income and Expenditure accounts show

    (a)

    cash available to an organization

    (b)

    dosing capital of an organization

    (c)

    cash available in the bank account

    (d)

    surplus or deficit for the current accounting period.

  5. _______are the amounts received by not for- profit organisations as a gift

    (a)

    Legacy

    (b)

    Donations

    (c)

    Subscription

    (d)

    Entrance fee

  6. Which of the following is the incorrect pair?

    (a)

    Interest on drawings – Debited to capital accouunt

    (b)

    Interest on capital - Credited to capital account

    (c)

    Interest on loan - Debited to capital account

    (d)

    Share of profit - Credited to capital account

  7. In the absence of any specific agreement partner's loan to the firm will carry an  interest of

    (a)

    6%

    (b)

    10%

    (c)

    12%

    (d)

    10%

  8. Which of the following method, goodwill is calculated by multiplying the weighted average profit?

    (a)

    Super profit method

    (b)

    Annuity

    (c)

    Weighted average profit method

    (d)

    All of these

  9. In order to maintain fair dealings, at the time of admission, it is necessary to revalue assets and liabilities of the firm to their

    (a)

    Cost price

    (b)

    True value

    (c)

    Selling price

    (d)

    None of these

  10. At the time of admission an incoming partner contributes as goodwill:

    (a)

    In cash

    (b)

    Does not pay cash

    (c)

    May or may not pay cash for goodwill

    (d)

    None of these

  11. 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

  12. 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

  13. 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%

  14. Authorised capital is also known as

    (a)

    paid up capital

    (b)

    called up capital

    (c)

    nominal capital

    (d)

    subscribed capital

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

    List I List II
    (i) Voluntary association 1. Face value
    (ii) Common seal 2. Private company
    (iii) Limited liability 3. Affixed on the documents
    (iv) Transferability of shares 4. No law
    (a)
    (i) (ii) (iii) (iv)
    4 3 1 2
    (b)
    (i) (ii) (iii) (iv)
    1 2 3 4
    (c)
    (i) (ii) (iii) (iv)
    4 3 1 2
    (d)
    (i) (ii) (iii) (iv)
    3 4 1 2
  16. A company may have a _____ which can be affixed on the documents.

    (a)

    common seal

    (b)

    limited liability

    (c)

    transferability of shares

    (d)

    legal entity

  17. The management of a company is done by ______

    (a)

    Manager

    (b)

    Employer

    (c)

    Board of Directors

    (d)

    Owner

  18. 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

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

    (a)

    4

    (b)

    5

    (c)

    6

    (d)

    7

  20. In case of private placement of shares to raise the amount of capital, a company:

    (a)

    Invites the public through prospectus

    (b)

    Does not invite the public

    (c)

    Invite the public through advertisement

    (d)

    None of these

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