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12th Standard Accounts English Medium Free Online Test Book Back 1 Mark Questions with Answer Key

12th Standard EM

    Reg.No. :
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Accountancy

Time : 00:10:00 Hrs
Total Marks : 10

    Answer all the questions

    10 x 1 = 10
  1. Statement of affairs is a

    (a)

    Statement of income and expenditure

    (b)

    Statement of assets and liabilities

    (c)

    Summary of cash transactions

    (d)

    Summary of credit transactions

  2. Receipts and payments account records receipts and payments of

    (a)

    Revenue nature only

    (b)

    Capital nature only

    (c)

    Both revenue and capital nature

    (d)

    None of the above

  3. In the absence of an agreement among the partners, interest on capital is

    (a)

    Not allowed

    (b)

    Allowed at bank rate

    (c)

    Allowed @ 5% per annum

    (d)

    Allowed @ 6% per annum

  4. Super profit is the difference between

    (a)

    Capital employed and average profit

    (b)

    Assets and liabilities

    (c)

    Average profit and normal profit

    (d)

    Current year’s profit and average profit

  5. On revaluation, the increase in the value of assets leads to

    (a)

    Gain

    (b)

    Loss

    (c)

    Expense

    (d)

    None of these

  6. 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

  7. 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

  8. Balance sheet provides information about the financial position of a business concern

    (a)

    Over a period of time

    (b)

    As on a particular date

    (c)

    For a period of time

    (d)

    For the accounting period

  9. Current ratio indicates

    (a)

    Ability to meet short term obligations

    (b)

    Efficiency of management

    (c)

    Profitability

    (d)

    Long term solvency

  10. Function key F11 is used for

    (a)

    Company Features

    (b)

    Accounting vouchers

    (c)

    Company Configuration

    (d)

    None of these

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