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

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. The amount of credit sales can be computed from

    (a)

    Total debtors account

    (b)

    Total creditors account

    (c)

    Bills receivable account 

    (d)

    Bills payable account

  2. Which of the following should not be recorded in the income and expenditure account?

    (a)

    Sale of old news papers

    (b)

    Loss on sale of asset

    (c)

    Honorarium paid to the secretary

    (d)

    Sale proceeds of furniture

  3. When a partner withdraws regularly a fixed sum of money at the middle of every month, period for which interest is to be calculated on the drawings on an average is

    (a)

    5.5 months

    (b)

    6 months

    (c)

    12 months

    (d)

    6.5 months

  4. 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

  5. Select the odd one out

    (a)

    Revaluation profit

    (b)

    Accumulated loss

    (c)

    Goodwill brought by new partner

    (d)

    Investment fluctuation fund

  6. A, B and C are partners sharing profits in the ratio of 2:2:1. On retirement of B, goodwill of the firm was valued as Rs. 30,000. Find the contribution of A and C to compensate B:

    (a)

    Rs.20,000 and Rs. 10,000

    (b)

    Rs. 8,000 and Rs. 4,000

    (c)

    Rs.10,000 and Rs. 20,000

    (d)

    Rs. 15,000 and Rs. 15,000

  7. Match the pair and identify the correct option

    (1) Under subscription (i) Amount prepaid for calls
    (2) Over subscription (ii) Subscription above the offered shares
    (3) Calls in arrear (iii) Subscription below the offered shares
    (4) Calls in advance (iv) Amount unpaid on calls
    (a)
    (1) (2) (3) (4)
    (i) (ii) (iv) (iv)
    (b)
    (1) (2) (3) (4)
    (iv) (iii) (ii) (i)
    (c)
    (1) (2) (3) (4)
    (iii) (ii) (iv) (i)
    (d)
    (1) (2) (3) (4)
    (iii) (iv) (i) (ii)
  8. The term ‘fund’ refers to

    (a)

    Current liabilities

    (b)

    Working capital

    (c)

    Fixed assets

    (d)

    Non-current assets

  9. Which is not the default group in Tally?

    (a)

    Suspense account

    (b)

    Outstanding expense

    (c)

    Sales account

    (d)

    Investments

  10. In which voucher type credit purchase of furniture is recorded in Tally

    (a)

    Receipt voucher

    (b)

    Journal voucher

    (c)

    Purchase voucher

    (d)

    Payment voucher

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