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

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 excess of assets over liabilities is

    (a)

    Loss

    (b)

    Cash

    (c)

    Capital

    (d)

    Profit

  2. Income and expenditure account is a

    (a)

    Nominal A/c

    (b)

    Real A/c

    (c)

    Personal A/c

    (d)

    Representative personal account

  3. Which of the following is shown in Profit and loss appropriation account?

    (a)

    Office expenses

    (b)

    Salary of staff

    (c)

    Partners’ salary

    (d)

    Interest on bank loan

  4. Which of the following is true?

    (a)

    Super profit = Total profit / number of years

    (b)

    Super profit = Weighted profit / number of years

    (c)

    Super profit = Average profit – Normal profit

    (d)

    Super profit = Average profit x Years of purchase

  5. If the old profit sharing ratio is more than the new profit sharing ratio of a partner, the difference is called

    (a)

    Capital ratio

    (b)

    Sacrificing ratio

    (c)

    Gaining ratio

    (d)

    None of these

  6. On revaluation, the increase in liabilities leads to

    (a)

    Gain

    (b)

    Loss

    (c)

    Profit

    (d)

    None of these

  7. After the forfeited shares are reissued, the balance in the forfeited shares account should be transferred to

    (a)

    General reserve account

    (b)

    Capital reserve account

    (c)

    Securities premium account

    (d)

    Surplus account

  8. The financial statements do not exhibit

    (a)

    Non-monetary data

    (b)

    Past data

    (c)

    Short term data

    (d)

    Long term data

  9. Debt equity ratio is a measure of

    (a)

    Short term solvency

    (b)

    Long term solvency

    (c)

    Profitability

    (d)

    Efficiency

  10. What are the predefined Ledger(s) in Tally?
    (i) Cash
    (ii) Profit & Loss A/c
    (iii) Capital A/c

    (a)

    Only (i)

    (b)

    Only (ii)

    (c)

    Both (i) and (ii)

    (d)

    Both (ii) and (iii)

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