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12th Standard Accounts English Medium Free Online Test Book Back One Mark Questions

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. Incomplete records are generally maintained by

    (a)

    A company

    (b)

    Government

    (c)

    Small sized sole trader business

    (d)

    Multinational enterprises

  2. Receipts and payments account is a

    (a)

    Nominal A/c

    (b)

    Real A/c

    (c)

    Personal A/c

    (d)

    Representative personal account

  3. In the absence of a partnership deed, profits of the firm will be shared by the partners in

    (a)

    Equal ratio

    (b)

    Capital ratio

    (c)

    Both (a) and (b)

    (d)

    None of these

  4. Which of the following statements is true?

    (a)

    Goodwill is an intangible asset

    (b)

    Goodwill is a current asset

    (c)

    Goodwill is a fictitious asset

    (d)

    Goodwill cannot be acquired

  5. Revaluation A/c is a

    (a)

    Real A/c

    (b)

    Nominal A/c

    (c)

    Personal A/c

    (d)

    Impersonal A/c

  6. A partner retires from the partnership firm on 30th June. He is liable for all the acts of the firm up to the

    (a)

    End of the current accounting period

    (b)

    End of the previous accounting period

    (c)

    Date of his retirement

    (d)

    Date of his final settlement

  7. A preference share is one
    (i) which carries preferential right with respect to payment of dividend at fixed rate
    (ii) which carries preferential right with respect to repayment of capital on winding up

    (a)

    Only (i) is correct

    (b)

    Only (ii) is correct

    (c)

    Both (i) and (ii) are correct

    (d)

    Both (i) and (ii) are incorrect

  8. Which of the following statements is not true?

    (a)

    Notes and schedules also form part of financial statements

    (b)

    The tools of financial statement analysis include common-size statement

    (c)

    Trend analysis refers to the study of movement of figures for one year

    (d)

    The common–size statements show the relationship of various items with somecommon base, expressed as percentage of the common base

  9. The mathematical expression that provides a measure of the relationship between two figures is called

    (a)

    Conclusion

    (b)

    Ratio

    (c)

    Model

    (d)

    Decision

  10. Contra voucher is used for

    (a)

    Master entry

    (b)

    Withdrawal of cash from bank for office use

    (c)

    Reports

    (d)

    Credit purchase of assets

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