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

12th Standard

    Reg.No. :
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Accountancy

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

    Answer all the questions

    10 x 1 = 10
  1. Which of the following items relating to bills payable is transferred to total creditors account?

    (a)

    Opening balance of bills payable

    (b)

    Opening balance of bills payable

    (c)

    Bills payable accepted during the year

    (d)

    Cash paid for bills payable

  2. 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

  3. When fixed capital method is adopted by a partnership firm, which of the following items will appear in capital account?

    (a)

    Additional capital introduced

    (b)

    Interest on capital

    (c)

    Interest on drawings

    (d)

    Share of profit

  4. Identify the incorrect pair

    (a)

    Goodwill under Average profit method - Average profit × Number of years of purchase

    (b)

    Goodwill under Super profit method - Super profit × Number of years of purchase

    (c)

    Goodwill under Annuity method - Average profit × Present value annuity factor

    (d)

    Goodwill under Weighted average profit method - Weighted average profit × Number of years of purchase

  5. At the time of admission, the goodwill brought by the new partner may be credited to the capital accounts of

    (a)

    all the partners

    (b)

    the old partners

    (c)

    the new partner

    (d)

    the sacrificing partne

  6. At the time of retirement of a partner, determination of gaining ratio is required

    (a)

    To transfer revaluation profit or loss

    (b)

    To distribute accumulated profits and losses

    (c)

    To adjust goodwill

    (d)

    None of these

  7. The amount received over and above the par value is credited to

    (a)

    Securities premium account

    (b)

    Calls in advance account

    (c)

    Share capital account

    (d)

    Forfeited shares account

  8. Which of the following is not a tool of financial statement analysis?

    (a)

    Trend analysis

    (b)

    Common size statement

    (c)

    Comparative statement

    (d)

    Standard costing

  9. Match List I with List II and select the correct answer using the codes given below:

    List I List II
    (i) Current ratio 1. Liquidity
    (ii) Net profit ratio 2. Efficiency
    (iii) Debt-equity ratio 3. Long term solvency
    (iv) Inventory turnover ratio 4. Profitability
    (a)
    (i) (ii) (iii) (iv)
    1 2 3 4
    (b)
    (i) (ii) (iii) (iv)
    1 4 3 2
    (c)
    (i) (ii) (iii) (iv)
    3 2 4 1
    (d)
    (i) (ii) (iii) (iv)
    4 3 2 1
  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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