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

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. Opening statement of affairs is usually prepared to find out the

    (a)

    Capital in the beginning of the year

    (b)

    Capital at the end of the year

    (c)

    Profit made during the year

    (d)

    Loss occurred during the year

  2. Balance of receipts and payments account indicates the

    (a)

    Loss incurred during the period

    (b)

    Excess of income over expenditure of the period

    (c)

    Total cash payments during the period

    (d)

    Cash and bank balance as on the date

  3. As per the Indian Partnership Act, 1932, the rate of interest allowed on loans advanced by partners is

    (a)

    8% per annum

    (b)

    12% per annum

    (c)

    5% per annum

    (d)

    6% per annum

  4. The average rate of return of similar concerns is considered as

    (a)

    Average profit

    (b)

    Normal rate of return

    (c)

    Expected rate of return

    (d)

    None of these

  5. The profit or loss on revaluation of assets and liabilities is transferred to the capital account of

    (a)

    The old partners

    (b)

    The new partner

    (c)

    All the partners

    (d)

    The Sacrificing partne

  6. On retirement of a partner, general reserve is transferred to the

    (a)

    Capital account of all the partners

    (b)

    Revaluation account

    (c)

    Capital account of the continuing partners

    (d)

    Memorandum revaluation account

  7. At the time of forfeiture, share capital account is debited with

    (a)

    Face value

    (b)

    Nominal value

    (c)

    Paid up amount

    (d)

    Called up amount

  8. Which of the following tools of financial statement analysis is suitable when data relating to several years are to be analysed?

    (a)

    Cash flow statement

    (b)

    Common size statement

    (c)

    Comparative statement

    (d)

    Trend analysis

  9. Current assets excluding inventory and prepaid expenses is called

    (a)

    Reserves

    (b)

    Tangible assets

    (c)

    Funds

    (d)

    Quick assets

  10. Which submenu displays groups, ledgers and voucher types in Tally?

    (a)

    Inventory vouchers

    (b)

    Accounting vouchers

    (c)

    Company Info

    (d)

    Account Info

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