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12th Standard Accounts English Medium Free Online Test Creative 1 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. A firm has assets worth Rs.60,000 and capital Rs.45,000.Then it's liabilities is

    (a)

    Rs.45,000

    (b)

    Rs.1,05,000

    (c)

    Rs.60,000

    (d)

    Rs.15,000

  2. On what basis the receipts and payments account is prepared?

    (a)

    Cash basis

    (b)

    Credit basis

    (c)

    Both

    (d)

    None of these

  3. All the transactions between the partner and the firm are recorded in the

    (a)

    capital account

    (b)

    drawings account

    (c)

    profit and loss account

    (d)

    revaluation account

  4. Normal profit is

    (a)

    average profit earned

    (b)

    profit earned by similar companies in the same industry

    (c)

    both 'a' and 'b'

    (d)

    none of the above

  5. Revaluation account is also called

    (a)

    Accumulation profit and loss account

    (b)

    Profit and loss adjustment account

    (c)

    Profit and loss appropriation account

    (d)

    None of these

  6. The settlement is to be done in the manner prescribed in the

    (a)

    Partnership-at-will

    (b)

    Partnership deed

    (c)

    Both 'a' and 'b'

    (d)

    None of the above

  7. Equity shares do not enjoy any

    (a)

    Equity rights

    (b)

    Preference rights

    (c)

    Dividend of rights

    (d)

    Ordinary shares

  8. Comparative statement and trend percentages are examples of

    (a)

    Cash flow analysis

    (b)

    Trend analysis

    (c)

    Horizontal analysis

    (d)

    Vertical analysis

  9. Operating ratio is equal to

    (a)

    100 - Operating profit ratio

    (b)

    100 + Operating profit ratio

    (c)

    Operating cost

    (d)

    None of these

  10. ___________ is one of the most widely used financial accounting softwares

    (a)

    Tally

    (b)

    Excel

    (c)

    Word

    (d)

    Spread sheet

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