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12th Standard Accounts English Medium Free Online Test Creative 1 Mark Questions - Part Five

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. Debtors on 1.4.2018 was Rs.1,00,000 and on 31.3.2019 was Rs.80,000 cash received from debtors during the year is Rs.1,60,000. Then the credit sales during the year is

    (a)

    Rs.3,40,000

    (b)

    Rs.2,40,000

    (c)

    Rs.1,40,000

    (d)

    Rs.1,60,000

  2. Following are the limitations of incomplete records except _________________

    (a)

    Lack of proper maintenance of records

    (b)

    Difficulty in preparing trial balance

    (c)

    Difficulty in ascertaining true profitability of the business

    (d)

    Suitability

  3. The maximum number of partners in a partnership firm is

    (a)

    25

    (b)

    10

    (c)

    30

    (d)

    50

  4. The total capitalised value of the business is calculated by capitalising the average profits on the basis of

    (a)

    average profit

    (b)

    normal rate of return

    (c)

    actual capital employed

    (d)

    none of these

  5. Goodwill is _________.

    (a)

    an intangible asset

    (b)

    a fixed asset

    (c)

    realisable

    (d)

    all of the above

  6. In admission undistributed profit or loss is transferred to

    (a)

    New partner's capital A/c only

    (b)

    Old partner's capital A/c only

    (c)

    All the partner's capital accounts

    (d)

    None of these

  7. In the event of admission of a new partner, legally there is ______ of old partnership.

    (a)

    dissolution

    (b)

    indeed

    (c)

    both

    (d)

    none of these

  8. In partnership accounting, capital accounts are prepared under following method:

    (a)

    Fluctuating

    (b)

    Fixed

    (c)

    Both (a) & (b)

    (d)

    None of these

  9. At the time of dissolution all the assets of firm are transferred to the realization A/c:

    (a)

    Market Value

    (b)

    Book Value

    (c)

    Cost Value

    (d)

    Bale Value

  10. Equity shares may be issued for cash at

    (a)

    premium

    (b)

    discount

    (c)

    dividend

    (d)

    none of these

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