" /> -->

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

12th Standard EM

    Reg.No. :
  •  
  •  
  •  
  •  
  •  
  •  

Accountancy

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

    Answer all the questions

    10 x 1 = 10
  1. _____ is a statement showing the balances of assets and liabilities on a particular date.

    (a)

    Statement of affairs

    (b)

    Trading account

    (c)

    Profit and loss account

    (d)

    Balance sheet

  2. If it is desired to calculate profit by preparing trading and profit and loss account under single entry then it is called ______ method.

    (a)

    Networth

    (b)

    Statement of affairs

    (c)

    Conversion

    (d)

    None of these

  3. A firm has liabilities is Rs.50,000 and Capital is Rs.25,000. Then its assets is ______________

    (a)

    Rs.1,00,000

    (b)

    Rs.25,000

    (c)

    Rs.50,000

    (d)

    Rs.75,000

  4. List I List II
    (i) Subscription 1. Balls, bats
    (ii) Investments 2. Time of admission
    (iii) Old sports materials 3. Receive interest
    (iv) Admission fee 4. Tennis or billiards
    (a)
    (i) (ii) (iii) (iv)
    1 2 3 4
    (b)
    (i) (ii) (iii) (iv)
    4 3 1 2
    (c)
    (i) (ii) (iii) (iv)
    2 3 4 1
    (d)
    (i) (ii) (iii) (iv)
    2 3 4 1
  5. If a firm is maintaining both 'capital accounts' and 'current accounts' of the partners A and B. Additional capital introduced by B will be recorded in

    (a)

    B's Current Account

    (b)

    B's Capital Account

    (c)

    A'sCapital Account

    (d)

    A'sCurrent Account

  6. Super profit is

    (a)

    excess of average profit over normal profit

    (b)

    extra profit earned

    (c)

    average profit earned by similar companies

    (d)

    none of the above

  7. In order to maintain fair dealings, at the time of admission, it is necessary to revalue assets and liabilities of the firm to their

    (a)

    Cost price

    (b)

    True value

    (c)

    Selling price

    (d)

    None of these

  8. In the revaluation account a decrease in the value of plant and machinery

    (a)

    Debit side

    (b)

    Credit side

    (c)

    Debit side of goodwill A/c

    (d)

    Does not appear at all

  9. Revaluation account is operated to find out gain or loss at the time of:

    (a)

    Admission of a partner

    (b)

    Retirement of a partner

    (c)

    Death of a partner

    (d)

    All of these

  10. The last installment called

    (a)

    first call money

    (b)

    allotment money

    (c)

    application money

    (d)

    final call money

*****************************************

TN 12th Standard EM Accountancy free Online practice tests

Reviews & Comments about 12th Standard Accounts English Medium Free Online Test Creative 1 Mark Questions - Part Four

Write your Comment