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

12th Standard

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Accountancy

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

    Answer all the questions

    10 x 1 = 10
  1. Closing capital can be found by preparing a statement affairs at the _____ of the year.

    (a)

    opening

    (b)

    end

    (c)

    centre

    (d)

    none of these

  2. Which of the following is generally considered as a non profit organisation?

    (a)

    Charitable organisation

    (b)

    Corporation

    (c)

    Audit firms

    (d)

    Insurance companies

  3. Capital account will always show credit balance under ________ method.

    (a)

    Partner's current account

    (b)

    Partner's capital account

    (c)

    Both 'a' and 'b'

    (d)

    None of these

  4. ________  is the good name or reputation of the business which brings benefit to the business

    (a)

    Goodwill

    (b)

    Fixed asset

    (c)

    Current asset

    (d)

    None of these

  5. ________ ratio is the proportion of the profit which is sacrificed or foregone by the old partners in favour of the new partner.

    (a)

    Old

    (b)

    New

    (c)

    Sacrifice

    (d)

    Agreed

  6. List I List II
    (i) Profit and 1. Workmen compensation fund 
    (ii)  Reserve 2. Current value differ from book value
    (iii) Revaluation 3. Agreed proportion
    (iv) New profit sharing ratio 4. Accumulated profits
    (a)
    (i) (ii) (iii) (iv)
    1 2 3 4
    (b)
    (i) (ii) (iii) (iv)
    2 3 4 1
    (c)
    (i) (ii) (iii) (iv)
    3 4 1 2
    (d)
    (i) (ii) (iii) (iv)
    4 1 2 3
  7. The liability of the shareholders of the company is limited to the extent of face value of the shares held by the

    (a)

    shareholders

    (b)

    cardholders

    (c)

    debenture holders

    (d)

    none of these

  8. _____ represents that part of authorised capital which is offered for subscription.

    (a)

    Authorised capital

    (b)

    Issued capital

    (c)

    Subscribed capital

    (d)

    Called up capital

  9. The term fund refers to

    (a)

    Working capital

    (b)

    Opening capital

    (c)

    Closing capital

    (d)

    None of these

  10. Liquidity ratios are also called as

    (a)

    Current ratio

    (b)

    Quick ratio

    (c)

    Profitability ratio

    (d)

    Short term solvency ratios

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