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

12th Standard

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Accountancy

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

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. When a fixed amount is withdrawn in the beginning of every month the period calculated for interest on drawings is

(a)

$\frac{11}{24}$

(b)

$\frac{12}{24}$

(c)

$\frac{13}{24}$

(d)

$\frac{10}{24}$

3. Average Capital employed Rs. 4,00,000

 Net profit 2011 2,50,000 2012 1,00,00(Loss) 2013 4,50,000 N R R 10%

Goodwill at 3 years purchase of super profit will be

(a)

Rs. 1,80,000

(b)

Rs. 90,000

(c)

Rs. 1,50,000

(d)

Rs. 1,20,000

4. On admission of a new partner, increase in value of assets is debited to

(a)

Asset A/c

(b)

(c)

Opening Statement of affairs

(d)

Cash A/c

5. Partnership is _________ on the retirement or death of a partner

(a)

Dissolved

(b)

Agreed

(c)

Retired

(d)

None of these

6. The public issue must be kept open for atleast

(a)

3 days

(b)

5 days

(c)

7 days

(d)

10 days

7. _____ needed by the company could be raised by inviting the general public to buy shares and invest in the business.

(a)

Money

(b)

Cash

(c)

Capital

(d)

None of these

8. Interpretation of accounts is the

(a)

art and science of translating the figures

(b)

to know financial strengths and weakness of a business

(c)

to know the causes for the prevailing performance of business

(d)

all of the above

9. All solvency ratios are expressed in term of

(a)

Proportion

(b)

Time

(c)

Money

(d)

Percentage

10. Sales Rs.3,50,000, capital employed Rs.1,75,000. Then the capital turnover ratio is _____________

(a)

2 Times

(b)

3 Times

(c)

5 Times

(d)

7 Times