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12th Standard Accounts English Medium Free Online Test Creative One Mark Questions with Answer Key

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. Credit purchase is obtained from

    (a)

    Bills receivable account

    (b)

    Bills payable account

    (c)

    Total debtors account

    (d)

    Total creditors account

  2. Income and Expenditure accounts show

    (a)

    cash available to an organization

    (b)

    dosing capital of an organization

    (c)

    cash available in the bank account

    (d)

    surplus or deficit for the current accounting period.

  3. Amount invested by partners in the partnership business is called

    (a)

    Owner's capital

    (b)

    Partner's capital

    (c)

    Profit and loss appropriation

    (d)

    None of these

  4. Self- generated goodwill should not be shown in the

    (a)

    journal

    (b)

    ledger

    (c)

    balance sheet

    (d)

    books of accounts

  5. The revaluation profit or loss is transferred to the old partner's capital accounts, in their

    (a)

    Old ratio

    (b)

    New ratio

    (c)

    Sacrifice ratio

    (d)

    Gain ratio

  6. At the time of retirement of a partner, calculation of new profit ratio is

    (a)

    Compulsory

    (b)

    Optional

    (c)

    Necessary

    (d)

    Not necessary

  7. Paid up capital is that part of called up capital which has been actually paid by the

    (a)

    shareholders

    (b)

    members

    (c)

    cardholders

    (d)

    directors

  8. Which of the following are techniques, tools or methods of analysis and interpretation of financial statements?

    (a)

    Ratio analysis

    (b)

    Average analysis

    (c)

    Trend analysis

    (d)

    An of the above

  9. Match List I with List II and Select the Correct Answer using the Codes given below.

    List I List II
    (i) Profitability ratio 1. Debtors turnover ratio
    (ii) Liquidity ratio 2. Debt -Equity ratio
    (iii) Solvency ratio 3. Operating profit ratio
    (iv) Activity ratio 4. Current ratio
    (a)
    (i) (ii) (iii) (iv)
    4 3 1 2
    (b)
    (i) (ii) (iii) (iv)
    3 4 2 1
    (c)
    (i) (ii) (iii) (iv)
    3 4 1 2
    (d)
    (i) (ii) (iii) (iv)
    2 3 4 1
  10. Debt Equity Ratio is 3:1, the amount of total assets Rs.20 lacks, current ratio is 1.5:1 and owned funds Rs.3 lacks. What is the amount of current asset?

    (a)

    Rs.5 lacks

    (b)

    Rs.3 lacks

    (c)

    Rs.12 lacks

    (d)

    Rs.2 lacks

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