New ! Accountancy MCQ Practise Tests

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

12th Standard

    Reg.No. :
  •  
  •  
  •  
  •  
  •  
  •  

Accountancy

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

    Answer all the questions

    10 x 1 = 10
  1. _____ maintains only personal and cash accounts.

    (a)

    Single entry system

    (b)

    Double entry system

    (c)

    Both (a) and (b)

    (d)

    None of these

  2. If adjusted closing capital is more than the opening capital, it denotes ____________

    (a)

    Profit

    (b)

    Loss

    (c)

    Opening Capital

    (d)

    Expenses

  3. Rent expenses of a non-profit organization paid in advance. Which of the following is the correct classification of rent

    (a)

    Expense

    (b)

    Liabilities

    (c)

    Equity

    (d)

    Asset

  4. _______is prepared to find out the surplus or deficit pertaining to a particular year.

    (a)

    Income and Expenditure account

    (b)

    Receipts and Payment account

    (c)

    Trading and Profit and loss account

    (d)

    Balance sheet

  5. All the transactions between the partner and the firm are recorded in the

    (a)

    capital account

    (b)

    drawings account

    (c)

    profit and loss account

    (d)

    revaluation account

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

    (a)

    journal

    (b)

    ledger

    (c)

    balance sheet

    (d)

    books of accounts

  7. 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

  8. ________ is computed at the time of admission of a new partner.

    (a)

    Gaining ratio

    (b)

    Capital ratio

    (c)

    Sacrificing ratio

    (d)

    New ratio

  9. _________maybe dissolved at any time by a partner serving notice on the other partners

    (a)

    Partnership at deed

    (b)

    Dissolution of partnership

    (c)

    Partnership at will

    (d)

    All of the above

  10. Equity shares are also known as

    (a)

    authorised capital

    (b)

    issued capital

    (c)

    subscribed capital

    (d)

    ordinary shares

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

TN 12th Standard Accountancy free Online practice tests

Reviews & Comments about 12th Standard Accounts English Medium Free Online Test Creative One Mark Questions with Answer Key - Part Five

Write your Comment