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

12th Standard EM

    Reg.No. :
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Accountancy

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

    Answer all the questions

    10 x 1 = 10
  1. The capital of a business is ascertained by preparing

    (a)

    Trading account

    (b)

    Statement of profit or loss

    (c)

    Balance sheet

    (d)

    Statement of affairs

  2. A method wherein omitted information is determined in the first place and by using this information net income or net loss is ascertained is known as

    (a)

    Nominal method

    (b)

    Cash method

    (c)

    Conversion method

    (d)

    Net profit method

  3. Capital fund also called as

    (a)

    accumulated fund

    (b)

    special fund

    (c)

    donation fund

    (d)

    none of these

  4. Interest on capital is to be calculated on the capitals at the beginning for the

    (a)

    particular period

    (b)

    relevant period

    (c)

    average period

    (d)

    all of these

  5. 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

  6. On admission of a partner if goodwill account is to be raised this should be debited to

    (a)

    Partner's capital account

    (b)

    Partner's capital account

    (c)

    Revaluation account

    (d)

    None of these

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

    (a)

    Compulsory

    (b)

    Optional

    (c)

    Necessary

    (d)

    Not necessary

  8. The capital of a company is divided into small units of

    (a)

    current amount

    (b)

    fixed amount

    (c)

    capital amount

    (d)

    none of these

  9. The minimum share Application money is _______________

    (a)

    5% of the face value of shares

    (b)

    10% of the issue price of shares

    (c)

    Rs.1 per share

    (d)

    15% of the face value of shares

  10. Cost of goods sold is Rs.4,00,000 and average stock is Rs.8,00,00. Stock turnover ratio will be

    (a)

    5 times

    (b)

    4 times

    (c)

    7 times

    (d)

    8 time

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