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

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. _____ is a statement showing the balances of assets and liabilities on a particular date.

    (a)

    Statement of affairs

    (b)

    Trading account

    (c)

    Profit and loss account

    (d)

    Balance sheet

  2. A firm has liabilities is Rs.50,000 and Capital is Rs.25,000. Then its assets is ______________

    (a)

    Rs.1,00,000

    (b)

    Rs.25,000

    (c)

    Rs.50,000

    (d)

    Rs.75,000

  3. The receipts and payments account of a nonprofit organisation is a

    (a)

    Nominal account

    (b)

    Real account

    (c)

    Income statement account

    (d)

    Financial statement

  4. Product method can be used in all situations as an alternative to

    (a)

    average period

    (b)

    direct method

    (c)

    both 'a' and 'b'

    (d)

    none of these

  5. Rate of interest is 11% and the rate of risk is 9% The normal rate of return is

    (a)

    11%

    (b)

    9%

    (c)

    20%

    (d)

    2%

  6. 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

  7. The policy amount received from the insurance company is used to settle the amount due to the

    (a)

    Increased partner

    (b)

    Deceased partner

    (c)

    Partnership at will

    (d)

    Partnership deed

  8. Second installment called

    (a)

    first call money

    (b)

    allotment money

    (c)

    final call money

    (d)

    application money

  9. Securities premium account is shown on the liabilities side of the balance sheet under the head:

    (a)

    Share capital

    (b)

    Reserves and Surplus

    (c)

    Current liabilities

    (d)

    None of them

  10. Operating ratio is equal to

    (a)

    100 - Operating profit ratio

    (b)

    100 + Operating profit ratio

    (c)

    Operating cost

    (d)

    None of these

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