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

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

    List I List II
    (i) Incomplete records 1. Net worth method
    (ii) Single entry system 2. Double entry
    (iii) Statement of affairs method 3. Small traders
    (iv) Nominal account 4. Incomplete double system
    (a)
    (i) (ii) (iii) (iv)
    1 2 3 4
    (b)
    (i) (ii) (iii) (iv)
    4 3 1 2
    (c)
    (i) (ii) (iii) (iv)
    2 3 1 4
    (d)
    (i) (ii) (iii) (iv)
    3 4 1 2
  2. Calculate the amount of net income or loss if the capital has been increased by Rs.1,000 during this accounting period drawings Rs.5,000 and Rs.1,000 fresh capital was introduced in the business

    (a)

    Rs. 5,000 net loss

    (b)

    Rs.5,000 net profit

    (c)

    Rs.6,000 net loss

    (d)

    Rs.6,000 net profit

  3. Some organisations are established for the purpose of rending services to the public without

    (a)

    any profit motive

    (b)

    any service motive

    (c)

    both

    (d)

    none of these

  4. Under fixed capital method salary payable to a partner is recorded

    (a)

    in current account

    (b)

    in capital account

    (c)

    either in current account or capital account

    (d)

    none of these

  5. Super profit is

    (a)

    excess of average profit over normal profit

    (b)

    extra profit earned

    (c)

    average profit earned by similar companies

    (d)

    none of the above

  6. The old partners share all the accumulated profits and reserve in their

    (a)

    new profit sharing ratio

    (b)

    old profit sharing ratio

    (c)

    capital ratio

    (d)

    sacrificing ratio

  7. Undistributed loss will appear on the  side of the Balance sheet.

    (a)

    Assets

    (b)

    Liabilities

    (c)

    Both (a) & (b)

    (d)

    None of these

  8. The amount due to the________partner is either paid off immediately or is paid in instalments.

    (a)

    Admitting

    (b)

    Retiring

    (c)

    Death

    (d)

    All of the above

  9. Retirement / death of a partner will not be dissolution if remaining partners are _________ to continue it.

    (a)

    Dissolution

    (b)

    Optional

    (c)

    Agreed

    (d)

    All of the above

  10. _____ does not form part of the company's share capital and no dividend is payable on such amount.

    (a)

    Under subscription

    (b)

    Over subscription

    (c)

    Calls in advance

    (d)

    None of these

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