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12th Standard Accounts English Medium Free Online Test One Mark Questions with Answer Key 2020

12th Standard

    Reg.No. :
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Accountancy

Time : 00:20:00 Hrs
Total Marks : 20

    Answer all the questions

    20 x 1 = 20
  1. The excess of assets over liabilities is

    (a)

    Loss

    (b)

    Cash

    (c)

    Capital

    (d)

    Profit

  2. If debtors balance was Rs. 2.000 at 1st Jan.2017, credit sales made during the year were Rs.1,000 and Rs.1,500 were received from debtors, which of the following is the debtors account balance at 31st Dec. 2017?

    (a)

    Rs.1,000

    (b)

    Rs 2,000

    (c)

    Rs 1,500

    (d)

    Rs 500

  3. Income and expenditure account is a

    (a)

    Nominal A/c

    (b)

    Real A/c

    (c)

    Personal A/c

    (d)

    Representative personal account

  4. 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

  5. Which of the following is shown in Profit and loss appropriation account?

    (a)

    Office expenses

    (b)

    Salary of staff

    (c)

    Partners’ salary

    (d)

    Interest on bank loan

  6. The rate of interest on capital is generally agreed by the partners and is mentioned in the

    (a)

    capital account

    (b)

    profit and loss account

    (c)

    partnership deed

    (d)

    none of these

  7. Interest on partner's capital is allowed, only when the _______________ specifically provides for i

    (a)

    partnership Act

    (b)

    partnership agreement

    (c)

    both 'a' and 'b'

    (d)

    none of these

  8. Book profit of 2017 is Rs.35,000; non-recurring income included in the profit is Rs.1,000 and abnormal loss charged in the year 2017 was Rs.2,000, then the adjusted profit is

    (a)

    Rs.36,000

    (b)

    Rs.35,000

    (c)

    Rs.38,000

    (d)

    Rs.34,000

  9. Normal profit is

    (a)

    average profit earned

    (b)

    profit earned by similar companies in the same industry

    (c)

    both 'a' and 'b'

    (d)

    none of the above

  10. James and Kamal are sharing profits and losses in the ratio of 5:3. They admit Sunil as a partner giving him 1/5 share of profits. Find out the sacrificing ratio.

    (a)

    1:3

    (b)

    3:1

    (c)

    5:3

    (d)

    3:5

  11. 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

  12. The new partner does not bring in cash for his share of goodwill under _______ method.

    (a)

    Memorandum revaluation

    (b)

    Revaluation

    (c)

    Premium

    (d)

    None of these

  13. ) A partner who is newly admitted to the firm with the consent of all the parties is called

    (a)

    Salaries Partner

    (b)

    Incoming partner

    (c)

    Junior partner

    (d)

    Minor partner

  14. A, B and C are partners sharing profits in the ratio of 4:2:3. Cretires. The new profit sharing ratio between A and B will be

    (a)

    4:3

    (b)

    3:4

    (c)

    2:1

    (d)

    1:2

  15. The accounting procedure at the retirement of a partner involves:

    (a)

    As their old profit ratio

    (b)

    According to new ratio

    (c)

    According to sacrificing ratio

    (d)

    None of these

  16. When a partner withdraws his capital from the partnership firm, it is called _______of a partner

    (a)

    Admission

    (b)

    Death

    (c)

    Retirement

    (d)

    All of these

  17. When shares are issued for purchase of assets, the amount should be credited to

    (a)

    Vendor’s A/c

    (b)

    Sundry assets A/c

    (c)

    Share capital A/c

    (d)

    Bank A/c

  18. Which of the following is not a tool of financial statement analysis?

    (a)

    Trend analysis

    (b)

    Common size statement

    (c)

    Comparative statement

    (d)

    Standard costing

  19. To test the liquidity of a concern, which of the following ratios are useful?
    (i) Quick ratio
    (ii) Net profit ratio
    (iii) Debt-equity ratio
    (iv) Current ratio

    (a)

    (i) and (ii)

    (b)

    (i) and (iv)

    (c)

    (ii) and (iii)

    (d)

    (ii) and (iv)

  20. Which is not the default group in Tally?

    (a)

    Suspense account

    (b)

    Outstanding expense

    (c)

    Sales account

    (d)

    Investments

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