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

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. Which one of the following statements is not true in relation to incomplete records?

    (a)

    It is an unscientific method of recording transactions

    (b)

    Records are maintained only for cash and personal accounts

    (c)

    It is suitable for all types of organisations

    (d)

    Tax authorities do not accept

  2. _____ towards the repayment of capital on winding up of the company.

    (a)

    Equity share

    (b)

    Preference

    (c)

    Debenture

    (d)

    Dividend

  3. _____ is returned to the applicants for rejected applications.

    (a)

    Application money

    (b)

    Allotment money

    (c)

    Under subscription

    (d)

    Over subscription

  4. Capital Reserve represents _____ profit.

    (a)

    Revenue

    (b)

    both 'a' and 'b'

    (c)

    Deferred revenue

    (d)

    Capital

  5. Penalty for delay in refunding application money ___________________

    (a)

    6%

    (b)

    5%

    (c)

    15%

    (d)

    20%

  6. Interest on calls in advance is ________________

    (a)

    4% p.a.

    (b)

    5% p.a.

    (c)

    6% p.a.

    (d)

    7% p.a.

  7. Interpretation of accounts is the

    (a)

    art and science of translating the figures

    (b)

    to know financial strengths and weakness of a business

    (c)

    to know the causes for the prevailing performance of business

    (d)

    all of the above

  8. _________ refers to the excess of current assets over current liabilities.

    (a)

    Income

    (b)

    Profit and loss account

    (c)

    Balance sheet

    (d)

    Working capital

  9. All profitability ratios are expressed in terms of

    (a)

    Proportion

    (b)

    Percentage

    (c)

    Times

    (d)

    Money

  10. _____ help to assess the ability of a business concern to meet its short term financial obligations.

    (a)

    Long term debts ratio

    (b)

    Liquidity ratios

    (c)

    Profitability ratios

    (d)

    Turnover ratios

  11. _____ ratios show how efficiently assets or other items have been used to generate revenue from operations.

    (a)

    Liquidity

    (b)

    Long term solvency

    (c)

    Turnover

    (d)

    Profitability

  12. When total sales is Rs.2,00,000, cash sales is Rs.65,000, then credit sales will be Rs _______________

    (a)

    Rs.1,35,000

    (b)

    Rs.2,65,000

    (c)

    Rs.35,000

    (d)

    Rs.65,000

  13. Total sales of a business is Rs. 8,75,0000. If cash sales is Rs.3,75,000, then credit sales will be _____________

    (a)

    Rs.12,25,000

    (b)

    Rs.5,00,000

    (c)

    Rs.12,00,000

    (d)

    Rs.12,10,000

  14. Absolute liquid asset mean ________________

    (a)

    Cash, Bank, and Short term investments

    (b)

    Cash, Bank and Stock

    (c)

    Cash, Bank, Stock, and Prepaid Expenses

    (d)

    None of these

  15. The relationship between sales and capital employed is known as ______________

    (a)

    Capital Turnover Ratio

    (b)

    Current Ratio

    (c)

    Stock Turnover Ratio

    (d)

    Solvency Ratio

  16. When the concept of ratio is defined in respected to the items shown in the financial statements, it is termed as

    (a)

    Accounting Ratio

    (b)

    Financial Ratio

    (c)

    Costing Ratio

    (d)

    None of these

  17. All transactions related to receipt either in cash or through bank are recorded using

    (a)

    payment voucher

    (b)

    contra voucher

    (c)

    receipt voucher

    (d)

    sales voucher

  18. Suspense account group is defined under

    (a)

    Assets

    (b)

    Income

    (c)

    Expenditure

    (d)

    Liabilities

  19. __________ facilitates fast and accurate retrieval of data and information.

    (a)

    Computer accounting system

    (b)

    Accounting software

    (c)

    Both

    (d)

    None of the above

  20. ___________ is one of the most widely used financial accounting softwares

    (a)

    Tally

    (b)

    Excel

    (c)

    Word

    (d)

    Spread sheet

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