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

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. Income and Expenditure Account is prepared to find out

    (a)

    Profit or loss

    (b)

    Cash and bank balance

    (c)

    Surplus or deficit

    (d)

    Financial position

  2. An advance receipt of subscription from a member of the non - profit organization is considered as alan

    (a)

    Expense

    (b)

    Liability

    (c)

    Equity

    (d)

    Asset

  3. If new share of the incoming partner is given without mentioning the details of the sacrifice made by the old partners then, the presumption is that old partners sacrifice in the ________.

    (a)

    Old profit sharing ratio

    (b)

    Gaining ratio

    (c)

    Capital ratio

    (d)

    sacrificing ratio

  4. Persons who have entered into partnership with one another are individually called:

    (a)

    Partners

    (b)

    Directors

    (c)

    Sole trader

    (d)

    All of these

  5. At the time of retirement of partners, the existing partners stand to

    (a)

    Gain

    (b)

    Loss

    (c)

    Income

    (d)

    None of these

  6. X, Y and Z are partners in the ratio of 5:3:2 Goodwill is valued at 40,000. If Z retire, the amount of goodwill credited to his capital account is

    (a)

    Rs.8,000

    (b)

    Rs.50,000

    (c)

    Rs.12,000

    (d)

    Rs.12,000

  7. _________maybe taken on the life of the partners in a partnership firm

    (a)

    Life policies

    (b)

    Insurance premium

    (c)

    Both 'a and 'b'

    (d)

    None of these

  8. An account operated to ascertain the loss or gain at the death of a partner is called:

    (a)

    Realization A/c

    (b)

    Revaluation A/c

    (c)

    Executors A/c

    (d)

    Decreased partner’s A/c

  9. A,B and C are partners sharing profits and losses in the ratio of ½, 3/10 and 1/5. B retires from the firm. A and C decide to share the future profits and losses in 3:2. Calculate gaining ratio:

    (a)

    1:2

    (b)

    3:2

    (c)

    2:3

    (d)

    None of these

  10. Debit balance of revaluation account is ________

    (a)

    Loss

    (b)

    Profit

    (c)

    Gain

    (d)

    Income

  11. The amount due to the retiring partner is either _______ or is paid in installments.

    (a)

    Paid of immediately

    (b)

    Installment

    (c)

    Loan

    (d)

    None of these

  12. Partnership is _________ on the retirement or death of a partner

    (a)

    Dissolved

    (b)

    Agreed

    (c)

    Retired

    (d)

    None of these

  13. The money raised by issuing shares is called

    (a)

    Share capital

    (b)

    Dividend

    (c)

    Equity capital

    (d)

    Share application

  14. Paid up capital is that part of called up capital which has been actually paid by the

    (a)

    shareholders

    (b)

    members

    (c)

    cardholders

    (d)

    directors

  15. Equity shares may be issued for cash at

    (a)

    premium

    (b)

    discount

    (c)

    dividend

    (d)

    none of these

  16. When a shareholder fails to pay the amount due on allotment or on calls, the amount remaining unpaid is known as

    (a)

    calls in advance

    (b)

    calls in arrears

    (c)

    under subscription

    (d)

    over subscription

  17. _____ and ______ are ever growing.

    (a)

    Human needs, wants

    (b)

    Workers,employees

    (c)

    Wants and employment

    (d)

    None of these

  18. _____ are those shares which are not preference shares.

    (a)

    Equity shares

    (b)

    Preference shares

    (c)

    Both 'a' and 'b'

    (d)

    None of these

  19. Calls are to be made as provided in the _____ of a company.

    (a)

    Prospectus

    (b)

    Articles of Association

    (c)

    Memorandum of Association

    (d)

    None of these

  20. The liability of the share holders are _____ in a company.

    (a)

    limited

    (b)

    unlimited

    (c)

    both 'a' and 'b'

    (d)

    none of these

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