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

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. When capital in the beginning is Rs 10,000, drawings during the year is Rs.6,000, profit made during the year is Rs2,000 and the additional capital introduced is 3,000, find out the amount of capital at the end

    (a)

    9,000

    (b)

    11,000

    (c)

    21,000

    (d)

    3,000

  2. Closing capital can be found by preparing a statement affairs at the _____ of the year.

    (a)

    opening

    (b)

    end

    (c)

    centre

    (d)

    none of these

  3. Receipts and payments account records receipts and payments of

    (a)

    Revenue nature only

    (b)

    Capital nature only

    (c)

    Both revenue and capital nature

    (d)

    None of the above

  4. 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

  5. Amount invested by partners in the partnership business is called

    (a)

    Owner's capital

    (b)

    Partner's capital

    (c)

    Profit and loss appropriation

    (d)

    None of these

  6. The total capitalised value of a business is Rs.1,00,000; assets are Rs.1,50,000 and liabilities are Rs.80,000. The value of goodwill as per the capitalisation method will be

    (a)

    Rs.40,000

    (b)

    Rs.70,000

    (c)

    Rs.1,00,000

    (d)

    Rs.30,000

  7. At the time of admission of a new partner, revaluation of ________ and ________ should be taken up.

    (a)

    capital, assets

    (b)

    capital, liabilities

    (c)

    assets, liabilities

    (d)

    none of these

  8. On admission of a new partner, increase in value of assets is debited to

    (a)

    Asset A/c

    (b)

    Profit & Loss adjustment A/c

    (c)

    Opening Statement of affairs

    (d)

    Cash A/c

  9. On retirement of a partner from a partnership firm, accumulated profits and losses are distributed to the partners in the

    (a)

    New profit sharing ratio

    (b)

    Old profit sharing ratio

    (c)

    Gaining ratio

    (d)

    Sacrificing ratio

  10. The firm is reconstituted and other partners continue the partnership firm with a new

    (a)

    Contract

    (b)

    agreement

    (c)

    start business

    (d)

    none of these

  11. _____account which is otherwise called profit and loss adjustment account

    (a)

    Capital

    (b)

    General reserve fund

    (c)

    Revaluation

    (d)

    Goodwill

  12. Debit balance of revaluation account is ________

    (a)

    Loss

    (b)

    Profit

    (c)

    Gain

    (d)

    Income

  13. Which of the following statement is false?

    (a)

    Issued capital can never be more than the authorised capital

    (b)

    In case of under subscription, issued capital will be less than the subscribed capital

    (c)

    Reserve capital can be called at the time of winding up

    (d)

    Paid up capital is part of called up capital

  14. Profits are distributed among the shareholders in the form of

    (a)

    shares

    (b)

    dividends

    (c)

    both

    (d)

    none of these

  15. The public issue must be kept open for atleast

    (a)

    3 days

    (b)

    5 days

    (c)

    7 days

    (d)

    10 days

  16. The amount of one call should not be more than _____ of the face value of the share.

    (a)

    25%

    (b)

    50%

    (c)

    75%

    (d)

    100%

  17. According to companies (Amendment) Act 2000, a company limited by shares can issue _____ kinds of shares.

    (a)

    1

    (b)

    2

    (c)

    3

    (d)

    4

  18. Debt equity ratio is a measure of

    (a)

    Short term solvency

    (b)

    Long term solvency

    (c)

    Profitability

    (d)

    Efficiency

  19. Contra voucher is used for

    (a)

    Master entry

    (b)

    Withdrawal of cash from bank for office use

    (c)

    Reports

    (d)

    Credit purchase of assets

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

    (a)

    Tally

    (b)

    Excel

    (c)

    Word

    (d)

    Spread sheet

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