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

12th Standard

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Accountancy

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

    Answer all the questions

    20 x 1 = 20
  1. A business is said is to be used _____________ system. It is not following the complete the principles of bookkeeping of ___________ system.

    (a)

    Double Entry - Single Entry

    (b)

    Single Entry - Double Entry

    (c)

    Double Entry - Double Entry

    (d)

    Single Entry - Single Entry

  2. List I List II
    (i) Subscription 1. Revenue expenditure 
    (ii) Life membership fee  2. Capital expenditure
    (iii) Honorarium 3. Capital receipts
    (iv) Purchase of sports equipment 4. Revenue receipts
    (a)
    (i) (ii) (iii) (iv)
    1 2 3 4
    (b)
    (i) (ii) (iii) (iv)
    2 3 4 1
    (c)
    (i) (ii) (iii) (iv)
    1 4 2 1
    (d)
    (i) (ii) (iii) (iv)
    4 3 1 2
  3. In the absence of an agreement, partners are entitled to

    (a)

    Salary

    (b)

    Commission

    (c)

    Interest on loan

    (d)

    Interest on capital

  4. Indian partnership Act was enacted in the year ___________

    (a)

    1932

    (b)

    1956

    (c)

    1991

    (d)

    1992

  5. 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

  6. _________ Cannot be seen or touched.

    (a)

    Computer

    (b)

    Machinery

    (c)

    Goodwill

    (d)

    All of these

  7. Balaji and Kamalesh are partners sharing profits and losses in the ratio of 2:1. They admit Yogesh into partnership. The new profit sharing ratio between Balaji, Kamalesh and Yogesh is agreed to 3:1:1. Find the sacrificing ratio between Balaji and Kamalesh.

    (a)

    1:3

    (b)

    3:1

    (c)

    2:1

    (d)

    1:2

  8. 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

  9. X, Y and Z were partners sharing profits and losses equally. X died on 1st April 2019. Find out the share of X in the profit of 2019 based on the profit of 2018 which showed Rs. 36,000.

    (a)

    Rs. 1,000

    (b)

    Rs. 3,000

    (c)

    Rs. 12,000

    (d)

    Rs. 36,000

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

    (a)

    Gain

    (b)

    Loss

    (c)

    Income

    (d)

    None of these

  11. Revaluation account is operated to find out gain or loss at the time of:

    (a)

    Admission of a partner

    (b)

    Retirement of a partner

    (c)

    Death of a partner

    (d)

    All of these

  12. Goodwill may be ________ if all the partners are agreed, that it should not remain in the books

    (a)

    Share

    (b)

    Distribute

    (c)

    Written off

    (d)

    None of these

  13. Supreme Ltd. forfeited 100 shares of Rs.10 each for non-payment of final call of Rs.2 per share. All these shares were re-issued at Rs.9 per share. What amount will be transferred to capital reserve account?

    (a)

    Rs.700

    (b)

    Rs.800

    (c)

    Rs.900

    (d)

    Rs.1,000

  14. The last installment called

    (a)

    first call money

    (b)

    allotment money

    (c)

    application money

    (d)

    final call money

  15. _____ needed by the company could be raised by inviting the general public to buy shares and invest in the business.

    (a)

    Money

    (b)

    Cash

    (c)

    Capital

    (d)

    None of these

  16. Nominal capital is the capital mentioned in the _____ of the company.

    (a)

    Articles of association

    (b)

    Memorandum of association

    (c)

    Prospectus

    (d)

    none of these

  17. A company forfeited 2,000 shares of Rs.10 each (which were issued at par) held by Mr.John for non-payment of allotment money of Rs.4 per share. The called – up value per share was Rs.9. On forfeiture, the amount debited to share capital will be

    (a)

    Rs.10,000

    (b)

    Rs.8,000

    (c)

    Rs.2,000

    (d)

    Rs.18,000

  18. Which of the following statement is true:

    (a)

    Authorized capital = Issued capital

    (b)

    Authorized capital> Issued capital

    (c)

    Paid up capital>Issued capital

    (d)

    None of these

  19. Expenses for a business for the first year were Rs. 80,000. In the second year, it was increased to Rs. 88,000. What is the trend percentage in the second year?

    (a)

    10 %

    (b)

    110 %

    (c)

    90 %

    (d)

    11%

  20. Cost of revenue from operations Rs. 3,00,000; Inventory in the beginning of the year Rs. 60,000; Inventory at the close of the year Rs. 40,000. Inventory turnover ratio is

    (a)

    2 times

    (b)

    3 times

    (c)

    6 times

    (d)

    8 times

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