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

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 firm has assets worth Rs.47,500 and liabilities Rs.17,700. Then its capital is

    (a)

    Rs.29,800

    (b)

    Rs.65,200

    (c)

    Rs.35,400

    (d)

    Rs.17,700

  2. _____ maintains only personal and cash accounts.

    (a)

    Single entry system

    (b)

    Double entry system

    (c)

    Both (a) and (b)

    (d)

    None of these

  3. 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

  4. On what basis the receipts and payments account is prepared?

    (a)

    Cash basis

    (b)

    Credit basis

    (c)

    Both

    (d)

    None of these

  5. When a partner withdraws regularly a fixed sum of money at the middle of every month, period for which interest is to be calculated on the drawings on an average is

    (a)

    5.5 months

    (b)

    6 months

    (c)

    12 months

    (d)

    6.5 months

  6. Capital account balance of the sole proprietor alone as shown in the balance sheet of

    (a)

    Sole proprietorship

    (b)

    Partnership

    (c)

    Joint Hindu family

    (d)

    Company

  7. When the average profit is Rs.25,000 and the normal profit is Rs.15,000, super profit is

    (a)

    Rs.25,000

    (b)

    Rs.5,000

    (c)

    Rs.10,000

    (d)

    Rs.15,000

  8. Self- generated goodwill should not be shown in the

    (a)

    journal

    (b)

    ledger

    (c)

    balance sheet

    (d)

    books of accounts

  9. Select the odd one out

    (a)

    Revaluation profit

    (b)

    Accumulated loss

    (c)

    Goodwill brought by new partner

    (d)

    Investment fluctuation fund

  10. A ________ account is opened to record the increase or decrease in assets and liabilities

    (a)

    Capital

    (b)

    Partners

    (c)

    Revaluation

    (d)

    None of these

  11. A, B and C are partners sharing profits in the ratio of 2:2:1. On retirement of B, goodwill of the firm was valued as Rs. 30,000. Find the contribution of A and C to compensate B:

    (a)

    Rs.20,000 and Rs. 10,000

    (b)

    Rs. 8,000 and Rs. 4,000

    (c)

    Rs.10,000 and Rs. 20,000

    (d)

    Rs. 15,000 and Rs. 15,000

  12. The policy amount received from the insurance company is used to settle the amount due to the

    (a)

    Increased partner

    (b)

    Deceased partner

    (c)

    Partnership at will

    (d)

    Partnership deed

  13. 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

  14. 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

  15. Issue of equity shares to the public through prospectus by a public company is call

    (a)

    Public issue

    (b)

    Private placement

    (c)

    Rights issue

    (d)

    Bonus issue

  16. _____ 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

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

    (a)

    Application money

    (b)

    Allotment money

    (c)

    Under subscription

    (d)

    Over subscription

  18. Minimum number of members in case of public company is ________________

    (a)

    4

    (b)

    5

    (c)

    6

    (d)

    7

  19. Which of the following statements is not true?

    (a)

    All the limitations of financial statements are applicable to financial statement analysis also.

    (b)

    Financial statement analysis is only the means and not an end.

    (c)

    Expert knowledge is not required in analysing the financial statements

    (d)

    Interpretation of the analysed data involves personal judgement

  20. Rs. 25,000 withdrawn from bank for office use. In which voucher type, this transaction will be recorded

    (a)

    Contra Voucher

    (b)

    Receipt Voucher

    (c)

    Payment Voucher

    (d)

    Sales Voucher

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