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

12th Standard

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Accountancy

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

20 x 1 = 20
1. What is the amount of capital of the proprietor, if his assets are Rs. 85,000 and liabilities are Rs. 21,000?

(a)

Rs. 85,000

(b)

Rs. 1,06,000

(c)

Rs. 21,000

(d)

Rs. 64,000

2. Identify the correct formula used to ascertain the closing capital

(a)

Opening capital + Net income - Drawings - Assets = Closing capital

(b)

Closing capital = Opening capital + Net loss - Drawings

(c)

Closing capital = Opening capital + Assets + Income - Expenses

(d)

Closing capital = Opening capital + Net income - Drawings

3. If building (Closing) Rs. 1,00,000, Land (Opening) Rs. 1,00,000, Creditors (Opening) Rs. 10,000 the opening capital:

(a)

Rs. 1,90,000

(b)

Rs. 2,10,000

(c)

Rs. 90,000

(d)

None of these

4. Income and Expenditure accounts show

(a)

cash available to an organization

(b)

dosing capital of an organization

(c)

cash available in the bank account

(d)

surplus or deficit for the current accounting period.

5. Which of the following is the incorrect pair?

(a)

Interest on drawings – Debited to capital accouunt

(b)

Interest on capital - Credited to capital account

(c)

Interest on loan - Debited to capital account

(d)

Share of profit - Credited to capital account

6. The maximum number of partners in a partnership firm is ________

(a)

25

(b)

10

(c)

30

(d)

50

7. Interest on capital is to be calculated on the capitals at the beginning for the ____________

(a)

particular period

(b)

relevant period

(c)

average period

(d)

all of these

8. 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

9. If the old profit sharing ratio is more than the new profit sharing ratio of a partner, the difference is called

(a)

Capital ratio

(b)

Sacrificing ratio

(c)

Gaining ratio

(d)

None of these

10. On retirement of a partner, general reserve is transferred to the

(a)

Capital account of all the partners

(b)

Revaluation account

(c)

Capital account of the continuing partners

(d)

Memorandum revaluation account

11. 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

12. As per SEBI guidelines, the minimum application money shall not be less than _____ per cent of the issue price.

(a)

10

(b)

15

(c)

20

(d)

25

13. Capital Reserve represents _____ profit.

(a)

Revenue

(b)

both 'a' and 'b'

(c)

Deferred revenue

(d)

Capital

14. The balance of forfeited share account is ____ in the Balance sheet.

(a)

(b)

(c)

deducted from paid up capital

(d)

deducted from subscribed capacity

15. The minimum share Application money is _______________

(a)

5% of the face value of shares

(b)

10% of the issue price of shares

(c)

Rs.1 per share

(d)

15% of the face value of shares

16. 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

17. 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%

18. Preparation of common size statements and computation of ratios are examples of __________

(a)

Ratio analysis

(b)

Vertical analysis

(c)

Horizontal analysisNone of these

(d)

None of these

19. _____________ includes both analysis and interpretation.

(a)

Financial statement analysis

(b)

Trend analysis

(c)

Both 'a' and 'b'

(d)

None of these

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

(a)

Income

(b)

Profit and loss account

(c)

Balance sheet

(d)

Working capital