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12th Standard English Medium Accountancy Reduced Syllabus Creative One mark Question with Answer key - 2021(Public Exam)

12th Standard

    Reg.No. :
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Accountancy

Time : 01:00:00 Hrs
Total Marks : 50

    Part A

    50 x 1 = 50
  1. The capital of a business is ascertained by preparing

    (a)

    Trading account

    (b)

    Statement of profit or loss

    (c)

    Balance sheet

    (d)

    Statement of affairs

  2. Companies cannot keep books on single entry system because of

    (a)

    tax properties

    (b)

    legal provisions

    (c)

    both (a) and (b)

    (d)

    None of these

  3. In _____ system, only personal and cash accounts are opened.

    (a)

    Single entry

    (b)

    Double entry

    (c)

    Trial balance

    (d)

    Balance Sheet

  4. 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

  5. Total opening balances of assets and liabilities are Rs. 10,000 and Rs. 5,000 respectively. Find out the opening capital of the business

    (a)

    Rs 10,000

    (b)

    Rs 5,000

    (c)

    Rs 15,000

    (d)

    Rs 50,00,000

  6. Statement of assets & liabilities prepared under Single entry system is called:

    (a)

    Balance sheet

    (b)

    Profit & Loss Statement

    (c)

    Statement of affairs

    (d)

    Income Statement

  7. When B/R dishonoured is shown in the ________________ A/Cs

    (a)

    Debtors A/c is debited and Creditors A/c is credited

    (b)

    Creditors A/c is debited and Debtors A/c is credited

    (c)

    B/R account is debited and Creditors A/c is credited

    (d)

    Debtors A/c is debited and B/R A/c is credited

  8. Which one is correct

    (a)

    Adjusting Closing Capital = Closing capital + Drawings - Additional Capital

    (b)

    Adjusting Closing Capital = Closing capital - Drawings - Additional Capital

    (c)

    Adjusting Closing Capital = Additional Capital + Drawings - Closing Capital

    (d)

    None of these

  9. Which of the following is to be recorded in an income and expenditure account?

    (a)

    Prchase of a fixed asset

    (b)

    Capital expenditure incurred on a fixed asset

    (c)

    Profit on the sale of a fixed asset

    (d)

    Sale of a fixed a

  10. Capital fund also called as

    (a)

    accumulated fund

    (b)

    special fund

    (c)

    donation fund

    (d)

    none of these

  11. ________is a revenue expenditure

    (a)

    Specific donation

    (b)

    Honararium

    (c)

    Legacy

    (d)

    Interest on investment

  12. The balance in the appropriation account is transferred to the partner's capital account in the

    (a)

    agree ratio

    (b)

    sacrifice ratio

    (c)

    profit sharing ratio

    (d)

    old ratio

  13. Interest on capital is calculated on the

    (a)

    Opening capital

    (b)

    Closing capital

    (c)

    Average capital

    (d)

    None of these

  14. __________ is a form of organization where two or more persons carryon some business acting on the basis of agreement among them.

    (a)

    Partnership firm

    (b)

    Sole proprietorship

    (c)

    Joint Hindu Family

    (d)

    Company

  15. The debit balance of the current account, will be shown in the ____________ side of the balance sheet.

    (a)

    liabilities

    (b)

    assets

    (c)

    debit

    (d)

    credits

  16. Goodwill is to be valued when

    (a)

    amalgamation takes place

    (b)

    a partner is admitted

    (c)

    one company takes over another company

    (d)

    all of the above

  17. _________ Cannot be seen or touched.

    (a)

    Computer

    (b)

    Machinery

    (c)

    Goodwill

    (d)

    All of these

  18. Goodwill is not a ________ asset

    (a)

    Fixed

    (b)

    Current

    (c)

    Fictitious

    (d)

    None of these

  19. When an unrecorded liabilities is brought into books, is results in

    (a)

    profit

    (b)

    loss

    (c)

    income

    (d)

    expense

  20. __________ created out of profit to adjust the reduction in the market value of the investments.

    (a)

    Invest fluctuation fund

    (b)

    Capital fund

    (c)

    Fixed capital method

    (d)

    Fluctuating capital fund

  21. Balance sheet items like profit and loss account transferred to_________.

    (a)

    old partners only

    (b)

    new partner s only

    (c)

    retired partners

    (d)

    none of these

  22. The partner admitted into partnership firm acquires two rights. i.e.,right to share in the _________ of the partnership and right to share in the _________.

    (a)

    Liabilities & Profit

    (b)

    Liabilities & Loss

    (c)

    Both (a) & (b)

    (d)

    Assets & Profits

  23. Sumit and Ravi started a business by investing Rs 85000 and 15000 respectively. In what ratio the profit earned after 2 years be divided between Sumit and Ravi respectively.

    (a)

    17:1

    (b)

    17:2

    (c)

    17:3

    (d)

    17:4

  24. 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

  25. _________maybe dissolved at any time by a partner serving notice on the other partners

    (a)

    Partnership at deed

    (b)

    Dissolution of partnership

    (c)

    Partnership at will

    (d)

    All of the above

  26. 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

  27. At the time of dissolution all the assets of firm are transferred to the realization A/c:

    (a)

    Market Value

    (b)

    Book Value

    (c)

    Cost Value

    (d)

    Bale Value

  28. Kayal, Mala and Neela are partners sharing profits in the ratio of 2:2:1. Kayal retires and the new profit sharing ratio between nila and neela is 3:2. Calculate the gaining ratio.

    (a)

    2:1

    (b)

    1:2

    (c)

    1:1

    (d)

    3:1

  29. The capital of companies is divided into small units called

    (a)

    shares

    (b)

    debentures

    (c)

    dividend

    (d)

    none of these

  30. 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

  31. First installment called

    (a)

    application money

    (b)

    allotment money

    (c)

    first call money

    (d)

    final call money

  32. 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

  33. _____ represents that part of authorised capital which is offered for subscription.

    (a)

    Authorised capital

    (b)

    Issued capital

    (c)

    Subscribed capital

    (d)

    Called up capital

  34. Indian companies act, 20B, interest may be paid on calls in advance if Articles of Association so provide not exceeding _____ per annum.

    (a)

    6%

    (b)

    10%

    (c)

    12%

    (d)

    15%

  35. The part of the _____ capital not offered for subscription to the public is known as unissued.

    (a)

    issued

    (b)

    subscribed

    (c)

    unpaid

    (d)

    authorised

  36. According to Table - A, interest charged on calls in advance is _____ %

    (a)

    4%

    (b)

    5%

    (c)

    6%

    (d)

    3%

  37. Penalty for delay in refunding application money ___________________

    (a)

    6%

    (b)

    5%

    (c)

    15%

    (d)

    20%

  38. Holders of preference shares will have a right to vote if the dividend remains in arrears for a period not less than ___________

    (a)

    2 years

    (b)

    3 years

    (c)

    6 years

    (d)

    None of the above

  39. Shareholder are the __________________

    (a)

    Owner of the company

    (b)

    Lenders of the company

    (c)

    Customers of the company

    (d)

    All of these

  40. 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

  41. ___________ includes manufacturing account and trading and profit and loss account.

    (a)

    Income statement

    (b)

    Expenditure statement

    (c)

    Financial statement

    (d)

    None of these

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

    (a)

    Income

    (b)

    Profit and loss account

    (c)

    Balance sheet

    (d)

    Working capital

  43. All profitability ratios are expressed in terms of

    (a)

    Proportion

    (b)

    Percentage

    (c)

    Times

    (d)

    Money

  44. Current assets of a business concern is Rs.60,000 and current liabilities are Rs.30,000. Current ratio will be

    (a)

    1:2

    (b)

    1:1

    (c)

    2:1

    (d)

    3:2

  45. ______ gives the proportion of current assets to current liabilities of a business concern.

    (a)

    Current ratio

    (b)

    Turn over ratio

    (c)

    Quick ratio

    (d)

    None of these

  46. _____ ratio measures the firm ability to pay off its current dues.

    (a)

    Current

    (b)

    Absolute

    (c)

    Liquid

    (d)

    Debt

  47. The relationship of Gross profit to sales is known as _____________

    (a)

    Net profit ratio

    (b)

    Net loss ratio

    (c)

    Gross profit ratio

    (d)

    Gross loss ratio

  48. In the Balance sheet of a firm, the debt equity ratio is 2:1. The amount of long term sources is Rs.12 lacks. What is the amount of tangible net worth of the firm?

    (a)

    Rs.12 lacks

    (b)

    Rs.8 lacks

    (c)

    Rs.4 lacks

    (d)

    Rs.2 lacks

  49. Company Restore option is available in

    (a)

    Configuration

    (b)

    Company features

    (c)

    Company Information

    (d)

    Both 'a' and 'b'

  50. _________ are used for recording both cash and credit purchases of goods.

    (a)

    Purchase voucher

    (b)

    Sales voucher

    (c)

    Journal voucher

    (d)

    Contra voucher

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