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

12th Standard

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Accountancy

Time : 02:00:00 Hrs
Total Marks : 100

    Part A

    50 x 2 = 100
  1. Under single entry system is it possible to check the arithmetical accuracy of books of accounts?

  2. Why is statement of affairs prepared under single entry system not referred to as balance sheet?

  3. What are the possible reasons for keeping incomplete records?

  4. Explain the steps in preparations of receipts and payments account.

  5. Can the balance in receipts and payments account be treated as income of the period? If it shows credit balance  what does it mean?

  6. Every receipt and Payments, whether capital or revenue and irrespective of the period is recorded in receipts and payments accounts why? Give reason.

  7. Income and expenditure account of a not-for-profit organization is akin to profit and loss account ofa business concern. Explain the statement.

  8. Distinguish between income and expenditure account and profit and loss account

  9. What is drawing?

  10. If the partner's capital accounts are fixed, where will you record the following items?
    (a) Salary payable to a partner
    (b) Drawings made by a partner

  11. Suresh and Ramesh are partners in a firm with capitals of Rs.3,00,000 and Rs.4,00,000 respectively. The do not have a partnership deed. Ramesh wants to share the profits in the ratio of capitals. State with reason whether the claim is valid

  12. A and B are partners in a firm without a partnership deed. A is an active partner and claims a salary of Rs.18,000 per month. State with reasons whether the claim is valid or not

  13. Interest on partner's capital and interest on drawings are recorded through profit and loss appropriation account instead of profit and loss account. Why?

  14. How is interest on drawings calculated, if the drawings are made at regular intervals as on the first day of each month?

  15. Salary or comrmssion paid to a partner is debited to profit and loss appropriation account and not to profit and loss account. Why?

  16. An accountant of the firm has debited interest on partner's loan to the profit and loss appropriation account and credited to the partner's capital account. Is he correct?

  17. What is Annuity?

  18. What is meant by number of years purchase at the time of valuation of goodwill?

  19. How does the factor's 'quality of product' affect the goodwill of a firm?

  20. How does the 'market situation' affect the value of goodwill of a firm?

  21. What is meant by admission of a partner?

  22. Durga and Naresh were partnership in a firm. They wanted to admit five more members in the firm. List any two categories of individuals other than minors who cannot be admitted by them.

  23. The amount of bills payable appearing in the balance sheet is understated by. Rs.10,000 State whether the revaluation account will be debited or credited to restore the amount of bills payable to its actual value. Also give reason for your answer.

  24. The value of Plant and machinery increased by 10%. State whether revaluation account will be debited or credited.

  25. What is New profit sharing ratio?

  26. Who is an outgoing partner?

  27. If the retiring partner is not paid the full amount due to him immediately on retirement, how should his capital account be shown in subsequent balance sheet?

  28. For which share of goodwill, a partner is entitled at the time of his retirement?

  29. Raji, Mohana, Sonu were partners in a firm sharing profits in the ration of 4;3;2 Mohana retired. Her share was taken over equally by Raji and Sonu. In which ratio will be profit or loss on revaluation of assets and liabilities on the retirement of Mohana be transferred to the capital accounts of the partners.

  30. Definition of a Company.

  31. What is allotment?

  32. What are the differences between over subscription and under subscription?

  33. Write a short note on
    i) Intra-firm comparison
    ii) Inter-firm comparison

  34. What is trend analysis?

  35. What is funds flow analysis?

  36. Financial statement analysis is a post-mortem of the business transactions to some extent. Do you agree?

  37. Both horizontal and vertical analysis are complementary in nature. Do you agree?

  38. Common size statement is also known as 100 % statement. Do you agree?

  39. Definition of ratio analysis.

  40. What is Liquidity ratios?

  41. What is current ratio?

  42. What does high total assets to debt ratio indicates?

  43. Quick ratio of a company is 1.5: 1.State giving reason, whether the ratio will improve, decline or not change on payment of divided by the company.

  44. The average age of inventory is viewed as the average length of time inventory is held by the firm or as the average number of day's sales in inventory. Explain.

  45. Why should the inventory turnover ratio be more important when analysing a grocery store than an insurance company?

  46. The liquidity of a business firm is measured by its ability to satisfy its long-term obligations as they become due. Comments.

  47. What is computerised accounting system?

  48. What are the steps involved in designing accounting reports?

  49. Identify the value, violate by the employee of company? Who uses office computer for chatting on social networking sities?

  50. A chemist as per the requirement of law makes use of computer for recording the stock of all the medicines including their manufacturing and expiry dates. What benefits he will get from computerised records also tell the values indicated in the question.

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