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

12th Standard

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Accountancy

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

    Part A

    50 x 1 = 50
  1. Opening balance of debtors: Rs 30,000, cash received:Rs 1,00,000, credit sales: Rs90,000; closing balance of debtors is

    (a)

    Rs.30,000

    (b)

    Rs.1,30,000

    (c)

    Rs.40,000

    (d)

    Rs.20,000

  2. A firm has assets worth Rs.60,000 and capital Rs.45,000.Then it's liabilities is

    (a)

    Rs.45,000

    (b)

    Rs.1,05,000

    (c)

    Rs.60,000

    (d)

    Rs.15,000

  3. Creditors on 1.4.2016 was Rs.80,000 and on 31.3.2017 was Rs.65,000 cash paid to creditors during the year is Rs.10,000. Then the credit purchases during the year is

    (a)

    Rs.95,000

    (b)

    Rs.1,75,000

    (c)

    Rs.1,95,000

    (d)

    Rs.1,50,000

  4. If opening capital Rs. 1,000 and closing capital Rs. 2000. Assuming no drawings during the accounting period, calculated the net income or loss for the period

    (a)

    Rs.1,000 net income

    (b)

    Rs.1,000 net loss

    (c)

    Rs.2,000 net income

    (d)

    Rs.2,000 net loss

  5. Capital can be obtained by preparing

    (a)

    Cash Book

    (b)

    Statement of Affairs

    (c)

    Debtors Account

    (d)

    Creditors account

  6. Companies cannot keep books on single entry system because of ______________

    (a)

    Tax Properties

    (b)

    Legal Provisions

    (c)

    Both (a) & (b)

    (d)

    None of these

  7. Which of the following should not be recorded in the income and expenditure account?

    (a)

    Sale of old news papers

    (b)

    Loss on sale of asset

    (c)

    Honorarium paid to the secretary

    (d)

    Sale proceeds of furniture

  8. Capital fund also called as

    (a)

    accumulated fund

    (b)

    special fund

    (c)

    donation fund

    (d)

    none of these

  9. When fixed capital method is adopted by a partnership firm, which of the following items will appear in capital account?

    (a)

    Additional capital introduced

    (b)

    Interest on capital

    (c)

    Interest on drawings

    (d)

    Share of profit

  10. The name under which the business of a firm is carried on is called the

    (a)

    Company name

    (b)

    Firm name

    (c)

    Partnership firm

    (d)

    Partner's name

  11. X and Yare partners sharing the profits and losses in the ratio of 2:3 with capitals of Rs.1,20,000 and Rs.60,000 respectively. Profits for the year are Rs.9,000. If the partnership deed is silent as to interest on capital. Show how profit is shared among X and Y

    (a)

    Profit X - Rs. 6,000; Y - Rs.3,000

    (b)

    Profit X - Rs.3,600; Y - Rs.5,400

    (c)

    Profit X - Rs.3,000; Y - Rs.6,000

    (d)

    Profit X - Rs.2,000; Y - Rs.2,600

  12. ______________ is a type of partnership in which the liability of the partners is limited to the entent of their capital contribution.

    (a)

    Limited liability partnership

    (b)

    Limited assets

    (c)

    Partnership deed

    (d)

    None of these

  13. The average rate of return of similar concerns is considered as

    (a)

    Average profit

    (b)

    Normal rate of return

    (c)

    Expected rate of return

    (d)

    None of these

  14. The total capitalised value of the business is calculated by capitalising the average profits on the basis of

    (a)

    average profit

    (b)

    normal rate of return

    (c)

    actual capital employed

    (d)

    none of these

  15. __________ method, goodwill is calculated as certain years of purchase of average profits of the past few years.

    (a)

    Simple average method

    (b)

    Average profit method

    (c)

    Super profit method

    (d)

    Annuity method

  16. At the time of admission, the goodwill brought by the new partner may be credited to the capital accounts of

    (a)

    all the partners

    (b)

    the old partners

    (c)

    the new partner

    (d)

    the sacrificing partne

  17. When the value of an asset increases, it results in

    (a)

    profit

    (b)

    loss

    (c)

    income

    (d)

    expense

  18. In admission undistributed profit or loss is transferred to

    (a)

    New partner's capital A/c only

    (b)

    Old partner's capital A/c only

    (c)

    All the partner's capital accounts

    (d)

    None of these

  19. The revaluation profits and losses are recorded in the _________ account

    (a)

    Capital

    (b)

    Revaluation

    (c)

    Profit and loss

    (d)

    None of these

  20. ________ is computed at the time of admission of a new partner.

    (a)

    Gaining ratio

    (b)

    Capital ratio

    (c)

    Sacrificing ratio

    (d)

    New ratio

  21. At the time of admission of a new partner, revaluation of ______ and _______should be taken up.

    (a)

    Capital & Assets

    (b)

    Capital & Liabilities

    (c)

    Assets & Liabilities

    (d)

    Income & Expenses

  22. A,B and C enter into a partnership investing Rs 35000, Rs 45000 and 55000. Find the their respective shares in annual profit of 40,500

    (a)

    10500, 13500, 19500

    (b)

    10500, 13500, 18500

    (c)

    10500, 13500, 17500

    (d)

    10500, 13500, 16500

  23. 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

  24. The profit or loss arising therefrom is transferred to the capital accounts of all the partners in the

    (a)

    New profit sharing ratio

    (b)

    Old profit sharing ratio

    (c)

    Gaining ratio

    (d)

    Sacrificing ratio

  25. X, Y and Z are partners in the ratio of 5:3:2 Goodwill is valued at 40,000. If Z retire, the amount of goodwill credited to his capital account is

    (a)

    Rs.8,000

    (b)

    Rs.50,000

    (c)

    Rs.12,000

    (d)

    Rs.12,000

  26. _____account which is otherwise called profit and loss adjustment account

    (a)

    Capital

    (b)

    General reserve fund

    (c)

    Revaluation

    (d)

    Goodwill

  27. Partner’s equity is affected due to:

    (a)

    Retirement of a partner

    (b)

    Admission of a partner

    (c)

    Death of a partner

    (d)

    All of these

  28. The proportion in which the continuing partners benefit due to retirement of partner:

    (a)

    Sacrificing Ratio

    (b)

    Gaining Ratio

    (c)

    Both (a) & (b)

    (d)

    None of these

  29. If the amount due to the outgoing partner is transferred to loan account then he is entitled to interest at _________ until it is paid out.

    (a)

    9%

    (b)

    5%

    (c)

    6%

    (d)

    8%

  30. A preference share is one
    (i) which carries preferential right with respect to payment of dividend at fixed rate
    (ii) which carries preferential right with respect to repayment of capital on winding up

    (a)

    Only (i) is correct

    (b)

    Only (ii) is correct

    (c)

    Both (i) and (ii) are correct

    (d)

    Both (i) and (ii) are incorrect

  31. The money raised by issuing shares is called

    (a)

    Share capital

    (b)

    Dividend

    (c)

    Equity capital

    (d)

    Share application

  32. Equity shares may be issued for cash at

    (a)

    premium

    (b)

    discount

    (c)

    dividend

    (d)

    none of these

  33. ____ has perpetual succession and the liability of the members is limited.

    (a)

    Company

    (b)

    Industry

    (c)

    Business

    (d)

    Organisation

  34. Application money must be at least _____ per cent of the nominal value of the shares.

    (a)

    2

    (b)

    3

    (c)

    5

    (d)

    6

  35. Capital Reserve represents _____ profit.

    (a)

    Revenue

    (b)

    both 'a' and 'b'

    (c)

    Deferred revenue

    (d)

    Capital

  36. Penalty for delay in refunding application money ___________________

    (a)

    6%

    (b)

    5%

    (c)

    15%

    (d)

    20%

  37. After getting minimum subscription of shares, the company has to allot shares within ___________ days

    (a)

    90

    (b)

    100

    (c)

    110

    (d)

    120

  38. When a shareholder fails to pay the amount due on allotment or on calls, the amount remaining unpaid is known ________

    (a)

    Calls in arrear

    (b)

    Calls in advance

    (c)

    Capital Reserve

    (d)

    None of these

  39. Which of the following statements is not true?

    (a)

    Notes and schedules also form part of financial statements

    (b)

    The tools of financial statement analysis include common-size statement

    (c)

    Trend analysis refers to the study of movement of figures for one year

    (d)

    The common–size statements show the relationship of various items with somecommon base, expressed as percentage of the common base

  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. _______ is a statement of assets and liabilities which shows the financial position as on a particular date.

    (a)

    Financial statement

    (b)

    Trial Balance

    (c)

    Balance sheet

    (d)

    None of these

  42. ___________ analysis is useful in judging the credit worthiness financial planning and preparation of budgets.

    (a)

    Trend

    (b)

    Funds flow

    (c)

    Cash flow

    (d)

    All of these

  43. Current assets excluding inventory and prepaid expenses is called

    (a)

    Reserves

    (b)

    Tangible assets

    (c)

    Funds

    (d)

    Quick assets

  44. All solvency ratios are expressed in term of

    (a)

    Proportion

    (b)

    Time

    (c)

    Money

    (d)

    Percentage

  45. _______ is expressed as a quotient.

    (a)

    Pure

    (b)

    Percentage

    (c)

    Statement

    (d)

    None of these

  46. _______ ratio is an indicator of operational efficiency of an organisation.

    (a)

    Net profit

    (b)

    Gross profit

    (c)

    Operating cost

    (d)

    Operating profit

  47. Function key F11 is used for

    (a)

    Company Features

    (b)

    Accounting vouchers

    (c)

    Company Configuration

    (d)

    None of these

  48. All transactions related to receipt either in cash or through bank are recorded using

    (a)

    payment voucher

    (b)

    contra voucher

    (c)

    receipt voucher

    (d)

    sales voucher

  49. To change current data from Gateway of Tally press the key

    (a)

    F1

    (b)

    F2

    (c)

    F5

    (d)

    F9

  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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