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Published on: 29/06/2019
12th standard accountancy chapter one creative multiple choice questions for new syllabus state board english medium
Download Tamil Nadu 12th Standard Accountancy question papers, model tests, one-mark questions, important questions, and public exam papers in PDF format. Free study materials and answer keys for TN State Board students.
Questions + Answers key
Take MCQ Accountancy Test
1.
Single entry system keeps one cash book which mixes up business as well as ____ transactions.
Private
Own
Public
Capital
2.
_____ is suitable only for sole traders and partnership firms.
Double entry system
Single entry system
Both (a) and (b)
None of these
3.
_____ maintains only personal and cash accounts.
Single entry system
Double entry system
Both (a) and (b)
None of these
4.
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 ________
Rs. 95,000
Rs. 1,75,000
Rs. 1,95,000
Rs. 1,50,000
5.
In _____ system, only personal and cash accounts are opened.
Single entry
Double entry
Trial balance
Balance Sheet
6.
Closing capital can be found by preparing a statement affairs at the _____ of the year.
opening
end
centre
none of these
7.
A statement of affairs resembles a _____
Trading account
Profit and loss account
Balance sheet
Trial balance
8.
_____ capital can be found by preparing a statement of affairs at the beginning of the year.
Opening capital
Closing capital
Both (a) and (b)
None of these
9.
_____ is a statement showing the balances of assets and liabilities on a particular date.
Statement of affairs
Trading account
Profit and loss account
Balance sheet
10.
Statement of affairs method is also called as _____ method.
Net profit
Net loss
Net worth/capital comparison
None of these
11.
_____ is an unscientific and unsystematic way of recording transactions.
Incomplete records
Complete records
Single entry system
Double entry system
12.
Incomplete records are those records which are not kept under ____ system
Single entry
Double entry
Book keeping
none of these
13.
Match List I with List II and Select the Correct Answer using the Codes given below.
| List I | List II | ||
| (i) | Nature | 1. | Needs and conveniences |
| (ii) | Types of accounts | 2. | No legal obligations |
| (iii) | Lack of uniformity | 3. | Real account and nominal accounts |
| (iv) | Suitability | 4. | Unsystematic way of transactions |
| (i) | (ii) | (iii) | (iv) |
| 1 | 2 | 3 | 4 |
| (i) | (ii) | (iii) | (iv) |
| 2 | 3 | 4 | 1 |
| (i) | (ii) | (iii) | (iv) |
| 4 | 3 | 1 | 2 |
| (i) | (ii) | (iii) | (iv) |
| 3 | 4 | 2 | 1 |
14.
Match List I with List II and Select the Correct Answer using the Codes given below.
| List I | List II | ||
| (i) | Incomplete records | 1. | Net worth method |
| (ii) | Single entry system | 2. | Double entry |
| (iii) | Statement of affairs method | 3. | Small traders |
| (iv) | Nominal account | 4. | Incomplete double system |
| (i) | (ii) | (iii) | (iv) |
| 1 | 2 | 3 | 4 |
| (i) | (ii) | (iii) | (iv) |
| 4 | 3 | 1 | 2 |
| (i) | (ii) | (iii) | (iv) |
| 2 | 3 | 1 | 4 |
| (i) | (ii) | (iii) | (iv) |
| 3 | 4 | 1 | 2 |
15.
Companies cannot keep books on single entry system because of ________
tax properties
legal provisions
both (a) and (b)
None of these
16.
A firm has assets worth Rs. 47,500 and liabilities Rs. 17,700. Then its capital is _____________
Rs. 29,800
Rs. 65,200
Rs. 35,400
Rs. 17,700
17.
A firms total sales is Rs. 80,000 and its credit sales is Rs. 60,000 Then its cash sales is ____________
Rs. 1,40,000
Rs. 70,000
Rs. 20,000
Rs. 80,000
18.
Debtors on 1.4.2018 was Rs. 1,00,000 and on 31.3.2019 was Rs. 80,000 cash received from debtors during the year is Rs. 1,60,000. Then the credit sales during the year is ___________
Rs. 3,40,000
Rs. 2,40,000
Rs. 1,40,000
Rs. 1,60,000
19.
Credit purchase is obtained from _______
Bills receivable account
Bills payable account
Total debtors account
Total creditors account
20.
The capital of a business is ascertained by preparing _________
Trading account
Statement of profit or loss
Balance sheet
Statement of affairs
21.
Credit sale is obtained from _________
Bills receivable account
Bills payable account
Total debtors account
Total creditors account
22.
Under the net worth method, the basis for ascertaining the profit is ________
the difference between the capital on two dates
the difference between the liabilities on two dates
the different between the gross assets on two dates
the difference between the gross profit on two dates
23.
A firm has assets worth Rs. 60,000 and capital Rs. 45,000.Then it's liabilities is _________
Rs. 45,000
Rs. 1,05,000
Rs. 60,000
Rs. 15,000
24.
The total assets of a proprietor are Rs. 5,00,000. His liabilities Rs. 3,50,000. Then his capital in the business is ____________
Rs. 8,50,000
Rs. 1,50,000
Rs. 3,50,000
Rs. 4,25,000
25.
The different between the total of assets and total of liabilities is taken as __________
drawings
capital
profit
loss
1.
(a)
Private
2.
(b)
Single entry system
3.
(a)
Single entry system
4.
(a)
Rs. 95,000
5.
(a)
Single entry
6.
(b)
end
7.
(c)
Balance sheet
8.
(a)
Opening capital
9.
(a)
Statement of affairs
10.
(c)
Net worth/capital comparison
11.
(a)
Incomplete records
12.
(b)
Double entry
13.
(c)
| (i) | (ii) | (iii) | (iv) |
| 4 | 3 | 1 | 2 |
14.
(d)
| (i) | (ii) | (iii) | (iv) |
| 3 | 4 | 1 | 2 |
15.
(b)
legal provisions
16.
(a)
Rs. 29,800
17.
(d)
Rs. 80,000
18.
(c)
Rs. 1,40,000
19.
(d)
Total creditors account
20.
(d)
Statement of affairs
21.
(c)
Total debtors account
22.
(a)
the difference between the capital on two dates
23.
(d)
Rs. 15,000
24.
(b)
Rs. 1,50,000
25.
(b)
capital
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