By QB365 on 31 Dec, 2022
QB365 provides a detailed and simple solution for every Possible Questions in Class 12 Accountancy Subject - Important 1 Mark MCQ's, English Medium. It will help Students to get more practice questions, Students can Practice these question papers in addition to score best marks.
12th Standard
Accountancy
Answer all the following Questions.
What is the amount of capital of the proprietor, if his assets are Rs. 85,000 and liabilities are Rs. 21,000?
Rs. 85,000
Rs. 1,06,000
Rs. 21,000
Rs. 64,000
When capital in the beginning is Rs. 10,000, drawings during the year is Rs. 6,000, profit made during the year is Rs. 2,000 and the additional capital introduced is 3,000, find out the amount of capital at the end
Rs. 9,000
Rs. 11,000
Rs. 21,000
Rs. 3,000
Income and expenditure account is a
Nominal A/c
Real A/c
Personal A/c
Representative personal account
Income and Expenditure Account is prepared to find out
Profit or loss
Cash and bank balance
Surplus or deficit
Financial position
In the absence of an agreement, partners are entitled to
Salary
Commission
Interest on loan
Interest on capital
Pick the odd one out
Partners share profits and losses equally
Interest on partners capital is allowed at 7% per annum
No salary or remuneration is allowed to partners
Interest on loan from partners is allowed at 6% per annum
Identify the incorrect pair
Goodwill under Average profit method - Average profit × Number of years of purchase
Goodwill under Super profit method - Super profit × Number of years of purchase
Goodwill under Annuity method - Average profit × Present value annuity factor
Goodwill under Weighted average profit method - Weighted average profit × Number of years of purchase
When the average profit is Rs. 25,000 and the normal profit is Rs. 15,000, super profit is __________
Rs. 25,000
Rs. 5,000
Rs. 10,000
Rs. 15,000
If the old profit sharing ratio is more than the new profit sharing ratio of a partner, the difference is called
Capital ratio
Sacrificing ratio
Gaining ratio
None of these
At the time of admission, the goodwill brought by the new partner may be credited to the capital accounts of
all the partners
the old partners
the new partner
the sacrificing partne
On revaluation, the increase in liabilities leads to
Gain
Loss
Profit
None of these
A, B and C are partners sharing profits in the ratio of 2:2:1. On retirement of B, goodwill of the firm was valued as Rs. 30,000. Find the contribution of A and C to compensate B:
Rs. 20,000 and Rs. 10,000
Rs. 8,000 and Rs. 4,000
Rs. 10,000 and Rs. 20,000
Rs. 15,000 and Rs. 15,000
A, B and C are partners sharing profits in the ratio of 4:2:3. C retires. The new profit sharing ratio between A and B will be
4:3
3:4
2:1
1:2
At the time of forfeiture, share capital account is debited with
Face value
Nominal value
Paid up amount
Called up amount
The amount received over and above the par value is credited to
Securities premium account
Calls in advance account
Share capital account
Forfeited shares account
Which of the following statement is false?
Issued capital can never be more than the authorised capital
In case of under subscription, issued capital will be less than the subscribed capital
Reserve capital can be called at the time of winding up
Paid up capital is part of called up capital
Which of the following tools of financial statement analysis is suitable when data relating to several years are to be analysed?
Cash flow statement
Common size statement
Comparative statement
Trend analysis
The term ‘fund’ refers to
Current liabilities
Working capital
Fixed assets
Non-current assets
Which of the following statements is not true?
All the limitations of financial statements are applicable to financial statement analysis also.
Financial statement analysis is only the means and not an end.
Expert knowledge is not required in analysing the financial statements
Interpretation of the analysed data involves personal judgement
Proportion of share holder's funds to total assets is called
Proprietary ratio
Capital gearing ratio
Debt equity ratio
Current ratio
Which one of the following is not correctly matched?
Liquid ratio – Proportion
Gross profit ratio – Percentage
Fixed assets turnover ratio – Percentage
Debt-equity ratio – Proportion
Current liabilities Rs. 40,000; Current assets Rs. 1,00,000 ; Inventory Rs. 20,000. Quick ratio is
1:1
2.5:1
2:1
1:2
Which is not the default group in Tally?
Suspense account
Outstanding expense
Sales account
Investments
Salary account comes under which of the following head?
Direct Incomes
Direct Expenses
Indirect Incomes
Indirect Expenses
Rs. 25,000 withdrawn from bank for office use. In which voucher type, this transaction will be recorded
Contra Voucher
Receipt Voucher
Payment Voucher
Sales Voucher
Receipts and payments account is a
Nominal A/c
Real A/c
Personal A/c
Representative personal account
Donations received for a specific purpose is
Revenue receipt
Capital receipt
Revenue expenditure
Capital expenditure
An advance receipt of subscription from a member of the non - profit organization is considered as alan __________
Expense
Liability
Equity
Asset
Income and Expenditure accounts show
cash available to an organization
dosing capital of an organization
cash available in the bank account
surplus or deficit for the current accounting period.
Subscription received in advance is an income or a liability________.
An asset
Income
A liability
Expenditure
There are 15 primary groups are __________
12 sub-groups
13 sub-groups
11 sub-groups
10 sub-groups
When group behaviour is like sub ledger is set to No____________
It behaves like ledger
The same will display all the ledgers grouped under the same in detail mode
All of the above
None of the above
How to cntroll the Sales voucher?
Gateway of Tally > Transactions > F8: Sales
Gateway of Tally > Transactions > Accounting Vouchers > F8: Sale
Gateway of Tally> Accounting Vouchers> F8: Sale
None of the above
Automated accounting is an approach to maintain up-to-date accounting records with the aid of ___________
System software
Accounting software
System hardware
Accounting hardware
______________ is a system that provides information for decision making at all levels of management.
Computer Accounting System
Computer Information System
Management Information System
Management Accounting System
Which of the following statements is not true?
Notes and schedules also form part of financial statements
The tools of financial statement analysis include common-size statement
Trend analysis refers to the study of movement of figures for one year
The common–size statements show the relationship of various items with somecommon base, expressed as percentage of the common base
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?
10 %
110 %
90 %
11%
_______ is a statement of assets and liabilities which shows the financial position as on a particular date.
Financial statement
Trial Balance
Balance sheet
None of these
_______________ refers to the study of movement of figures over a period.
Comparative statement
Common -size statement
Trend analysis
Funds flow analysis.
The term Current Assets does not include_______
Payments in advance
Bills Receivable
Long-Term Deferred changes
Receipts and Payment A/c
Current ratio indicates
Ability to meet short term obligations
Efficiency of management
Profitability
Long term solvency
Which ratio indicates the efficiency of utilisation of fixed assets?
Inventory turnover ratio
Trade receivables turnover ratio
Trade payables turnover ratio
Fixed assets turnover ratio
Cost of goods sold is Rs.2,00,000. The opening stock in the beginning of the year is Rs.55,000, and the closing stock at the end of the year is Rs.25,000. Therefore the stock turn over ratio is ______________
3 Times
5 Times
6 Times
4 Times
______________ Indicate the performance of the business
Activity Ratios
Solvency Ratios
Liquidity Ratios
Profitability Ratios
Match List I with List II and Select the Correct Answer using the Codes given below.
List I | List II | ||
(i) | Proprietory Ratio | 1. | \(\frac{Credit Purchases}{Average Accounts Payble}\) |
(ii) | Stock Turnover Ratio | 2. | \(\frac{Cost of Goods Sold}{Average Stock}\) |
(iii) | Creditors Turnover Ratio | 3. | \(\frac{Shareholders funds}{Total tangible assets}\) |
(iv) | Capital Turnover Ratio | 4. | \(\frac{Gross Profit}{Sales}\) |
(i) | (ii) | (iii) | (iv) |
1 | 2 | 3 | 4 |
(i) | (ii) | (iii) | (iv) |
3 | 4 | 1 | 2 |
(i) | (ii) | (iii) | (iv) |
3 | 4 | 1 | 2 |
(i) | (ii) | (iii) | (iv) |
2 | 3 | 4 | 1 |
If the donation is received without any specific condition, then it is a __________
general donation
specific donation
donation fund
none of these
The receipts and payments account of a nonprofit organisation is a __________
Nominal account
Real account
Income statement account
Financial statement
Which basis Receipt and payment Account is prepared?
Cash basis
Credit basis
Accrual Basis
None of these
Rent expenses of a non-profit organization paid in advance. Which of the following is the correct classification of rent _________
Expense
Liabilities
Equity
Asset
Receipts and Payment accounts is a_________ account in nature.
real
personal
nominal
all of these
Answers
Rs. 64,000
Rs. 9,000
Nominal A/c
Surplus or deficit
Interest on loan
Interest on partners capital is allowed at 7% per annum
Goodwill under Annuity method - Average profit × Present value annuity factor
Rs. 10,000
Sacrificing ratio
the sacrificing partne
Loss
Rs. 8,000 and Rs. 4,000
2:1
Called up amount
Securities premium account
In case of under subscription, issued capital will be less than the subscribed capital
Trend analysis
Working capital
Expert knowledge is not required in analysing the financial statements
Proprietary ratio
Fixed assets turnover ratio – Percentage
2:1
Outstanding expense
Indirect Expenses
Contra Voucher
Real A/c
Capital receipt
Liability
surplus or deficit for the current accounting period.
A liability
13 sub-groups
The same will display all the ledgers grouped under the same in detail mode
Gateway of Tally> Accounting Vouchers> F8: Sale
Accounting software
Management Information System
Trend analysis refers to the study of movement of figures for one year
110 %
Balance sheet
Trend analysis
Long-Term Deferred changes
Ability to meet short term obligations
Fixed assets turnover ratio
5 Times
Activity Ratios
(i) | (ii) | (iii) | (iv) |
3 | 4 | 1 | 2 |
general donation
Real account
Cash basis
Asset
real