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Questions:

Multiple Choice Question

50 x 1 = 50

How to cntroll the Sales voucher?

(a)

Gateway of Tally > Transactions > F8: Sales

(b)

Gateway of Tally > Transactions > Accounting Vouchers > F8: Sale

(c)

Gateway of Tally> Accounting Vouchers> F8: Sale

(d)

None of the above

When group behaviour is like sub ledger is set to No____________

(a)

It behaves like ledger

(b)

The same will display all the ledgers grouped under the same in detail mode

(c)

All of the above

(d)

None of the above

There are 15 primary groups are __________

(a)

12 sub-groups

(b)

13 sub-groups

(c)

11 sub-groups

(d)

10 sub-groups

The term Current Assets does not include_______

(a)

Payments in advance

(b)

Bills Receivable

(c)

Long-Term Deferred changes

(d)

Receipts and Payment A/c

Subscription received in advance is an income or a liability________.

(a)

An asset

(b)

Income

(c)

A liability

(d)

Expenditure

Which basis Receipt and payment Account is prepared?

(a)

Cash basis

(b)

Credit basis

(c)

Accrual Basis

(d)

None of these

______________ Indicate the performance of the business

(a)

Activity Ratios

(b)

Solvency Ratios

(c)

Liquidity Ratios

(d)

Profitability Ratios

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 ______________

(a)

3 Times

(b)

5 Times

(c)

6 Times

(d)

4 Times

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.	\(\frac{Gross Profit}{Sales}\)

(a)

(i)	(ii)	(iii)	(iv)
1	2	3	4

(b)

(i)	(ii)	(iii)	(iv)
3	4	1	2

(c)

(i)	(ii)	(iii)	(iv)
3	4	1	2

(d)

(i)	(ii)	(iii)	(iv)
2	3	4	1

10.

Which ratio indicates the efficiency of utilisation of fixed assets?

(a)

Inventory turnover ratio

(b)

Trade receivables turnover ratio

(c)

Trade payables turnover ratio

(d)

Fixed assets turnover ratio

11.

______________ is a system that provides information for decision making at all levels of management.

(a)

Computer Accounting System

(b)

Computer Information System

(c)

Management Information System

(d)

Management Accounting System

12.

Automated accounting is an approach to maintain up-to-date accounting records with the aid of ___________

(a)

System software

(b)

Accounting software

(c)

System hardware

(d)

Accounting hardware

13.

_______________ refers to the study of movement of figures over a period.

(a)

Comparative statement

(b)

Common -size statement

(c)

Trend analysis

(d)

Funds flow analysis.

14.

_______ 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

15.

Receipts and Payment accounts is a_________ account in nature.

(a)

real

(b)

personal

(c)

nominal

(d)

all of these

16.

Rent expenses of a non-profit organization paid in advance. Which of the following is the correct classification of rent _________

(a)

Expense

(b)

Liabilities

(c)

Equity

(d)

Asset

17.

The receipts and payments account of a nonprofit organisation is a __________

(a)

Nominal account

(b)

Real account

(c)

Income statement account

(d)

Financial statement

18.

If the donation is received without any specific condition, then it is a __________

(a)

general donation

(b)

specific donation

(c)

donation fund

(d)

none of these

19.

Income and Expenditure accounts show

(a)

cash available to an organization

(b)

dosing capital of an organization

(c)

cash available in the bank account

(d)

surplus or deficit for the current accounting period.

20.

An advance receipt of subscription from a member of the non - profit organization is considered as alan __________

(a)

Expense

(b)

Liability

(c)

Equity

(d)

Asset

21.

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

22.

If the old profit sharing ratio is more than the new profit sharing ratio of a partner, the difference is called

(a)

Capital ratio

(b)

Sacrificing ratio

(c)

Gaining ratio

(d)

None of these

23.

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

(a)

4:3

(b)

3:4

(c)

2:1

(d)

1:2

24.

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:

(a)

Rs. 20,000 and Rs. 10,000

(b)

Rs. 8,000 and Rs. 4,000

(c)

Rs. 10,000 and Rs. 20,000

(d)

Rs. 15,000 and Rs. 15,000

25.

On revaluation, the increase in liabilities leads to

(a)

Gain

(b)

Loss

(c)

Profit

(d)

None of these

26.

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?

(a)

10 %

(b)

110 %

(c)

90 %

(d)

11%

27.

Which of the following statements is not true?

(a)

All the limitations of financial statements are applicable to financial statement analysis also.

(b)

Financial statement analysis is only the means and not an end.

(c)

Expert knowledge is not required in analysing the financial statements

(d)

Interpretation of the analysed data involves personal judgement

28.

The term ‘fund’ refers to

(a)

Current liabilities

(b)

Working capital

(c)

Fixed assets

(d)

Non-current assets

29.

Which of the following tools of financial statement analysis is suitable when data relating to several years are to be analysed?

(a)

Cash flow statement

(b)

Common size statement

(c)

Comparative statement

(d)

Trend analysis

30.

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

31.

Which of the following statement is false?

(a)

Issued capital can never be more than the authorised capital

(b)

In case of under subscription, issued capital will be less than the subscribed capital

(c)

Reserve capital can be called at the time of winding up

(d)

Paid up capital is part of called up capital

32.

The amount received over and above the par value is credited to

(a)

Securities premium account

(b)

Calls in advance account

(c)

Share capital account

(d)

Forfeited shares account

33.

At the time of forfeiture, share capital account is debited with

(a)

Face value

(b)

Nominal value

(c)

Paid up amount

(d)

Called up amount

34.

Current liabilities Rs. 40,000; Current assets Rs. 1,00,000 ; Inventory Rs. 20,000. Quick ratio is

(a)

1:1

(b)

2.5:1

(c)

2:1

(d)

1:2

35.

Which one of the following is not correctly matched?

(a)

Liquid ratio – Proportion

(b)

Gross profit ratio – Percentage

(c)

Fixed assets turnover ratio – Percentage

(d)

Debt-equity ratio – Proportion

36.

Proportion of share holder's funds to total assets is called

(a)

Proprietary ratio

(b)

Capital gearing ratio

(c)

Debt equity ratio

(d)

Current ratio

37.

Current ratio indicates

(a)

Ability to meet short term obligations

(b)

Efficiency of management

(c)

Profitability

(d)

Long term solvency

38.

Rs. 25,000 withdrawn from bank for office use. In which voucher type, this transaction will be recorded?

(a)

Contra Voucher

(b)

Receipt Voucher

(c)

Payment Voucher

(d)

Sales Voucher

39.

Salary account comes under which of the following head?

(a)

Direct Incomes

(b)

Direct Expenses

(c)

Indirect Incomes

(d)

Indirect Expenses

40.

Which is not the default group in Tally?

(a)

Suspense account

(b)

Outstanding expense

(c)

Sales account

(d)

Investments

41.

When the average profit is Rs. 25,000 and the normal profit is Rs. 15,000, super profit is __________

(a)

Rs. 25,000

(b)

Rs. 5,000

(c)

Rs. 10,000

(d)

Rs. 15,000

42.

Identify the incorrect pair

(a)

Goodwill under Average profit method - Average profit × Number of years of purchase

(b)

Goodwill under Super profit method - Super profit × Number of years of purchase

(c)

Goodwill under Annuity method - Average profit × Present value annuity factor

(d)

Goodwill under Weighted average profit method - Weighted average profit × Number of years of purchase

43.

Pick the odd one out

(a)

Partners share profits and losses equally

(b)

Interest on partners capital is allowed at 7% per annum

(c)

No salary or remuneration is allowed to partners

(d)

Interest on loan from partners is allowed at 6% per annum

44.

In the absence of an agreement, partners are entitled to

(a)

Salary

(b)

Commission

(c)

Interest on loan

(d)

Interest on capital

45.

Donations received for a specific purpose is

(a)

Revenue receipt

(b)

Capital receipt

(c)

Revenue expenditure

(d)

Capital expenditure

46.

Income and Expenditure Account is prepared to find out

(a)

Profit or loss

(b)

Cash and bank balance

(c)

Surplus or deficit

(d)

Financial position

47.

Income and expenditure account is a

(a)

Nominal A/c

(b)

Real A/c

(c)

Personal A/c

(d)

Representative personal account

48.

Receipts and payments account is a

(a)

Nominal A/c

(b)

Real A/c

(c)

Personal A/c

(d)

Representative personal account

49.

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

(a)

Rs. 9,000

(b)

Rs. 11,000

(c)

Rs. 21,000

(d)

Rs. 3,000

50.

What is the amount of capital of the proprietor, if his assets are Rs. 85,000 and liabilities are Rs. 21,000?

(a)

Rs. 85,000

(b)

Rs. 1,06,000

(c)

Rs. 21,000

(d)

Rs. 64,000

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Answers Key:

Multiple Choice Question

50 x 1 = 50

(b)
The same will display all the ledgers grouped under the same in detail mode

(b)
13 sub-groups

(a)
Cash basis

(a)
Activity Ratios

(b)
5 Times

(b)

(i) (ii) (iii) (iv)

3 4 1 2

10.

(d)
Fixed assets turnover ratio

11.

12.

(b)
Accounting software

13.

14.

15.

(a)
real

16.

(d)
Asset

17.

(b)
Real account

18.

(a)
general donation

19.

(d)
surplus or deficit for the current accounting period.

20.

(b)
Liability

21.

(d)
the sacrificing partne

22.

(b)
Sacrificing ratio

23.

24.

(b)
Rs. 8,000 and Rs. 4,000

25.

(b)
Loss

26.

(b)
110 %

27.

28.

(b)
Working capital

29.

(d)
Trend analysis

30.

31.

(b)
In case of under subscription, issued capital will be less than the subscribed capital

32.

(a)
Securities premium account

33.

(d)
Called up amount

34.

35.

36.

(a)
Proprietary ratio

37.

(a)
Ability to meet short term obligations

38.

(a)
Contra Voucher

39.

(d)
Indirect Expenses

40.

(b)
Outstanding expense

41.

42.

43.

(b)
Interest on partners capital is allowed at 7% per annum

44.

45.

(b)
Capital receipt

46.

47.

(a)
Nominal A/c

48.

(b)
Real A/c

49.

(a)
Rs. 9,000

50.

(d)
Rs. 64,000

12th Standard Accountancy English Medium - Important 1 Mark MCQ's Question Paper and Answer Key 2022 - 2023

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