12th Standard Accountancy English Medium Sample 1 Mark Creative Questions (New Syllabus) 2020

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Questions:

Multiple Choice Question

43 x 1 = 43

Goodwill may be ________ if all the partners are agreed, that it should not remain in the books

(a)

(b)

Distribute

(c)

Written off

(d)

None of these

When a partner dies, firm will receive the __________

(a)

1/2 amount of policy

(b)

1/4 amount of policy

(c)

3/4 amount of policy

(d)

Full amount of policy

Revaluation account is operated to find out gain or loss at the time of ____________

(a)

Admission of a partner

(b)

Retirement of a partner

(c)

Death of a partner

(d)

All of these

Balance sheet is prepared under _________

(a)

Single entry system

(b)

Double entry system

(c)

Both (a) & (b)

(d)

None of these

Calculate the amount of net income or loss if the capital has been increased by Rs. 1,000 during this accounting period drawings Rs. 5,000 and Rs. 1,000 fresh capital was introduced in the business _______

(a)

Rs. 5,000 net loss

(b)

Rs. 5,000 net profit

(c)

Rs. 6,000 net loss

(d)

Rs. 6,000 net profit

In partnership accounting, capital accounts are prepared under following method __________

(a)

Fluctuating

(b)

Fixed

(c)

Both (a) & (b)

(d)

None of these

An incoming parent pays his share of goodwill in cash, and profit sharing ratio of old partner is changed, Goodwill be distributed among old partners.

(a)

As their old profit ratio

(b)

According to new ratio

(c)

According to sacrificing ratio

(d)

None of these

In which of the following system of recording the financial statements reflect true and fair view of an entity and accounting records are considered to be more accurate?

(a)

Single entry system

(b)

Double entry system

(c)

Cash based system

(d)

All of them

Securities Premium Reserve collected by the company can be used for:

(a)

Issue of bonus shares

(b)

Payment of dividend

(c)

Any business purpose

(d)

None of these

10.

A company forfeited 2,000 shares of Rs.10 each (which were issued at par) held by Mr.John for non-payment of allotment money of Rs.4 per share. The called – up value per share was Rs.9. On forfeiture, the amount debited to share capital will be

(a)

Rs.10,000

(b)

Rs.8,000

(c)

Rs.2,000

(d)

Rs.18,000

11.

The relationship between sales and capital employed is known as ______________

(a)

Capital Turnover Ratio

(b)

Current Ratio

(c)

Stock Turnover Ratio

(d)

Solvency Ratio

12.

The relationship of Gross profit to sales is known as _____________

(a)

Net profit ratio

(b)

Net loss ratio

(c)

Gross profit ratio

(d)

Gross loss ratio

13.

Shareholders funds includes ________________

(a)

Equity share capital, reference share capital, reserves & surplus

(b)

Loan from bank and financial institutions

(c)

Equity share capital, reference share capital, reserves & surplus, Loan from bank and financial institutions

(d)

None of the above

14.

______ ratio shows the relationship between share holders fundi proprietors fund and total tangible assets.

(a)

Liquidity

(b)

Current

(c)

Proprietary

(d)

Profitability

15.

_____ ratio indicates the numbers of times the trade payable is turned over during the period in relation to net credit purchases.

(a)

Inventory turnover

(b)

Trade receivables turnover

(c)

Trade payables turnover

(d)

Fixed assets turnover

16.

_____ help to assess the ability of a business concern to meet its short term financial obligations.

(a)

Long term debts ratio

(b)

Liquidity ratios

(c)

Profitability ratios

(d)

Turnover ratios

17.

Match List I with List II and Select the Correct Answer using the Codes given below.

List I		List II
(i)	Capital gearing ratio	1.	Activity ratio or Efficiency ratios
(ii)	Turnorver ratios	2.	Revenue from operations
(iii)	Fixed assets turn over ratios	3.	Earning capacity of the business
(iv)	Profitability ratios	4.	Proportion of fixed income

(a)

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

(b)

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

(c)

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

(d)

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

18.

All solvency ratios are expressed in term of

(a)

Proportion

(b)

Time

(c)

Money

(d)

Percentage

19.

___________ is a document which contains details of transactions.

(a)

Voucher

(b)

Receipt

(c)

Report

(d)

Statement

20.

List I		List II
(i)	Sales voucher	1.	2009
(ii)	Journal voucher	2.	Direct expenses
(iii)	Tally, ERP 90	3.	Provision for bad debts
(iv)	Wages	4.	F8

(a)

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

(b)

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

(c)

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

(d)

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

21.

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

22.

When excess application money is adjusted towards allotment it is called as _____ issued capital.

(a)

30%

(b)

60%

(c)

90%

(d)

100%

23.

_____ represents that part of authorised capital which is offered for subscription.

(a)

Authorised capital

(b)

Issued capital

(c)

Subscribed capital

(d)

Called up capital

24.

________ is required in analysing the financial statements.

(a)

Expert knowledge

(b)

Quality informationHistorical dataHistorical data

(c)

Historical data

(d)

None of these

25.

Which of the following are techniques, tools or methods of analysis and interpretation of financial statements?

(a)

Ratio analysis

(b)

Average analysis

(c)

Trend analysis

(d)

An of the above

26.

The _____ of the shareholders is limited to the face value of shares.

(a)

liability

(b)

asset

(c)

both

(d)

none of these

27.

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

(a)

calls in advance

(b)

calls in arrears

(c)

under subscription

(d)

over subscription

28.

Issue of equity shares to the existing shareholders of the company free of cost out of a accumulated profit is known as __________

(a)

private placement

(b)

public issue

(c)

rights issue

(d)

bonus issue

29.

Profits are distributed among the shareholders in the form of ___________

(a)

(b)

dividends

(c)

both

(d)

none of these

30.

__________ can be computed by direct method or product method.

(a)

Interest on drawings

(b)

Interest on capital

(c)

Partners salary

(d)

Partner's commission

31.

Current accounts for partners will be opened under, ____________

(a)

Fixed capital method

(b)

Fluctuating capital method

(c)

Either fixed capital method or fluctuating capital method

(d)

None of these

32.

_________maybe dissolved at any time by a partner serving notice on the other partners

(a)

Partnership at deed

(b)

Dissolution of partnership

(c)

Partnership at will

(d)

All of the above

33.

A ________ account is opened to record the increase or decrease in assets and liabilities

(a)

Capital

(b)

Partners

(c)

Revaluation

(d)

None of these

34.

In order to maintain fair dealings, at the time of admission, it is necessary to revalue assets and liabilities of the firm to their _______

(a)

Cost price

(b)

True value

(c)

Selling price

(d)

None of these

35.

List I		List II
i)	Average profit method	1.	Excess of average profit
ii)	Weighted average profit method	2.	Present value of annuity
iii)	Super profit method	3.	Increase or decrease trend
iv)	Annuity method	4.	Past few years

(a)

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

(b)

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

(c)

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

(d)

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

36.

Closing capital can be found by preparing a statement affairs at the _____ of the year.

(a)

opening

(b)

end

(c)

centre

(d)

none of these

37.

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

(a)

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

(b)

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

(c)

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

(d)

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

38.

Credit purchase is obtained from _______

(a)

Bills receivable account

(b)

Bills payable account

(c)

Total debtors account

(d)

Total creditors account

39.

Average Capital employed Rs. 4,00,000

Net profit 2011	2,50,000
2012	1,00,00(Loss)
2013	4,50,000
N R R	10%

Goodwill at 3 years purchase of super profit will be __________

(a)

Rs. 1,80,000

(b)

Rs. 90,000

(c)

Rs. 1,50,000

(d)

Rs. 1,20,000

40.

The monetary value of such advantage is termed as ____________

(a)

Goodwill

(b)

Bank overdraft

(c)

Capital

(d)

Cash

41.

At the time of retirement of a partner, calculation of new profit ratio is __________

(a)

Compulsory

(b)

Optional

(c)

Necessary

(d)

Not necessary

42.

_______is the remuneration paid to a person who is not a regular employee of the organization

(a)

Purchase of sports materials

(b)

Purchase of sports equipment

(c)

Honararium

(d)

Legacy

43.

Income and Expenditure account is based on _________

(a)

Cash accounting

(b)

Government accounting

(c)

Management accounting

(d)

Accrual accounting

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Answers Key:

Multiple Choice Question

43 x 1 = 43

(d)
Full amount of policy

(d)
All of these

(b)
Double entry system

(b)
Rs. 5,000 net profit

(b)
Double entry system

(b)
Payment of dividend

10.

(d)
Rs.18,000

11.

(a)
Capital Turnover Ratio

12.

13.

(a)
Equity share capital, reference share capital, reserves & surplus

14.

15.

16.

(b)
Liquidity ratios

17.

(b)

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

4 1 2 3

18.

(a)
Proportion

19.

(a)
Voucher

20.

(d)

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

4 3 1 2

21.

22.

23.

(b)
Issued capital

24.

(a)
Expert knowledge

25.

(d)
An of the above

26.

(a)
liability

27.

(b)
calls in arrears

28.

(d)
bonus issue

29.

(b)
dividends

30.

(a)
Interest on drawings

31.

(a)
Fixed capital method

32.

33.

34.

(b)
True value

35.

(b)

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

4 3 1 2

36.

(b)
end

37.

38.

(d)
Total creditors account

39.

(a)
Rs. 1,80,000

40.

(a)
Goodwill

41.

42.

43.

(d)
Accrual accounting

12th Standard Accountancy English Medium Sample 1 Mark Creative Questions (New Syllabus) 2020

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