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Published on: 06/11/2020
12th Standard Accounts English Medium Free Online Test 1 Mark Questions 2020 - Part Five
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
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1.
Partnership is _________ on the retirement or death of a partner
Dissolved
Agreed
Retired
None of these
2.
In partnership accounting, capital accounts are prepared under following method __________
Fluctuating
Fixed
Both (a) & (b)
None of these
3.
In the Balance sheet of a firm, the debt equity ratio is 2:1. The amount of long term sources is Rs.12 lacks. What is the amount of tangible net worth of the firm?
Rs.12 lacks
Rs.8 lacks
Rs.4 lacks
Rs.2 lacks
4.
The relationship of liquid assets to current liabilities is known as ________________
Liquid Ratio
Current Ratio
Absolute Liquid Ratio
Solvency Ratio
5.
_____ are current assets excluding inventories and prepaid expenses.
Quick assets
Fixed assets
Non-fixed assets
None of these
6.
Which ratio is the proportion of fixed income bearing funds to equity shareholders funds?
Debt equity ratio
Capital gearing ratio
Proprietary ratio
Profitability ratio
7.
____________ are used for recording both cash and credit sales of goods.
Purchase voucher
Sales vouchers
Contra voucher
Receipt voucher
8.
___________ shows the company selected under List of Selected Companies on the left pane
Tally. ERP 9
Microsoft
Gate of Tally
None of these
9.
The balance of forfeited share account is ____ in the Balance sheet.
added to paid up capital
added to authorised capital
deducted from paid up capital
deducted from subscribed capacity
10.
Indian companies act, 20B, interest may be paid on calls in advance if Articles of Association so provide not exceeding _____ per annum.
6%
10%
12%
15%
11.
Preparation of common size statements and computation of ratios are examples of __________
Ratio analysis
Vertical analysis
Horizontal analysisNone of these
None of these
12.
When a company issues shares at a price equal to the face value it is known as __________
issues at par
issues at discount
both 'a' and 'b'
none of these
13.
Gaining ratio will be calculated by ____________
New ratio minus old ratio
Old ratio minus new ratio
Old ratio minus sacrificing ratio
Old ratio minus new ratio
14.
Match List I with List II and select the correct answer using the codes given below:
| List I | List II |
| (i) Sacrificing ratio | 1. Investment fluctuation fund |
| (ii) Old profit sharing ratio | 2. Accumulated profit |
| (iii) Revaluation Account | 3. Goodwill |
| (iv) Capital Account | 4. Unrecorded liability |
| (i) | (ii) | (iii) | (iv) |
| 1 | 2 | 3 | 4 |
| (i) | (ii) | (iii) | (iv) |
| 3 | 2 | 4 | 1 |
| (i) | (ii) | (iii) | (iv) |
| 4 | 3 | 2 | 1 |
| (i) | (ii) | (iii) | (iv) |
| 3 | 1 | 4 | 2 |
15.
At the time of retirement of a partner, determination of gaining ratio is required
To transfer revaluation profit or loss
To distribute accumulated profits and losses
To adjust goodwill
None of these
16.
The financial statements do not exhibit
Non-monetary data
Past data
Short term data
Long term data
17.
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
18.
Book profit of 2017 is Rs. 35,000; non-recurring income included in the profit is Rs. 1,000 and abnormal loss charged in the year 2017 was Rs. 2,000, then the adjusted profit is __________
Rs. 36,000
Rs. 35,000
Rs. 38,000
Rs. 34,000
19.
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
20.
Legacy is a
Revenue expenditure
Capital expenditure
Revenue receipt
Capital receipt
1.
(a)
Dissolved
2.
(c)
Both (a) & (b)
3.
(b)
Rs.8 lacks
4.
(a)
Liquid Ratio
5.
(a)
Quick assets
6.
(b)
Capital gearing ratio
7.
(b)
Sales vouchers
8.
(c)
Gate of Tally
9.
(a)
added to paid up capital
10.
(c)
12%
11.
(b)
Vertical analysis
12.
(a)
issues at par
13.
(a)
New ratio minus old ratio
14.
(b)
| (i) | (ii) | (iii) | (iv) |
| 3 | 2 | 4 | 1 |
15.
(c)
To adjust goodwill
16.
(a)
Non-monetary data
17.
(b)
In case of under subscription, issued capital will be less than the subscribed capital
18.
(a)
Rs. 36,000
19.
(b)
Interest on partners capital is allowed at 7% per annum
20.
(d)
Capital receipt
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