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Published on: 06/11/2020
12th Standard Accounts English Medium Free Online Test 1 Mark Questions 2020 - Part Four
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.
Capital account of a retiring partner always shows balance ___________
Credit
Debit
Asset
Liability
2.
Following are the limitations of incomplete records except _________________
Lack of proper maintenance of records
Difficulty in preparing trial balance
Difficulty in ascertaining true profitability of the business
Suitability
3.
Premium received on issue of shares are shown under the head of ________________ in balance sheet
Reserves & Surplus
Current liabilities
Share capital
Capital Reserves
4.
_____ indicates the number of times inventory is turned over to make revenue from operations during a particular accounting period.
Inventory turnover ratio
Trade receivable turnover ratio
Trade payables turnover ratio
Fixed assets turnover ratio
5.
_____ is a mathematical expression of relationship between two related or interdependent items.
Ratio
Cheque
Cash
None of these
6.
A public issue cannot be kept open for more _____ days.
5
10
20
25
7.
The _______________ statements can be compared with those of previous years.
Common-size
Comparative
Both 'a' and 'b'
None of these
8.
When figure relating to several years are considered for the purpose of analysis, the analysis is called ______________
Horizontal analysis
Vertical analysis
Trend analysis
Cash flow analysis
9.
_____ is a voluntary association of persons.
A company
A business
An organisation
None of these
10.
First installment called __________
application money
allotment money
first call money
final call money
11.
Capital account will always show credit balance under ________ method.
Partner's current account
Partner's capital account
Both 'a' and 'b'
None of these
12.
________ ratio is the proportion of the profit which is sacrificed or foregone by the old partners in favour of the new partner.
Old
New
Sacrifice
Agreed
13.
Goodwill is _________.
an intangible asset
a fixed asset
realisable
all of the above
14.
The profit or loss arising therefrom is transferred to the capital accounts of all the partners in the _____________
New profit sharing ratio
Old profit sharing ratio
Gaining ratio
Sacrificing ratio
15.
_______Items will be recorded in the balance sheet
Revenue
Capital
Expense
None of these
16.
On revaluation, the increase in the value of assets leads to
Gain
Loss
Expense
None of these
17.
18.
Proportion of share holder's funds to total assets is called
Proprietary ratio
Capital gearing ratio
Debt equity ratio
Current ratio
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.
Subscription due but not received for the current year is
An asset
A liability
An expense
An item to be ignored
1.
(a)
Credit
2.
(d)
Suitability
3.
(a)
Reserves & Surplus
4.
(a)
Inventory turnover ratio
5.
(a)
Ratio
6.
(b)
10
7.
(a)
Common-size
8.
(a)
Horizontal analysis
9.
(a)
A company
10.
(a)
application money
11.
(b)
Partner's capital account
12.
(c)
Sacrifice
13.
(d)
all of the above
14.
(b)
Old profit sharing ratio
15.
(b)
Capital
16.
(a)
Gain
17.
(c)
18.
(a)
Proprietary ratio
19.
(b)
Interest on partners capital is allowed at 7% per annum
20.
(a)
An asset
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Tamilnadu Stateboard 12th Standard Subjects

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Chemistry

Physics

Biology

Computer Science

Business Maths and Statistics

Economics

Commerce

Accountancy

History

Computer Applications

Biology

Computer Technology

Computer Applications

Computer Science

Business Maths and Statistics

Commerce

Economics

Maths

Chemistry

Physics

Computer Technology

History

Accountancy

Tamil

English

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