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Published on: 06/11/2020
12th Standard Accounts English Medium Free Online Test 1 Mark Questions 2020 - Part Three
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.
At the time admission of a new partner, general reserve is ___________
Debited to capital of old partners
Credited to capital of old partners
Allowed to remain is balance sheet
Debited to current account
2.
The minimum share Application money is _______________
5% of the face value of shares
10% of the issue price of shares
Rs.1 per share
15% of the face value of shares
3.
If a firm is maintaining both 'capital accounts' and 'current accounts' of the partners A and B. Additional capital introduced by B will be recorded in _________
B's Current Account
B's Capital Account
A'sCapital Account
A'sCurrent Account
4.
__________ created out of profit to adjust the reduction in the market value of the investments.
Invest fluctuation fund
Capital fund
Fixed capital method
Fluctuating capital fund
5.
Closing capital can be found by preparing a statement affairs at the _____ of the year.
opening
end
centre
none of these
6.
Credit purchase is obtained from _______
Bills receivable account
Bills payable account
Total debtors account
Total creditors account
7.
Capital employed at the end the year is Rs. 74,20,000 profit earned Rs. 20,000. Average capital employed is__________.
Rs. 4,20,000
Rs. 4,60,000
Rs. 4,40,000
Rs. 4,00,000
8.
Goodwill acquired by making payment in cash or kind is called __________
Purchased goodwill
Self-generated goodwill
Average goodwill
'a' and 'b'
9.
The policy amount received from the insurance company is used to settle the amount due to the __________
Increased partner
Deceased partner
Partnership at will
Partnership deed
10.
______is a fee collection from every member only once at the time of his or her admission into the organisation.
Entrance fee
Legacy
Donations
None of these
11.
If the donation is received without any specific condition, then it is a __________
general donation
specific donation
donation fund
none of these
12.
13.
‘ A’ was a partner in a partnership firm. He died on 31st March 2019. The final amount due to him is Rs. 25,000 which is not paid immediately. It will be transferred to
A’s capital account
A’s current account
A’s Executor account
A’s Executor loan account
14.
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
15.
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
16.
Proportion of share holder's funds to total assets is called
Proprietary ratio
Capital gearing ratio
Debt equity ratio
Current ratio
17.
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
18.
Which of the following is the incorrect pair?
Interest on drawings – Debited to capital accouunt
Interest on capital - Credited to capital account
Interest on loan - Debited to capital account
Share of profit - Credited to capital account
19.
Which of the following should not be recorded in the income and expenditure account?
Sale of old news papers
Loss on sale of asset
Honorarium paid to the secretary
Sale proceeds of furniture
20.
Which one of the following statements is not true in relation to incomplete records?
It is an unscientific method of recording transactions
Records are maintained only for cash and personal accounts
It is suitable for all types of organisations
Tax authorities do not accept
1.
(b)
Credited to capital of old partners
2.
(a)
5% of the face value of shares
3.
(b)
B's Capital Account
4.
(a)
Invest fluctuation fund
5.
(b)
end
6.
(d)
Total creditors account
7.
(d)
Rs. 4,00,000
8.
(a)
Purchased goodwill
9.
(b)
Deceased partner
10.
(a)
Entrance fee
11.
(a)
general donation
12.
(c)
13.
(d)
A’s Executor loan account
14.
(d)
Trend analysis
15.
(b)
In case of under subscription, issued capital will be less than the subscribed capital
16.
(a)
Proprietary ratio
17.
(c)
Rs. 10,000
18.
(c)
Interest on loan - Debited to capital account
19.
(d)
Sale proceeds of furniture
20.
(c)
It is suitable for all types of organisations
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