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Published on: 06/11/2020
12th Standard Accounts English Medium Free Online Test One Mark Questions with Answer Key 2020 - Part Seven
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.
Partnership is _________ on the retirement or death of a partner
Dissolved
Agreed
Retired
None of these
2.
The amount due to the retiring partner is either _______ or is paid in installments.
Paid of immediately
Installment
Loan
None of these
3.
Debit balance of revaluation account is ________
Loss
Profit
Gain
Income
4.
A, B and C are partners sharing profits and losses in the ratio of ½, 3/10 and 1/5. B retires from the firm. A and C decide to share the future profits and losses in 3 : 2. Calculate gaining ratio __________
1 : 2
3 : 2
2 : 3
None of these
5.
An account operated to ascertain the loss or gain at the death of a partner is called ___________
Realization A/c
Revaluation A/c
Executors A/c
Decreased partner’s A/c
6.
Persons who have entered into partnership with one another are individually called ___________
Partners
Directors
Sole trader
All of these
7.
If new share of the incoming partner is given without mentioning the details of the sacrifice made by the old partners then, the presumption is that old partners sacrifice in the ________.
Old profit sharing ratio
Gaining ratio
Capital ratio
sacrificing ratio
8.
The liability of the share holders are _____ in a company.
limited
unlimited
both 'a' and 'b'
none of these
9.
Calls are to be made as provided in the _____ of a company.
Prospectus
Articles of Association
Memorandum of Association
None of these
10.
_____ are those shares which are not preference shares.
Equity shares
Preference shares
Both 'a' and 'b'
None of these
11.
_____ and ______ are ever growing.
Human needs, wants
Workers,employees
Wants and employment
None of these
12.
When a shareholder fails to pay the amount due on allotment or on calls, the amount remaining unpaid is known as
calls in advance
calls in arrears
under subscription
over subscription
13.
Equity shares may be issued for cash at ___________
premium
discount
dividend
none of these
14.
Paid up capital is that part of called up capital which has been actually paid by the ____________
shareholders
members
cardholders
directors
15.
The money raised by issuing shares is called
Share capital
Dividend
Equity capital
Share application
16.
_________maybe taken on the life of the partners in a partnership firm
Life policies
Insurance premium
Both 'a and 'b'
None of these
17.
X, Y and Z are partners in the ratio of 5:3:2 Goodwill is valued at 40,000. If Z retire, the amount of goodwill credited to his capital account is ______________
Rs. 8,000
Rs. 50,000
Rs. 12,000
Rs. 12,000
18.
At the time of retirement of partners, the existing partners stand to ____________
Gain
Loss
Income
None of these
19.
An advance receipt of subscription from a member of the non - profit organization is considered as alan __________
Expense
Liability
Equity
Asset
20.
Income and Expenditure Account is prepared to find out
Profit or loss
Cash and bank balance
Surplus or deficit
Financial position
1.
(a)
Dissolved
2.
(a)
Paid of immediately
3.
(a)
Loss
4.
(a)
1 : 2
5.
(b)
Revaluation A/c
6.
(a)
Partners
7.
(a)
Old profit sharing ratio
8.
(a)
limited
9.
(b)
Articles of Association
10.
(a)
Equity shares
11.
(a)
Human needs, wants
12.
(b)
calls in arrears
13.
(a)
premium
14.
(a)
shareholders
15.
(a)
Share capital
16.
(a)
Life policies
17.
(a)
Rs. 8,000
18.
(a)
Gain
19.
(b)
Liability
20.
(c)
Surplus or deficit
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Tamilnadu Stateboard 12th Standard Subjects

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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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Tamilnadu Stateboard Standards