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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 Six
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.
Debit balance of revaluation account is ________
Loss
Profit
Gain
Income
2.
On admission of a new partner, increase in value of assets is debited to
Asset A/c
Profit & Loss adjustment A/c
Opening Statement of affairs
Cash A/c
3.
___________ is one of the most widely used financial accounting softwares
Tally
Excel
Word
Spread sheet
4.
According to companies (Amendment) Act 2000, a company limited by shares can issue _____ kinds of shares.
1
2
3
4
5.
The amount of one call should not be more than _____ of the face value of the share.
25%
50%
75%
100%
6.
The public issue must be kept open for atleast
3 days
5 days
7 days
10 days
7.
Profits are distributed among the shareholders in the form of ___________
shares
dividends
both
none of these
8.
_____account which is otherwise called profit and loss adjustment account
Capital
General reserve fund
Revaluation
Goodwill
9.
At the time of admission of a new partner, revaluation of ________ and ________ should be taken up.
capital, assets
capital, liabilities
assets, liabilities
none of these
10.
Amount invested by partners in the partnership business is called __________
Owner's capital
Partner's capital
Profit and loss appropriation
None of these
11.
Closing capital can be found by preparing a statement affairs at the _____ of the year.
opening
end
centre
none of these
12.
The firm is reconstituted and other partners continue the partnership firm with a new __________
Contract
agreement
start business
none of these
13.
On retirement of a partner from a partnership firm, accumulated profits and losses are distributed to the partners in the
New profit sharing ratio
Old profit sharing ratio
Gaining ratio
Sacrificing ratio
14.
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
15.
Debt equity ratio is a measure of
Short term solvency
Long term solvency
Profitability
Efficiency
16.
17.
The total capitalised value of a business is Rs. 1,00,000; assets are Rs. 1,50,000 and liabilities are Rs. 80,000. The value of goodwill as per the capitalisation method will be
Rs. 40,000
Rs. 70,000
Rs. 1,00,000
Rs. 30,000
18.
Which of the following is shown in Profit and loss appropriation account?
Office expenses
Salary of staff
Partners’ salary
Interest on bank loan
19.
Receipts and payments account records receipts and payments of
Revenue nature only
Capital nature only
Both revenue and capital nature
None of the above
20.
When capital in the beginning is Rs. 10,000, drawings during the year is Rs. 6,000, profit made during the year is Rs. 2,000 and the additional capital introduced is 3,000, find out the amount of capital at the end
Rs. 9,000
Rs. 11,000
Rs. 21,000
Rs. 3,000
1.
(a)
Loss
2.
(a)
Asset A/c
3.
(a)
Tally
4.
(b)
2
5.
(a)
25%
6.
(a)
3 days
7.
(b)
dividends
8.
(c)
Revaluation
9.
(c)
assets, liabilities
10.
(b)
Partner's capital
11.
(b)
end
12.
(b)
agreement
13.
(b)
Old profit sharing ratio
14.
(b)
In case of under subscription, issued capital will be less than the subscribed capital
15.
(b)
Long term solvency
16.
(b)
17.
(d)
Rs. 30,000
18.
(c)
Partners’ salary
19.
(c)
Both revenue and capital nature
20.
(a)
Rs. 9,000
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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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