12th Standard Syllabus & Materials
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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 Two
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.
If building (Closing) Rs. 1,00,000, Land (Opening) Rs. 1,00,000, Creditors (Opening) Rs. 10,000 the opening capital:
Rs. 1,90,000
Rs. 2,10,000
Rs. 90,000
None of these
2.
Identify the correct formula used to ascertain the closing capital
Opening capital + Net income - Drawings - Assets = Closing capital
Closing capital = Opening capital + Net loss - Drawings
Closing capital = Opening capital + Assets + Income - Expenses
Closing capital = Opening capital + Net income - Drawings
3.
Which of the following statement is true:
Authorized capital = Issued capital
Authorized capital> Issued capital
Paid up capital>Issued capital
None of these
4.
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
5.
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
6.
Capital Reserve represents _____ profit.
Revenue
both 'a' and 'b'
Deferred revenue
Capital
7.
As per SEBI guidelines, the minimum application money shall not be less than _____ per cent of the issue price.
10
15
20
25
8.
_________ refers to the excess of current assets over current liabilities.
Income
Profit and loss account
Balance sheet
Working capital
9.
_____________ includes both analysis and interpretation.
Financial statement analysis
Trend analysis
Both 'a' and 'b'
None of these
10.
Preparation of common size statements and computation of ratios are examples of __________
Ratio analysis
Vertical analysis
Horizontal analysisNone of these
None of these
11.
Interest on capital is to be calculated on the capitals at the beginning for the ____________
particular period
relevant period
average period
all of these
12.
The maximum number of partners in a partnership firm is ________
25
10
30
50
13.
Income and Expenditure accounts show
cash available to an organization
dosing capital of an organization
cash available in the bank account
surplus or deficit for the current accounting period.
14.
If the old profit sharing ratio is more than the new profit sharing ratio of a partner, the difference is called
Capital ratio
Sacrificing ratio
Gaining ratio
None of these
15.
On retirement of a partner, general reserve is transferred to the
Capital account of all the partners
Revaluation account
Capital account of the continuing partners
Memorandum revaluation account
16.
Expenses for a business for the first year were Rs. 80,000. In the second year, it was increased to Rs. 88,000. What is the trend percentage in the second year?
10 %
110 %
90 %
11%
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.
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
19.
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
20.
What is the amount of capital of the proprietor, if his assets are Rs. 85,000 and liabilities are Rs. 21,000?
Rs. 85,000
Rs. 1,06,000
Rs. 21,000
Rs. 64,000
1.
(c)
Rs. 90,000
2.
(d)
Closing capital = Opening capital + Net income - Drawings
3.
(b)
Authorized capital> Issued capital
4.
(a)
5% of the face value of shares
5.
(a)
added to paid up capital
6.
(d)
Capital
7.
(d)
25
8.
(d)
Working capital
9.
(a)
Financial statement analysis
10.
(b)
Vertical analysis
11.
(b)
relevant period
12.
(d)
50
13.
(d)
surplus or deficit for the current accounting period.
14.
(b)
Sacrificing ratio
15.
(a)
Capital account of all the partners
16.
(b)
110 %
17.
(b)
In case of under subscription, issued capital will be less than the subscribed capital
18.
(c)
Rs. 10,000
19.
(c)
Interest on loan - Debited to capital account
20.
(d)
Rs. 64,000
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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
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Maths
Chemistry
Physics
Computer Technology
History
Accountancy
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