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Published on: 13/05/2022
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Take MCQ Accountancy Test

1.
Which of the following statements is not true in relation to admission of a part _________.
Generally mutual rights of the partners change
The profits and losses of the previous years are distributed to the old partners
The firm is reconstituted under a new agreement
The existing agreement does not come to an end
2.
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
3.
In a common-size balance sheet, if the percentage of non-current assets is 75, what would be the percentage of current assets?
175
125
25
100
4.
5.
Current liabilities Rs. 40,000; Current assets Rs. 1,00,000 ; Inventory Rs. 20,000. Quick ratio is
1:1
2.5:1
2:1
1:2
6.
Rs. 25,000 withdrawn from bank for office use. In which voucher type, this transaction will be recorded?
Contra Voucher
Receipt Voucher
Payment Voucher
Sales Voucher
7.
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
8.
In the absence of an agreement, partners are entitled to
Salary
Commission
Interest on loan
Interest on capital
9.
Donations received for a specific purpose is
Revenue receipt
Capital receipt
Revenue expenditure
Capital expenditure
10.
The amount of credit sales can be computed from
Total debtors account
Total creditors account
Bills receivable account
Bills payable account
1.
(d)
The existing agreement does not come to an end
2.
(b)
Old profit sharing ratio
3.
(c)
25
4.
(c)
5.
(c)
2:1
6.
(a)
Contra Voucher
7.
(d)
Rs. 30,000
8.
(c)
Interest on loan
9.
(b)
Capital receipt
10.
(a)
Total debtors account
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