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Class 12 Accountancy MCQs Multiple Choice Questions with Answers

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Accounting For Not-For-Profit Organisations Questions and Answers

Accounting For Not-For-Profit Organisations Quiz Question Answer
Funds raised by Not-for-Profit Organisations through various sources is __________account. credited to capital fund
The funds raised by not-for-profit organisations are credited to _________. Capital fund
Following item come under head fixed assets______________. None of the above
Not-for-Profit Organisations do not maintain_______account. capital
The information for the preparation of receipt and payments account is taken from _________. Cash book
Revenue receipts are ___________ in the business. recurring
Income and expenditure account reveals ____________. Surplus or Deficiency
In the Not-For-Profit Micro Finance Institutes.
Which among the following are included?
All of these
Non-trading institutions prepares ______________. income and expenditure account
The receipts and payments account begins with __________. Debit balance

Accounting For Partnership: Basic Concepts Questions and Answers

Accounting For Partnership: Basic Concepts Quiz Question Answer
Which of the following is NOT required to be maintained in the partnership deed?  Age of partners
Where will you record interest on drawings in the final accounts of the firm ?  Credit side of Profit & Loss Appropriation Account
How would you close the Partner's Drawing Account? By transfer to the debit of Capital or Current Account
Following is the difference between partnership deed and partnership agreement. Partnership deed is in writing and partnership agreement may be oral
The relationship between persons who have agreed to share the profit of a business carried on by all or any of them acting for all is known as : Partnership
Partners are supposed to pay interest on drawing only when provided by the ______________. Agreement
Which Section of the Partnership Act,1932 defines the term 'Partnership'? Section 4
X, Y and Z are partners in a firm.At the time of division of profit for the year there was dispute among the partners.Profits before interest on partner's capital was Rs.10,000 and X wanted interest on capital at 20% as his capital contribution was Rs.1,00,000 as compared to that of Y and Z which was Rs.75,000 and Rs.50,000 respectively. Find the solution ______________________________. Profits of Rs.10,000 will be distributed equally.
A and B enter into a joint venture sharing profits and losses equally. A purchased 5000 kg of rice @ Rs. 25/kg. B purchased 1000 kg of wheat @Rs. 30/kg. A sold 1000 kg of wheat @ Rs. 35/kg and B sold 5000 kg of rice @ Rs. 30/kg. The profit on venture will be : Rs. 30,000
A Ltd. has allotted $$20,000$$ shares to the applicants of $$28,000$$ shares on pro-rata basis. The amount payable on application is $$Rs. 2$$. M applied for $$420$$ shares. The number of shares allotted and the amount carried forward for adjustment against allotment money due from Mr. X will be ______________. $$300$$ shares; $$Rs. 240$$

Accounting For Share Capital Questions and Answers

Accounting For Share Capital Quiz Question Answer
Share or Security Premium can be used for writing off _____________.
preliminary expenses
Which of the following is incorrect as to a share? It may be transferred in fractions
A sends goods to B of Delhi, the goods are to be sold at 125% of cost which is invoice price. Commission is 10% on sales at invoice price and 25% of any surplus realized above IP. 10% of the goods sent out on consignment, invoice value of which is Rs 12,500, were destroyed. 75% of the total consignment is sold by B at Rs 1,00,What will be the amount of commission payable to B? Rs 10,937-50
While making an adjusting entry in respect of interest on capital, we credit __________________. Capital account
A company has issued $$15,000$$ shares of $$Rs. 10$$ each. The amount has been demanded as under:
On Application - $$Rs. 3$$. On Allotment - $$Re. 1$$
On $$1st$$ Call - $$Rs. 4$$. On $$2nd$$ and Final Call - $$Rs. 2$$.
A shareholder holding $$500$$ shares did not pay $$1st$$ and $$2nd$$ call money. His shares have been forfeited. These shares have been reissued @ $$Rs. 9$$. The amount transferred to Capital Reserve is
$$Rs. 1,500$$
A shareholder who can vote conditionally he is ____________. preference shareholder
A company cannot issue irredeemable preference shares. True
The balance in the deceased partner's capital account is transferred to the _________capital account. Representative of Deceased Partner
A and B enter into a joint venture to underwrite shares of K Ltd. K Ltd. make an equity issue of 100,000 equity shares. 80% of the shares underwritten by the venturer. 80,000 shares are subscribed by the public. How many shares are to be subscribed by the venture? 16,000
Share Application Account is in the nature of ______________. personal account

Accounting Ratios Class 12 Commerce Accountancy MCQ Quiz

Activity (or Turnover) Ratios comprises of all except ____________. Dividend Payout Ratio
The excess of current assets over current liabilities is called as ___________. Net working capital
Inventory turnover ratio $$=$$ Cost of goods sold $$\div$$ Cost of ______________ held during the period. Average inventory
Return on investment may be improved by ________. All of the above
Inventory turnover in days $$=$$ Days during the period $$\div$$ __________. Inventory turnover ratio
________________ costs of borrowing increase the debt-burden. High
Money in hand along with raw materials is known as ______. Working capital
In current ratio, current assets are compared with _________. Current liabilities
Inventory turnover measures the relationship of inventory with _______. Cost of goods sold
Which of the following statements is correct? Lower Debt-Equity ratio means lower financial risk

Analysis Of Financial Statements Questions and Answers

Analysis Of Financial Statements Quiz Question Answer
Window dressing imples. Over valuation of assets
Which of the following is not true with reference to capital budgeting? Existing investment in a project is not treated as sunk cost
Capital Budgeting deals with _______. Long-term decisions
Which of the following is not true for capital budgeting? Opportunity costs are excluded
Assets are held for the purpose of __________. Earning revenue
Which of the following is not incorporated in Capital Budgeting? Rate of Cash Discount
Which of the following is not a capital budgeting decision? Inventory level.
Majority of Capital Budgeting techniques makes use of __________. Cash flows
Capital Budgeting Decisions are based on ___________. Incremental cash flows
Which of the following is an irrelevant cost in Capital Budgeting Decisions? Both A and C

Cash Flow Statement Questions and Answers

Cash Flow Statement Quiz Question Answer
The term 'Cash' stands for__________. Cash and Bank Balance
Cash Inflows from a project include ________. Both A and B
Financial decision involves ___________. investment, financing and dividend decisions
Tax paid is ___________. Application of funds
Which of the following result from and increase or decrease of working capital? Flow of funds
While preparing a fund flow statement, attention is to be given to _______. Changes in Fixed assets and Fixed Liabilities
Stock at the end results in the __________. Source of funds
Fund flow statement measures :- The inflows and outflows of net working capital
The Real Cashflows must be discounted to get the present value 'M' at a rate equal to ________________. Real Discount Rate
Cash flow statement is also termed as ___________________. Statement of changes in Financial Position (working capital basis)

Dissolution Of Partnership Firm Questions and Answers

Dissolution Of Partnership Firm Quiz Question Answer
In Garner v. Murray, the deficiency of the insolvent partners is borne by other partners in the _________________.
Ratio of their capitals
On dissolution, all assets are transferred to realization account at ________.
Book value
On the dissolution of a firm, loan from the wife of a partner is treated as ____________.
Outside liability
In India, audit of Partnership firm is:
Optional
On the insolvency of one or more partners of a firm, the loss is borne by:
remaining solvent partners in their capital ratio
When a firm is dissolved, Goodwill a/c is closed by transferring to:
Realisation account
Which of the following is not a correct statement? The terms capitalisation factor and multiplier are not synonymous terms
What journal entry is passed for realising assets to provide cash for payment of liabilities? Realisation A/c Dr.
To Assets A/c

Cash/Bank A/c Dr.
To Realisation A/c
Declaration by directors of the company at the time of solvency is called as __________. Declaration of solvency
Provision for bad and doubtful debts appearing in the books at the time of dissolution of firm is transferred to :
Realisation account

Financial Statements Of A Company Questions and Answers

Financial Statements Of A Company Quiz Question Answer
Financial statements does not provide _____information. qualitative
Financial statements contain only_____information. monetary
The  financial statements generally include _____statement. three
State with reasons, whether the following statement is True or False.
In the balance sheet of X Limited, preliminary expenses amounting to $$Rs. 5$$ lakhs and securities premium account of $$Rs. 35$$ lakhs are appearing. The accountant can use the balance in securities premium account to write off preliminary expenses.
True
Balance sheet does not disclose information relating to ___________. loss of markets
Statements included in financial statements are________. All of the above
Unclaimed dividend is shown on the liability side of the balance sheet of a company as ___________. Current Liabilities
Pooling of interest method is applicable for amalgamation in the nature of _____. Merger
Financial statement in relation to a company includes __________. All of the Above
Which of the following reserve does not appear in the balance sheet of a company? Secret reserve

Issue And Redemption Of Debentures Questions and Answers

Issue And Redemption Of Debentures Quiz Question Answer
Debenture Premium Account is a -
Nominal Account
From the point of view of tenure, the debentures are classified as - Redeemable Debentures and Irredeemable Debentures
On $$1$$st April X Lts. issued Rs$$1,00,000 15\%$$ Debentures of Rs$$10$$ each at $$94\%$$ redeemable at per as follows:

 Yearend Nominal value of Total Debentures to redeemed 2 10% 3 20% 4 30% 5 40%
The amount of discount to be written off each year assuming that the company closes its accounts on financial year basis is -
$$Rs 1,500, Rs 1,500, Rs 1,350, Rs 1,050, Rs 600$$
On $$1$$st April X Lts. issued Rs$$1,00,000 15\%$$ Debentures of Rs$$10$$ each at $$94\%$$ redeemable at per as follows:

 Year beginning Nominal value of Total Debentures to redeemed 2 10% 3 20% 4 30% 5 40%
The amount of discount to be written off each year assuming that the company closes its accounts on financial year basis is -
Rs$$2,000, Rs 1,800, Rs 1,400, Rs 800$$
X.Ltd. issued Rs$$1,00,000$$ $$12\%$$ debentures of Rs$$100$$ each at a premium of $$10\%$$, which are redeemable after $$10$$ years at a premium of  The amount of loss on redemption of debentures to be written off every year= ? Rs$$20,000$$
X. Ltd. issued $$500, 15\%$$ Debentures of Rs$$100$$ each at a discount of $$10\%$$ redeemable at a premium of $$5\%$$ after $$4$$ years. The amount of annual interest on Debentures is - Rs$$7,500$$
X Ltd issues $$500, 15\%$$ Debentures of Rs$$100$$ each on $$1st$$ May at a discount of $$10\%$$ redeemable at a premium of $$5\%$$ after $$4$$ years. Interest was payable half yearly on $$30th$$ June and $$31st$$ December. The amount of interest accrued but not due to be shown in the balance sheet as at $$31st$$ March is- Rs$$1,875$$
'Premium on Redemption of Debentures Account' is a: Personal Account
Withdrawal from DRR is permissible only after ____% of the debenture liability has been redeemed. 10
A price exclusive of the interest for the period for which the seller held the debentures is called _________________. Ex-interest price

Reconstitution Of A Partnership Firm - Admission Of A Partner Questions and Answers

Reconstitution Of A Partnership Firm - Admission Of A Partner Quiz Question Answer
Sales for the year ended amounted to Rs. 10,00,Sales included goods sold to Mr.A for Rs. 50,000 at a profit of 20% on cost.Such goods are still lying in the godown at the buyer's risk. Such goods should be treated as part of : Sales
A, B, C were partners sharing profits in the proportion of 1/2, 1/3 and 1/6 respectively. On 31st March 1997 their capital stood as follows:
A Rs. 4,00,000, B Rs. 3,00,000, C Rs. 2,50,000.
A sum of 1,20,000, also appeared as reserve fund in their balance sheet on this date. B retire on this date when the goodwill of firm was valued at Rs. 1,80,000.
Profit and loss adjustment account prepared on that date without taking goodwill and reserve fund into consideration showed a net profit of Rs. 28,500.
The net amount payable to B will be :
Rs. 4,09,500
After crediting the ______ partners by the amount of goodwill brought in by the ______ partner, the existing goodwill must be written off by debiting the old partners in their old profit sharing ratio.  old, new
Ram of Bombay sends out goods costing 80,000 to Mohan of Kanpur so as
to show 20% profit on invoice value. 3/5th  of the goods received by consignee is sold at 5% above invoice price. The amount of sale value will be:
63,000
The capital of A and B sharing profits and losses equally are Rs.90,000 and Rs.30,000 respectively.They value the goodwill of the firm at Rs.80,000, which was not recorded in the books.If goodwill is to be raised now, by what amount each partner's capital amount will be debited? None of these
The profits for 1998-99 are Rs.2,000; for 1999-2000 Rs.26,100 and for 2000-01 Rs.31,Closing stock for 1999-2000 and 2000-01 includes the defective items of Rs. 2,200 and Rs. 6,200 respectively which were considered as having market value NIL.Calculate the goodwill on two years' purchase of average profit. Rs.35,400
The profits and losses for the last years are: 2001-02 Losses Rs. 10,000; 2002-03 Losses Rs. 2,500; 2003-04 Profits Rs. 98,000 and 2004-05 Profits Rs. 76,The average capital employed in the business is Rs. 2,00,The rate of interest expected from capital invested is 12%. The remuneration of partners is estimated to be Rs. 1,000 per month. Calculate the value of goodwill oh the basis of two yearspurchase of super profits based on the average of four years. Rs.8,750
P/L Appropriation Account is prepared _______________. Partnership Firm
In the absences of an agreement, Interest on loan advanced by the partner to the firm is allowed at the rate of _____. 6%
If vendors are issued fully paid shares of $$Rs. 80,000$$ in the consideration of net assets of $$Rs. 60,000$$, then the balance of $$Rs. 20,000$$ will be _____________________. Debited to goodwill account

Reconstitution Of A Partnership Firm - Retirement / Death Of A Partner Questions and Answers

Reconstitution Of A Partnership Firm - Retirement / Death Of A Partner Quiz Question Answer
Sales for the year ended amounted to Rs. 10,00,Sales included goods sold to Mr.A for Rs. 50,000 at a profit of 20% on cost.Such goods are still lying in the godown at the buyer's risk. Such goods should be treated as part of : Sales
A, B, C were partners sharing profits in the proportion of 1/2, 1/3 and 1/6 respectively. On 31st March 1997 their capital stood as follows:
A Rs. 4,00,000, B Rs. 3,00,000, C Rs. 2,50,000.
A sum of 1,20,000, also appeared as reserve fund in their balance sheet on this date. B retire on this date when the goodwill of firm was valued at Rs. 1,80,000.
Profit and loss adjustment account prepared on that date without taking goodwill and reserve fund into consideration showed a net profit of Rs. 28,500.
The net amount payable to B will be :
Rs. 4,09,500
Which of the following formula is used to calculate goodwill under super profit method? Goodwill = Super profit x No. of year purchases.
The capital of A and B sharing profits and losses equally are Rs.90,000 and Rs.30,000 respectively.They value the goodwill of the firm at Rs.80,000, which was not recorded in the books.If goodwill is to be raised now, by what amount each partner's capital amount will be debited? None of these
The profits for 1998-99 are Rs.2,000; for 1999-2000 Rs.26,100 and for 2000-01 Rs.31,Closing stock for 1999-2000 and 2000-01 includes the defective items of Rs. 2,200 and Rs. 6,200 respectively which were considered as having market value NIL.Calculate the goodwill on two years' purchase of average profit. Rs.35,400
Which of the following formula is used to calculate goodwill under weighted average profit method ? Goodwill = Weighted average profit x no. of year purchase.
In which of the following cases, the need for the valuation of goodwill in a firm may arise? All of above.
If vendors are issued fully paid shares of $$Rs. 80,000$$ in the consideration of net assets of $$Rs. 60,000$$, then the balance of $$Rs. 20,000$$ will be _____________________. Debited to goodwill account
Which of the following formula is used to calculate goodwill under simple average profit method? Goodwill = Average profit x No. of year purchase.
If the incoming partner is to bring in premium for goodwill in cash and also balance exist, in the goodwill Account, then this Goodwill Account is written off among the old partners in _________ . the old profit-sharing ratio

Accountancy MCQ Questions for Class 12 - Practice Test with Solutions

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