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ORDER BY `video_id` desc 12th Standard Accounts English Medium Free Online Test 1 Mark Questions 2020 - Part Four 12th Standard
Accountancy Answer all the questions Following are the limitations of incomplete records except _________________ Lack of proper maintenance of records Difficulty in preparing trial balance Difficulty in ascertaining true profitability of the business Suitability Subscription due but not received for the current year is An asset A liability An expense An item to be ignored _______Items will be recorded in the balance sheet Revenue Capital Expense None of these Pick the odd one out Partners share profits and losses equally Interest on partners capital is allowed at 7% per annum No salary or remuneration is allowed to partners Interest on loan from partners is allowed at 6% per annum Capital account will always show credit balance under ________ method. Partner's current account Partner's capital account Both 'a' and 'b' None of these Goodwill is _________. an intangible asset a fixed asset realisable all of the above On revaluation, the increase in the value of assets leads to Gain Loss Expense None of these ________ ratio is the proportion of the profit which is sacrificed or foregone by the old partners in favour of the new partner. Old New Sacrifice Agreed The profit or loss arising therefrom is transferred to the capital accounts of all the partners in the _____________ New profit sharing ratio Old profit sharing ratio Gaining ratio Sacrificing ratio Capital account of a retiring partner always shows balance ___________ Credit Debit Asset Liability When shares are issued for purchase of assets, the amount should be credited to Vendor’s A/c Sundry assets A/c Share capital A/c Bank A/c First installment called __________ application money allotment money first call money final call money _____ is a voluntary association of persons. A company A business An organisation None of these A public issue cannot be kept open for more _____ days. 5 10 20 25 Premium received on issue of shares are shown under the head of ________________ in balance sheet Reserves & Surplus Current liabilities Share capital Capital Reserves When figure relating to several years are considered for the purpose of analysis, the analysis is called ______________ Horizontal analysis Vertical analysis Trend analysis Cash flow analysis The _______________ statements can be compared with those of previous years. Common-size Comparative Both 'a' and 'b' None of these Proportion of share holder's funds to total assets is called Proprietary ratio Capital gearing ratio Debt equity ratio Current ratio _____ is a mathematical expression of relationship between two related or interdependent items. Ratio Cheque Cash None of these _____ indicates the number of times inventory is turned over to make revenue from operations during a particular accounting period. Inventory turnover ratio Trade receivable turnover ratio Trade payables turnover ratio Fixed assets turnover ratio
12th Standard Accounts English Medium Free Online Test 1 Mark Questions 2020 - Part Four
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