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ORDER BY `video_id` desc 12th Standard Accounts English Medium Free Online Test One Mark Questions with Answer Key 2020 - Part Eight 12th Standard
Accountancy Answer all the questions Which one of the following statements is not true in relation to incomplete records? It is an unscientific method of recording transactions Records are maintained only for cash and personal accounts It is suitable for all types of organisations Tax authorities do not accept _____ capital can be found by preparing a statement of affairs at the beginning of the year. Opening capital Closing capital Both (a) and (b) None of these In which of the following system of recording the financial statements reflect true and fair view of an entity and accounting records are considered to be more accurate? Single entry system Double entry system Cash based system All of them If debtors balance was Rs. 2.000 at 1st Jan.2017, credit sales made during the year were Rs.1,000 and Rs.1,500 were received from debtors, which of the following is the debtors account balance at 31st Dec. 2017? Rs.1,000 Rs. 2,000 Rs. 1,500 Rs. 500 Statement of assets & liabilities prepared under double entry system is called ___________ Balance sheet Profit & Loss Statement Statement of affairs Income Statement Trial balance shows machinery of Rs. 2,00,000. Depreciation is provided at 10%. The depreciation on machinery will be____________ Rs. 20,000 Rs. 1,80,000 Rs. 2,20,000 Rs. 1,50,000 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. ______is a fee collection from every member only once at the time of his or her admission into the organisation. Entrance fee Legacy Donations None of these In the absence of an agreement among the partners, interest on capital is Not allowed Allowed at bank rate Allowed @ 5% per annum Allowed @ 6% per annum In India, partnership firms are governed by the Indian partnership Act ___________ 1932 1930 1992 1986 ________________ is the interest allowed on capital of the partners. Interest on drawings Interest on capital Both 'a' and 'b' None of these Super profit is the difference between Capital employed and average profit Assets and liabilities Average profit and normal profit Current year’s profit and average profit __________ method, goodwill is calculated as certain years of purchase of average profits of the past few years. Simple average method Average profit method Super profit method Annuity method At the time of retirement of a partner, determination of gaining ratio is required To transfer revaluation profit or loss To distribute accumulated profits and losses To adjust goodwill None of these If the amount due to the outgoing partner is transferred to loan account then he is entitled to interest at _________ until it is paid out. 9% 5% 6% 8% If a share of Rs.10 on which Rs.8 has been paid up is forfeited. Minimum reissue price is Rs.10 per share Rs.8 per share Rs.5 per share Rs.2 per share Equity shares do not enjoy any ___________ Equity rights Preference rights Dividend of rights Ordinary shares _____ is a voluntary association of persons. A company A business An organisation None of these Current assets excluding inventory and prepaid expenses is called Reserves Tangible assets Funds Quick assets Contra voucher is used for Master entry Withdrawal of cash from bank for office use Reports Credit purchase of assets Answers It is suitable for all types of organisations Opening capital Double entry system Rs. 1,500 Balance sheet Rs. 20,000 surplus or deficit for the current accounting period. Entrance fee Not allowed 1932 Interest on capital Average profit and normal profit Average profit method To adjust goodwill 9% Rs.2 per share Preference rights A company Quick assets Withdrawal of cash from bank for office use
12th Standard Accounts English Medium Free Online Test One Mark Questions with Answer Key 2020 - Part Eight
Question Bank Software Nov-06 , 2020
12th Standard Accounts English Medium Free Online Test One Mark Questions with Answer Key 2020 - Part Eight
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