XII - ACCOUNTANCY | ONLINE ONE MARK TEST | L 1 - 6

XII Accountancy | Lesson 1-6

Time Left: 05:00

1. Incomplete records are generally maintained by:

(a) A company (b) Government (c) Sole trader (d) Society

2. Opening statement of affairs is usually prepared to find out:

(a) Capital in the beginning of the year (b) Capital at the end of the year (c) Profit made during the year (d) Loss occurred during the year

3. Receipts and payments account is a:

(a) Nominal A/c (b) Real A/c (c) Personal A/c (d) Representative personal account

4. Income and expenditure account is prepared to find out:

(a) Profit or loss (b) Cash and bank balance (c) Surplus or deficit (d) Financial position

5. Legacy is a:

(a) Revenue receipt (b) Capital receipt (c) Revenue expenditure (d) Capital expenditure

6. Super profit is the difference between:

(a) Capital employed and average profit (b) Normal profit and average profit (c) Average profit and normal profit (d) Net profit and average profit

7. Revaluation A/c is a:

(a) Real A/c (b) Nominal A/c (c) Personal A/c (d) Impersonal A/c

8. If the old profit sharing ratio is more than the new profit sharing ratio of a partner, the difference is called:

(a) Capital ratio (b) Sacrificing ratio (c) Gaining ratio (d) None of these

9. The profit or loss on revaluation of assets and liabilities is transferred to the capital account of:

(a) The old partners (b) The new partner (c) All the partners (d) The sacrificing partners

10. On retirement of a partner, general reserve is transferred to the:

(a) Capital account of all the partners (b) Capital account of the continuing partners (c) Capital account of the retiring partner (d) Revaluation account