Accountancy Nios Plus Two PQ I Welcome to your Accountancy Nios Plus Two PQ I Total Questions: 100 Name Mobile No: 1. Which of the following account is prepared by a Not-For-Profit Organisation? Profit and Loss Account Total Creditors Account Trading Account Income and Expenditure Account None Hint 2. Calling cells by just their column and row labels is called: Mixed referencing Absolute referencing Relative referencing Both (A) and (B) None Hint 3. Give one word answers (Choose correct option): In the Income and Expenditure A/c of a Not-For-Profit organisation, 'Accrued Interest' is shown on which side? Income Side Liability Side Expenditure Side Asset Side None Hint 4. A firm earns profit of ₹1,30,000 on a capital of ₹10,00,000 and normal rate of return in similar business is 10%, super profit will be ₹30,000 ₹1,00,000 ₹1,13,000 ₹1,30,000 None Hint 5. Journal entry when excess capital is withdrawn by a partner: Revaluation A/c Dr. To Bank A/c Partner’s Capital A/c Dr. To Cash/Bank A/c Bank A/c Dr. To Partner’s Capital A/c Capital Reserve A/c Dr. To Partner’s Capital A/c None Hint 6. Choose the correct one-word answer for the following: Which facility is offered to store and process transaction data in a computerised accounting system to retrieve information and generate reports? Data Entry Data Retrieval Data Storage Data Display None Hint 7. 'Life-Membership-fee' received by Not-For-Profit Organisation is shown as: Expenditure in 'Income and Expenditure Account' Payment in 'Receipts and Payments Account' Income in 'Income and Expenditure Account' Capital receipt and added in the capital fund of Balance Sheet None Hint 8. Journal Entry: Goodwill A/c Dr. To All Partners’ Capital A/c All Partners’ Capital A/c Dr. To Goodwill A/c Retiring Partner’s Capital A/c Dr. To Goodwill A/c Gaining Partner’s Capital A/c Dr. To Retiring Partner’s Capital A/c None Hint 9. Which of the following sub-unit of central processing unit stores data before being actually processed? Control Unit Memory Unit Logic Unit Output Unit None Hint 10. Sale of Machinery on credit is recorded in: Journal Proper Sales Book Bank Pass-Book Cash Book None Hint 11. Liabilities of a firm are ₹ 8,000 and total Assets are ₹ 20,000. What is the capital of the proprietor? ₹ 8,000 ₹ 20,000 ₹ 28,000 ₹ 12,000 None Hint 12. Choose the correct one-word answer for the following: Which account will be debited on money withdrawn from Bank for personal use? Drawings Account Bank Account Capital Account Cash Account None Hint 13. Which of the following is not an error of principle? Typewriter purchased for office use has been debited to Purchases Account. Repairs on the overhauling of second-hand machinery purchased is not recorded in the books of accounts. Purchase Book is totalled ₹20,000 instead of ₹15,500. Sale of an old car credited to Sales Account. None Hint 14. Data Base Management System overcomes the limitations such as: Data duplicity All of the above Data redundancy and inconsistency Data isolation None Hint 15. Cash Balance ₹ 15,000, Trade Receivables ₹ 35,000, Inventory ₹ 40,000, Trade payables ₹ 24,000; Bank overdraft is ₹ 6,000. Current Ratio will be : 3.75 : 1 1 : 3.75 3 : 1 1 : 3 None Hint 16. Pass necessary Journal Entry when An unrecorded liability has been discharged by the firm Revaluation A/c Dr. To Cash/Bank A/c Revaluation A/c Dr. To Liability A/c No entry required Liability A/c Dr. To Revaluation A/c None Hint 17. Give one word answer (Choose the correct option): When shares are issued to promoters of the company as remuneration for their services, which account is debited? Goodwill A/c Commission A/c Promoters' Capital A/c Preliminary Expenses A/c None Hint 18. If a share of ₹ 10 on which ₹ 8 called up and ₹ 5 paid up has been forfeited, the Share Capital Account will be debited by: ₹ 6 ₹ 10 ₹ 5 ₹ 8 None Hint 19. Fill in the blanks At the time of dissolution of a partnership firm, the balance of general reserve is transferred to: Reserve Fund Capital Accounts of all partners Realisation Account Profit and Loss Account None Hint 20. As per Rules of Accounting, Increase in Asset is ______ and decrease in Asset is ______ Credit, Debit Debit, Debit Credit, Credit Debit, Credit None Hint 21. Liabilities of a firm are ₹8,000 and total Assets are ₹20,000. What is the capital of the proprietor? ₹12,000 ₹20,000 ₹8,000 ₹28,000 None Hint 22. State any three limitations of Cash Flow Statement It ignores non-cash items, historical nature, and not suitable for short-term analysis It includes only accrual transactions and cannot be used for analysis It reflects net worth changes only It ignores working capital changes and liquidity issues None Hint 23. What are the correct steps to copy a chart from Excel to Word? Select chart → Right-click → Copy → Open Word → Paste Create chart → Take screenshot → Insert as image Select chart → Press Delete → Paste in Word Select data → Copy → Paste directly in Word None Hint 24. The Net salary payable to an employee is obtained by deducting ________ from ________. Gross Salary, Provident Fund Tax, Basic Salary Allowances, Gross Salary Deductions, Gross Salary None Hint 25. Give one word answers (Choose correct option): When proprietor draws goods from the business for personal use, it is known as: Purchase Drawings Capital Sale None Hint 26. Dissolution of firm involves: Closing of business and selling of assets Revaluation of assets only Change in profit sharing Admission of new partner None Hint 27. Sale of Machinery on credit is recorded in: Sales Book Journal Proper Cash Book Bank Pass-Book None Hint 28. Select the correct option for each: After preparation of the realisation account, gain or loss on realisation is transferred to: Partners' Capital Account Revaluation Account Profit and Loss Account Capital Reserve None Hint 29. Fill in the blanks: At the time of death of a partner, his/her executor is entitled to all the rights of a _______ to _______. creditor; the firm creditor; receive dues partner; liabilities shareholder; dividends None Hint 30. Dissolution of partnership can occur by: Liquidation of company Retirement or death of partner Transfer of share Sale of assets None Hint 31. Fill in the blanks At the time of death of a partner, his/her executor is entitled to all the rights of a: Debtor Manager Partner Employee None Hint 32. Choose correct options Transactions, when recorded in Journal, are known as: Journal Entry Invoices Vouchers Ledger Posting None Hint 33. Buy back of equity shares is shown as cash outflow from which type of activity? Investing Activity Financing Activity Extraordinary Item Operating Activity None Hint 34. Which of the following account is prepared by a Not-For-Profit Organisation? Total Creditors Account Profit and Loss Account Income and Expenditure Account Trading Account None Hint 35. An unrecorded liability has been discharged by the firm. Revaluation A/c Dr. To Liability A/c Revaluation A/c Dr. To Partner’s Capital A/c Revaluation A/c Dr. To Partner’s Capital A/c Liability A/c Dr. To Cash A/c None Hint 36. Subscribed Capital refers to: Shares that the public agrees to buy from the issued capital Shares bought by outsiders Allotted shares returned Uncalled capital None Hint 37. Identify the affected accounts in the journal entries for the following transactions: Salaries paid Wages A/c, Cash A/c Salaries A/c, Bank A/c Capital A/c, Cash A/c Salaries A/c, Cash A/c None Hint 38. “Cash from operating activities” will decrease due to : Increase in Current Assets Increase in Current Liabilities Increase in Current Assets Both (A) and (B) above Decrease in Current Liabilities None Hint 39. Life-Membership-fee' received by Not-For-Profit Organisation is shown Income in 'Income and Expenditure Account' Expenditure in 'Income and Expenditure Account' Payment in 'Receipts and Payments Account' Capital receipt and added in the capital fund of Balance sheet None Hint 40. Name the type of accounting error for the following transactions: Gurman's account short credited by ₹1,000 and Manisha’s account excess credited by ₹1,000 Error of Omission Compensating Error Error of Principle Error of Commission None Hint 41. If a share of ₹10 each on which ₹8 called up (including premium of ₹2) and ₹7 paid up has been forfeited, the Share Capital Account will be debited by: ₹1 ₹2 ₹3 ₹8 None Hint 42. Which of the following are common earning elements used in Pay Roll calculations? Gross Salary, Overtime, Loan Deduction Basic Pay, Provident Fund, Leave Deduction Net Pay, Tax Deduction, Bonus Basic Pay, House Rent Allowance, Medical Allowance None Hint 43. In case of profit on re-issue of forfeited share, it is transferred to: General Reserve Account Capital Reserve Account Share Capital Account Securities Premium Reserve Account None Hint 44. Choose correct options Depreciation reduces the value of: Income Liability Asset Expense None Hint 45. Give one word answer (Choose the correct option): That part of share capital which is uncalled and kept in reserve is known as: Issued Capital Reserve Capital Subscribed Capital Authorised Capital None Hint 46. Balance of Provision for Doubtful Debts on 1st April 2023 was ₹ 2,500. Bad debts during the year were ₹ 600. A provision for Doubtful Debts is to be credited @ 5% on debtors of ₹ 20,000. Provision for doubtful Debts credited to Profit and Loss Account will be : ₹ 800 ₹ 1,000 ₹ 1,200 ₹ 900 None Hint 47. Debt equity ratio indicates risky financial position from the long-term point of view if it exceeds : 3 : 1 2 : 1 1 : 1 1 : 2 None Hint 48. Give one word answers (Choose correct option): Net Purchases = Cash Purchases + Credit Purchases – ? Sales Closing Stock Purchase Returns Drawings None Hint 49. Ideal Current Ratio is : 1:1 1:2 2:1 1:3 None Hint 50. Balance of Provision for Doubtful Debts as on 1st April 2023 was ₹ 2,500. Bad debts during the year were ₹ 600. A provision for Doubtful Debts is to be credited @ 5% on debtors of ₹ 20,000. Provision for doubtful Debts credited to Profit and Loss Account will be: ₹ 800 ₹ 900 ₹ 1,200 ₹ 1,000 None Hint 51. Gain of a partner: New Ratio - Sacrificing Ratio Existing (Old) Ratio - New Ratio New Ratio - Existing (Old) Ratio Sacrificing Ratio - New Ratio None Hint 52. The mostly used input devices are keyboard, ______, and ______ CPU and Monitor Mouse and Scanner Monitor and Scanner Mouse and Printer None Hint 53. A firm earns profit of ₹1,30,000 on a capital of ₹10,00,000 and normal rate of return in similar business is 10%, super profit will be: ₹1,00,000 ₹1,13,000 ₹1,30,000 ₹30,000 None Hint 54. Give one word answer (Choose the correct option): One purpose for which securities premium reserve amount can be utilised: Buyback of inventory Pay salary Pay dividend Issue bonus shares None Hint 55. Identify the affected accounts in the journal entries for the following transactions: Depreciation charged on furniture Furniture A/c, Depreciation A/c Depreciation A/c, Asset A/c Expense A/c, Furniture A/c Depreciation A/c, Furniture A/c None Hint 56. Which of the following is not a difference between Dissolution of Partnership and Dissolution of Partnership Firm? Only change in agreement or partners All assets are sold Business is closed permanently Accounts are settled with all partners None Hint 57. What does the “Design” tab allow you to do when formatting a chart in Excel? Insert mathematical formulas into the chart Change chart layout, chart style, and switch row/column data Change font style only Apply conditional formatting to cells None Hint 58. Which of the following component of MS Access is used to create various reports as per the requirement of the end user? Report Object Table Object Queries Forms Object None Hint 59. Journal Entry for goodwill already appearing in books: All Partners' Capital A/c Dr. To Goodwill A/c Goodwill A/c Dr. To Retiring Partner's Capital A/c Goodwill A/c Dr. To All Partners' Capital A/c Gaining Partners’ Capital A/c Dr. To Goodwill A/c None Hint 60. Which of the following is treated as unrecorded asset? Sale of Investments Goodwill appearing in the Balance Sheet Sale of old Furniture Bad debts recovered, written off in previous year None Hint 61. In case of profit on re-issue of forfeited share, it is transferred to: Securities Premium Reserve Account General Reserve Account Share Capital Account Capital Reserve Account None Hint 62. Once the data type is specified, MS Access allows the designer to define properties of each column. In the context of text data type, one of the general properties relates to 'Caption' which means: a label used for the field in datasheet and on forms and reports single, double or decimal type of numbers how the field's contents are displayed specifying a value for new entries of data records None Hint 63. Gain of a partner is: New Ratio - Sacrificing Ratio New Ratio - Existing (Old) Ratio Sacrificing Ratio - New Ratio Existing (Old) Ratio - New Ratio None Hint 64. Complete the following Sentences : In cash flow statement, the amount of interim dividend paid during the year is shown as _____ Cash outflow from financing activity Cash outflow from investing activity Cash inflow from operating activity Not shown in cash flow statement None Hint 65. Give meaning of: Authorised Capital refers to: Issued capital subscribed by public Capital raised through loans Shareholder's contribution Maximum capital a company is authorised to issue None Hint 66. Which of the following is treated as unrecorded asset? Sale of old Furniture Bad debts recovered, written off in previous year Goodwill appearing in the Balance Sheet Sale of Investments None Hint 67. ‘Dividend received’ by other than financial enterprise is shown in cash flow statement under : General Activities Financing Activities Operating Activities Investing Activities None Hint 68. What is the adjustment of existing partner’s capital on the basis of the capital of the new partner? Existing partners withdraw their capital Capitals of existing partners are adjusted in the ratio of profit sharing based on new partner’s capital New partner gets more profit than others All partners bring equal capital None Hint 69. Which element of a chart provides additional information about a data marker to identify the details of a data point in a data series? The legend The Data Labels The Data points The plot area None Hint 70. Which of the following sub-unit of central processing unit stores data before being actually processed? Logic Unit Control Unit Output Unit Memory Unit None Hint 71. When realisation expenses are paid by a partner on behalf of the firm, which of the following account is credited? Partner’s Capital Account Realisation Account Cash Account Expense Account None Hint 72. If a share of ₹10 on which ₹8 called up and ₹5 paid up has been forfeited, the Share Capital Account will be debited by: ₹6 ₹5 ₹8 ₹10 None Hint 73. Which of the following is a valid use of the Securities Premium Account as per the Companies Act? To buy office furniture To pay dividends to shareholders To pay directors' commission To write off preliminary expenses None Hint 74. Select the correct option for each: At the time of retirement of a partner, Loss on revaluation is debited to the partners' Capital Account in which Ratio? Sacrificing Ratio New Ratio Old Ratio Equal Ratio None Hint 75. Give meaning of: Issued Capital refers to: Paid-up capital Total value of shares offered to public for subscription Reserve capital Capital issued by government None Hint 76. What is meant by pro-rata allotment of shares? All shares are allotted equally to all applicants regardless of amount applied Shares are allotted in proportion to the number of shares applied when there is oversubscription Shares are allotted at a premium only Shares are allotted only to promoters None Hint 77. If goodwill already appears in the balance sheet at time of retirement: It is transferred to goodwill reserve It is shown on asset side It is written off by all partners in their old ratio It is distributed among remaining partners None Hint 78. A firm earns profit of ₹ 1,30,000 on a capital of ₹ 10,00,000 and normal rate of return in similar business is 10%, super profit will be: ₹ 1,00,000 ₹ 1,30,000 ₹ 1,13,000 ₹ 30,000 None Hint 79. Identify the affected accounts in the journal entries for the following transactions: Goods purchased on credit Purchases A/c, Sales A/c Debtor A/c, Purchases A/c Purchases A/c, Creditor A/c Purchases A/c, Bank A/c None Hint 80. What is meant by cash flow statement ? State two objectives of preparing cash flow statement. A statement showing profit or loss of the business and aims to calculate net income and tax. A statement showing inflows and outflows of cash and cash equivalents, used to assess liquidity and financial flexibility. A statement showing depreciation and changes in capital only, to determine return on capital employed. A statement showing cash and non-cash transactions to determine fixed asset value. None Hint 81. Calculate the gross profit ratio from the following data : Sales ₹ 3,25,000; Sales returns ₹ 25,000 and Cost of revenue from operations ₹ 2,40,000. 24% 26.67% 20% 22.5% None Hint 82. None 83. Name the type of accounting error for the following transactions: Purchase of furniture entered in Purchases Book Error of Commission Compensating Error Error of Principle Error of Omission None Hint 84. When realisation expenses are paid by a partner on behalf of the firm, which of the following account is credited? Partner’s Capital Account Cash Account Expense Account Realisation Account None Hint 85. Name the type of accounting error for the following transactions: Goods sold for ₹4,200 to Hari Om on credit were omitted, although cash received Error of Commission Error of Omission Compensating Error Error of Principle None Hint 86. In Excel software, Pie chart cannot plot more than: Four Categories Ten Categories Seven Categories Eight Categories None Hint 87. What is meant by Pro-rata allotment of shares ? State how unpaid amount on allotment and calls money of shares held by the shareholder is calculated in case of pro-rata allotment of shares. Pro-rata allotment means every applicant is allotted the full number of shares they applied for, and no adjustment is needed for excess money. Pro-rata allotment occurs when applicants get fewer shares than they applied for, and excess application money is refunded. Pro-rata allotment is the allotment of bonus shares equally to all shareholders. Pro-rata allotment happens when applicants get fewer shares than applied due to over-subscription; excess application money is adjusted towards allotment and future calls. None Hint 88. Goodwill already appears in books at retirement of a partner. It should be: Ignored Written off in gaining ratio Distributed among all partners Credited to retiring partner None Hint 89. Name the type of accounting error for the following transactions: Wages paid for construction of office debited to wages account Error of Omission Error of Commission Error of Principle Compensating Error None Hint 90. Which of the following is not an error of principle? Purchase Book is totalled ₹ 20,000 instead of ₹ 15,500. Sale of an old car credited to Sales Account. Typewriter purchased for office use has been debited to Purchases Accounts. Repairs on the overhauling of second-hand machinery purchased is not recorded in the books of accounts. None Hint 91. What is meant by 'Unearned Income'? Salary unpaid Income that will never be received Income received in advance but not yet earned An expense paid in advance None Hint 92. Identify the affected accounts in the journal entries for the following transactions: Goods sold for cash Cash A/c, Purchases A/c Cash A/c, Sales A/c Sales A/c, Purchases A/c Debtor A/c, Sales A/c None Hint 93. Angel Ltd., a stock broker, purchases 5,000 shares of Tata Housing Ltd., it is a : Operating Activity General Activity Financing Activity Investing Activity None Hint 94. When realisation expenses are paid by a partner on behalf of the firm, which of the following account is credited ? Partner's Capital Account Cash Account Expense Account Realisation Account None Hint 95. Fill in the blanks: At the time of dissolution of a partnership firm, balance of general reserve is transferred to _______. Realisation Account Partner's Loan Account Partner’s Capital Accounts Revaluation Account None Hint 96. Meaning of Sacrificing Ratio (Choose the correct option): The ratio in which old partners sacrifice in favor of new partner The ratio in which partners gain on retirement Equal ratio among partners The ratio of capital None Hint 97. Give one word answers (Choose correct option): Which account shows surplus or deficit in case of Not-For-Profit organisation? Receipts and Payments Account Trading Account Income and Expenditure Account Profit and Loss Account None Hint 98. If a share of ₹ 10 each on which ₹ 9 called up (including premium of ₹ 2) and ₹ 7 paid up (including premium of ₹ 1) is forfeited, Securities Premium Reserve Account will be debited by: Zero ₹ 3 ₹ 2 ₹ 1 None Hint 99. Calculation of sacrificing ratio: New Ratio – Old Ratio New Ratio × Old Ratio Old Ratio ÷ New Ratio Old Ratio – New Ratio None Hint 100. Give one word answer (Choose the correct option): A share of ₹10 issued at a premium of ₹2 on which the full amount is called up and ₹7 is received. Share Capital Account will be credited by: ₹7 ₹9 ₹8 ₹10 None Hint Time's up Share: admin Previous post Computer Science Nios Plus Two PQ I June 30, 2025 Next post Accountancy Nios Plus Two PQ II June 30, 2025
