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