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