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