Accountancy Nios Plus Two PQ I Welcome to your Accountancy Nios Plus Two PQ I Total Questions: 100 Name Mobile No: 1. 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 ₹ 1 ₹ 3 ₹ 2 None Hint 2. Give one word answers (Choose correct option): When proprietor draws goods from the business for personal use, it is known as: Capital Drawings Purchase Sale None Hint 3. Choose correct options Depreciation reduces the value of: Asset Expense Income Liability None Hint 4. Data Base Management System overcomes the limitations such as: Data isolation All of the above Data redundancy and inconsistency Data duplicity None Hint 5. Goodwill already appears in books at retirement of a partner. It should be: Written off in gaining ratio Ignored Credited to retiring partner Distributed among all partners None Hint 6. Journal Entry for goodwill already appearing in books: Goodwill A/c Dr. To All Partners' Capital A/c 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 Retiring Partner's Capital A/c None Hint 7. 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 Error of Commission Compensating Error None Hint 8. “Cash from operating activities” will decrease due to : Increase in Current Assets Both (A) and (B) above Increase in Current Liabilities Decrease in Current Liabilities Increase in Current Assets None Hint 9. Journal entry when excess capital is withdrawn by a partner: Bank A/c Dr.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 Capital Reserve A/c Dr. To Partner’s Capital A/c None Hint 10. 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 11. 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 12. Which of the following is treated as unrecorded asset? Bad debts recovered, written off in previous year Goodwill appearing in the Balance Sheet Sale of old Furniture Sale of Investments None Hint 13. 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 14. What are the correct steps to copy a chart from Excel to Word? Select data → Copy → Paste directly in Word Select chart → Right-click → Copy → Open Word → Paste Create chart → Take screenshot → Insert as image Select chart → Press Delete → Paste in Word None Hint 15. Choose the correct one-word answer for the following: Which account will be debited on money withdrawn from Bank for personal use? Bank Account Capital Account Cash Account Drawings Account None Hint 16. 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 Expense Account Cash Account None Hint 17. Select the correct option for each: After preparation of the realisation account, gain or loss on realisation is transferred to: Profit and Loss Account Partners' Capital Account Capital Reserve Revaluation Account None Hint 18. 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 19. Give one word answer (Choose the correct option): One purpose for which securities premium reserve amount can be utilised: Pay salary Buyback of inventory Pay dividend Issue bonus shares None Hint 20. 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 Storage Data Entry None Hint 21. Which of the following is treated as unrecorded asset? Sale of old Furniture Goodwill appearing in the Balance Sheet Bad debts recovered, written off in previous year Sale of Investments None Hint 22. 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 ₹ 800 ₹ 1,200 None Hint 23. 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 24. Complete the following Sentences : In cash flow statement, the amount of interim dividend paid during the year is shown as _____ Not shown in cash flow statement Cash outflow from financing activity Cash inflow from operating activity Cash outflow from investing activity None Hint 25. 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 Employee Partner None Hint 26. 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 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. 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. None Hint 27. Dissolution of partnership can occur by: Retirement or death of partner Liquidation of company Transfer of share Sale of assets None Hint 28. 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 Account. Repairs on the overhauling of second-hand machinery purchased is not recorded in the books of accounts. None Hint 29. Give meaning of: Issued Capital refers to: Reserve capital Total value of shares offered to public for subscription Paid-up capital Capital issued by government None Hint 30. Sale of Machinery on credit is recorded in: Sales Book Journal Proper Bank Pass-Book Cash Book None Hint 31. 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 ₹1,00,000 ₹30,000 None Hint 32. 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 Expense Account Cash Account None Hint 33. 'Life-Membership-fee' received by Not-For-Profit Organisation is shown as: Income in 'Income and Expenditure Account' Payment in 'Receipts and Payments Account' Capital receipt and added in the capital fund of Balance Sheet Expenditure in 'Income and Expenditure Account' None Hint 34. Fill in the blanks: At the time of dissolution of a partnership firm, balance of general reserve is transferred to _______. Revaluation Account Partner’s Capital Accounts Realisation Account Partner's Loan Account None Hint 35. Identify the affected accounts in the journal entries for the following transactions: Goods sold for cash Debtor A/c, Sales A/c Cash A/c, Purchases A/c Sales A/c, Purchases A/c Cash A/c, Sales A/c None Hint 36. 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. 20% 24% 26.67% 22.5% None Hint 37. In Excel software, Pie chart cannot plot more than: Four Categories Seven Categories Ten Categories Eight Categories None Hint 38. Which of the following component of MS Access is used to create various reports as per the requirement of the end user? Queries Table Object Forms Object Report Object None Hint 39. 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 40. 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 Revaluation A/c Dr. To Liability A/c No entry required None Hint 41. 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 shareholder; dividends partner; liabilities None Hint 42. 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 Omission Error of Principle Compensating Error None Hint 43. 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 44. 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 45. Ideal Current Ratio is : 1:2 2:1 1:3 1:1 None Hint 46. 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 47. Choose correct options Transactions, when recorded in Journal, are known as: Journal Entry Vouchers Invoices Ledger Posting None Hint 48. 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 Reserve Fund Capital Accounts of all partners None Hint 49. Which of the following is not a difference between Dissolution of Partnership and Dissolution of Partnership Firm? All assets are sold Business is closed permanently Only change in agreement or partners Accounts are settled with all partners None Hint 50. Journal Entry: All Partners’ Capital A/c Dr. To Goodwill A/c Retiring Partner’s Capital A/c Dr. To Goodwill A/c Goodwill A/c Dr. To All Partners’ Capital A/c Gaining Partner’s Capital A/c Dr. To Retiring Partner’s Capital A/c None Hint 51. 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 Subscribed Capital Authorised Capital Reserve Capital None Hint 52. Identify the affected accounts in the journal entries for the following transactions: Depreciation charged on furniture Expense A/c, Furniture A/c Depreciation A/c, Furniture A/c Depreciation A/c, Asset A/c Furniture A/c, Depreciation A/c None Hint 53. Give one word answers (Choose correct option): Which account shows surplus or deficit in case of Not-For-Profit organisation? Profit and Loss Account Trading Account Receipts and Payments Account Income and Expenditure Account None Hint 54. Buy back of equity shares is shown as cash outflow from which type of activity? Operating Activity Investing Activity Extraordinary Item Financing Activity None Hint 55. Cash Balance ₹ 15,000, Trade Receivables ₹ 35,000, Inventory ₹ 40,000, Trade payables ₹ 24,000; Bank overdraft is ₹ 6,000. Current Ratio will be : 1 : 3.75 3 : 1 3.75 : 1 1 : 3 None Hint 56. Calling cells by just their column and row labels is called: Absolute referencing Mixed referencing Relative referencing Both (A) and (B) None Hint 57. Liabilities of a firm are ₹ 8,000 and total Assets are ₹ 20,000. What is the capital of the proprietor? ₹ 20,000 ₹ 8,000 ₹ 28,000 ₹ 12,000 None Hint 58. Debt equity ratio indicates risky financial position from the long-term point of view if it exceeds : 2 : 1 3 : 1 1 : 2 1 : 1 None Hint 59. The mostly used input devices are keyboard, ______, and ______ Monitor and Scanner Mouse and Scanner CPU and Monitor Mouse and Printer None Hint 60. If goodwill already appears in the balance sheet at time of retirement: It is shown on asset side It is written off by all partners in their old ratio It is distributed among remaining partners It is transferred to goodwill reserve None Hint 61. 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 inflows and outflows of cash and cash equivalents, used to assess liquidity and financial flexibility. A statement showing profit or loss of the business and aims to calculate net income and tax. None Hint 62. 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 63. Calculation of sacrificing ratio: Old Ratio – New Ratio New Ratio – Old Ratio Old Ratio ÷ New Ratio New Ratio × Old Ratio None Hint 64. 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 ₹ 1,000 ₹ 1,200 None Hint 65. State any three limitations of Cash Flow Statement It ignores non-cash items, historical nature, and not suitable for short-term analysis It reflects net worth changes only It ignores working capital changes and liquidity issues It includes only accrual transactions and cannot be used for analysis None Hint 66. 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 67. 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 ₹3 ₹8 ₹2 None Hint 68. Meaning of Sacrificing Ratio (Choose the correct option): Equal ratio among partners The ratio in which old partners sacrifice in favor of new partner The ratio of capital The ratio in which partners gain on retirement None Hint 69. 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 70. 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 Expenditure Side Asset Side Liability Side None Hint 71. Give one word answers (Choose correct option): Net Purchases = Cash Purchases + Credit Purchases – ? Closing Stock Sales Purchase Returns Drawings None Hint 72. 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 73. 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 74. What is meant by 'Unearned Income'? Salary unpaid Income that will never be received An expense paid in advance Income received in advance but not yet earned None Hint 75. 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 Liability A/c Dr. To Cash A/c Revaluation A/c Dr. To Partner’s Capital A/c None Hint 76. Sale of Machinery on credit is recorded in: Journal Proper Bank Pass-Book Sales Book Cash Book None Hint 77. As per Rules of Accounting, Increase in Asset is ______ and decrease in Asset is ______ Credit, Credit Credit, Debit Debit, Debit Debit, Credit None Hint 78. 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. 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 79. Gain of a partner: Existing (Old) Ratio - New Ratio New Ratio - Existing (Old) Ratio New Ratio - Sacrificing Ratio Sacrificing Ratio - New Ratio None Hint 80. Gain of a partner is: Sacrificing Ratio - New Ratio New Ratio - Existing (Old) Ratio Existing (Old) Ratio - New Ratio New Ratio - Sacrificing Ratio None Hint 81. 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 Data points The Data Labels The plot area The legend None Hint 82. 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 Error of Commission Error of Principle Compensating Error None Hint 83. 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 84. None 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 ₹30,000 ₹1,00,000 ₹1,30,000 ₹1,13,000 None Hint 86. 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 Preliminary Expenses A/c Goodwill A/c Commission A/c None Hint 87. Name the type of accounting error for the following transactions: Purchase of furniture entered in Purchases Book Compensating Error Error of Principle Error of Commission Error of Omission None Hint 88. 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 ₹ 6 ₹ 10 ₹ 8 None Hint 89. Which of the following is a valid use of the Securities Premium Account as per the Companies Act? To pay dividends to shareholders To write off preliminary expenses To buy office furniture To pay directors' commission None Hint 90. Identify the affected accounts in the journal entries for the following transactions: Salaries paid Wages A/c, Cash A/c Salaries A/c, Cash A/c Capital A/c, Cash A/c Salaries A/c, Bank A/c None Hint 91. In case of profit on re-issue of forfeited share, it is transferred to: General Reserve Account Securities Premium Reserve Account Share Capital Account Capital Reserve Account None Hint 92. What does the “Design” tab allow you to do when formatting a chart in Excel? Change chart layout, chart style, and switch row/column data Change font style only Insert mathematical formulas into the chart Apply conditional formatting to cells None Hint 93. 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, Sales A/c Purchases A/c, Bank A/c Purchases A/c, Creditor A/c None Hint 94. 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 95. The Net salary payable to an employee is obtained by deducting ________ from ________. Gross Salary, Provident Fund Allowances, Gross Salary Tax, Basic Salary Deductions, Gross Salary None Hint 96. ‘Dividend received’ by other than financial enterprise is shown in cash flow statement under : General Activities Financing Activities Investing Activities Operating Activities None Hint 97. 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 98. 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 99. 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 100. Liabilities of a firm are ₹8,000 and total Assets are ₹20,000. What is the capital of the proprietor? ₹20,000 ₹12,000 ₹28,000 ₹8,000 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
