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