Accountancy Nios Plus Two PQ II Welcome to your Accountancy Nios Plus Two PQ II Total Questions: 157 Name Mobile No: 1. Give the meaning of : Called-up Capital means: Capital that is authorized to be issued Capital demanded from shareholders Capital actually received Capital shown in books only None Hint 2. Which of the following is not an error of principle ? 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. Sale of an old car credited sales Account. None Hint 3. Once the data type is specified, MS Access allows designer to define properties of each column. In the context of text data type, one of the general properties relate to ‘Caption’ which means: single, double or decimal type of numbers 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 None Hint 4. State the earning elements used in Pay Roll calculations. Also state how these are calculated ? TDS, PF, ESI, Bonus – all deducted from Net Salary Basic Pay, Loan, Rent – all added for Gross Salary Commission, PF, Gratuity – added to Net Pay Basic Pay, HRA, DA, Bonus – all added to calculate Gross Salary None Hint 5. Debt equity ratio indicates risky financial position from the long term print of view if it exceeds : 1 : 1 3 : 1 2 : 1 1 : 2 None Hint 6. What journal entry is to be made at the time of a dissolution of partnership firm when : For transfer of assets to Realisation Account Realisation A/c Dr. To Assets A/c Realisation A/c Dr. To Partner’s Capital A/c Assets A/c Dr. To Realisation A/c Bank A/c Dr. To Realisation A/c None Hint 7. Fill in the blanks At the time of dissolution of partnership firm, balance of general reserve is transferred to _______. Reserve Fund Account Revaluation Account Partner’s Capital Accounts Realisation Account None Hint 8. At the time of retirement of a partner, Loss on revaluation will be debited to the partners' Capital Account in which Ratio? Sacrificing Ratio Gaining Ratio Old Profit Sharing Ratio Equal Ratio None Hint 9. Which element of a chart provides additional information about a data marker? The plot area The legend The Data Labels The Data points None Hint 10. At the time of retirement of a partner, Loss on revaluation will be debited to the partners' Revaluation Account Capital Account Drawing Account Loan Account None Hint 11. When a company decides to raise capital by issuing shares, at that time give the meaning of : Under Subscription refers to: Shares applied are more than issued Shares applied are less than issued Oversold shares All shares are allotted None Hint 12. What is meant by 'Unearned Income'? Give accounting treatment and Adjustment entry of unearned income. Show as capital reserve Deduct from income and shown as liability Shown under drawings Treat as accrued income None Hint 13. 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 creditor; the firm partner; liabilities creditor; receive dues None Hint 14. In Excel software Pie chart cannot plot more than: Eight Categories Ten Categories Seven Categories Four Categories None Hint 15. Complete the sentence The mostly used input devices are keyboard, ______ and ______ monitor, printer printer, speake mouse, monitor mouse, scanner None Hint 16. 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 17. Complete the Sentences In cash flow statement, the amount of interim dividend paid during the year is shown as: Extraordinary Item Operating Activity Investing Activity Financing Activity None Hint 18. State the earning elements used in Pay Roll calculations. Also state how these are calculated. Basic Pay + HRA + Allowances – Deductions Gross Salary – Net Salary Only Basic Pay Basic Pay – Income Tax Only None Hint 19. Write names of affected accounts while making Journal Entries of the following transactions: Depreciation charged on furniture Furniture A/c and Cash A/c Furniture A/c and Profit & Loss A/c Depreciation A/c and Capital A/c Depreciation A/c and Furniture A/c None Hint 20. As per Rules of Accounting, Increase in Asset is _______ and decrease in Asset is _______ Credited; Debited Debited; Debited Debited; Credited Credited; Credited None Hint 21. That part of share capital which is uncalled and kept in reserve is called _ Securities Premium Reserve Account Share Capital Account Capital Reserve Account Reserve Capital Account None Hint 22. 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% 25% 40% 30% None Hint 23. Give a name of the accounting error for the following transactions : Wages paid for the construction of office debited to wages account. Error of Commission Error of Omission Error of Principle Compensating Error None Hint 24. Liabilities of a firm are ₹ 8,000 and total Assets are ₹ 20,000. What is the capital of the proprietor ? ₹ 28,000 ₹ 12,000 ₹ 20,000 ₹ 8,000 None Hint 25. Explain the Accounting treatment of settlement of Partner's Capital Accounts at the time of dissolution of a partnership firm : When Partner's Capital Account shows a debit balance. The firm pays the amount to the partner Transferred to Profit and Loss A/c Shown in the balance sheet The partner pays the amount to the firm None Hint 26. Using Charts/Graph tools in Excel – explain how to modify a chart: To change the data included in the chart Use “Select Data” option under Chart Design Change workbook theme Delete cells Resize columns None Hint 27. If at the time of retirement/death of a partner, goodwill already appears in the balance sheet, how will it be treated ? Also give the necessary Journal Entry. It is ignored and no adjustment is required. It is credited to Retiring Partner’s Capital Account only. It is written off by debiting all partners’ capital accounts in old ratio. It is transferred to General Reserve. None Hint 28. In MS Access, the 'Caption' property for text data type means: how the field's contents are displayed specifying a value for new entries of data records a label used for the field in data sheet and on forms and reports single, double or decimal type of numbers None Hint 29. Complete the following sentences: In cash flow statement, the amount of interim dividend paid during the year is shown as: Financing Activity Non-Cash Activity Investing Activity Operating Activity None Hint 30. Give one word answer to the following: Which account will be debited on money withdrawn from Bank for personal use? Capital Account Bank Account Cash Account Drawings Account None Hint 31. Explain formatting the chart using the design option. Change background color only Modify chart layout, style, switch row/column, add chart elements Insert video into chart Add text box None Hint 32. What journal entry is to be made at the time of a dissolution of partnership firm when : Payment of liabilities by the partners Partner’s Capital A/c Dr. To Liability A/c Liability A/c Dr. To Bank A/c Liability A/c Dr. To Partner’s Capital A/c Realisation A/c Dr. To Bank A/c None Hint 33. Complete the following Sentences: In cash flow statement, the amount of interim dividend paid during the year is shown as: Non-cash Activity Financing Activity Investing Activity Operating Activity None Hint 34. Give necessary Journal Entry for treatment of goodwill on retirement of a partner stating the ratio in which goodwill is to be distributed. Retiring Partner’s Capital A/c Dr. To Goodwill A/c Goodwill A/c Dr. To All Partners’ Capital A/cs Gaining Partners’ Capital A/cs Dr. To Goodwill A/c Gaining Partners’ Capital A/cs Dr. To Retiring Partner’s Capital A/c None Hint 35. Ideal Current Ratio is: 1:2 1:1 2:1 1:3 None Hint 36. Differentiate between 'Public Company' and 'Private Company' on the basis of : Name Public – Inc.; Private – LLP Public – Pvt. Ltd.; Private – Ltd. Public – Corporation; Private – Firm Public – Ltd.; Private – Pvt. Ltd. None Hint 37. Gain of a partner is : Existing (Old) Ratio - New Ratio Sacrificing Ratio - New Ratio New Ratio - Sacrificing Ratio New Ratio - Existing (Old) Ratio None Hint 38. That part of share capital which is uncalled and kept in reserve is known as? Called-up Capital Issued Capital Reserve Capital Authorised Capital None Hint 39. Which account will be debited on money withdrawn from bank for personal use? Capital Account Cash Account Drawings Account Bank Account None Hint 40. When proprietor draws goods from the business for his/her personal use, it is known as? Capital Drawings Expense Liability None Hint 41. Pass necessary Journal Entries: When an unrecorded liability is discharged by a partner on behalf of the firm, the Journal Entry is: Liability A/c Dr. To Partner’s Capital A/c Realisation A/c Dr. To Partner’s Capital A/c Realisation A/c Dr. To Liability A/c Partner’s Capital A/c Dr. To Realisation A/c None Hint 42. Explain how re-issue of Forfeited shares at discount is recorded in the books of accounts. Bank A/c Dr. To Share Capital A/c Share Capital A/c Dr. To Bank A/c Bank A/c Dr. To Discount on Issue of Shares A/c Bank A/c Dr. Forfeited Shares A/c Dr. To Share Capital A/c None Hint 43. Give a name of the accounting error for the following transactions : Purchase of Furniture entered in Purchase Book — Error of Posting Error of Totalling Error of Principle Error of Commission None Hint 44. Using Charts/Graph tools in Excel – explain how to modify a chart: To reverse the data which are displayed in the rows and columns Use copy-paste Rotate chart manually Use "Switch Row/Column" option under Chart Design Insert pivot chart None Hint 45. Give one word answer for the following: Transactions, when recorded in Journal, are known as Notes Posting Narration Entries None Hint 46. Give the meaning of Sacrificing Ratio. How is it calculated ? The ratio of capital invested by the partners The ratio in which old partners sacrifice a part of their share in favour of a new partner The ratio in which new profit is shared by partners The ratio in which profits are distributed among all partners None Hint 47. When proprietor draws goods from the business for personal use, it is known as — Expense Sales Drawings Purchase None Hint 48. Complete the following sentences: Buy back of equity shares is shown as cash outflow from which type of activity? Investing Activity Operating Activity Financing Activity Non-Cash Activity None Hint 49. Calling cells by just their columns and row labels is called: Absolute referencing Both (A) and (B) Mixed referencing Relative referencing None Hint 50. Net Purchases = Cash Purchases + Credit Purchases – ? Capital Sales Purchases Return Expenses None Hint 51. Which account shows Surplus or Deficit in Not-For-Profit Organisation — Receipts and Payments Account Income and Expenditure Account Capital Fund Account General Fund None Hint 52. Give the meaning of Sacrificing Ratio. How it is calculated ? The ratio of capital contributed by partners. The ratio in which existing partners agree to sacrifice their share of profit in favour of a new partner. The ratio in which new partner sacrifices his share in favour of existing partners. The ratio in which old partners gain from the retirement of a partner. None Hint 53. Gurman's A/c short credited and Manisha's A/c over credited — Error of Principle Error of Commission Compensating Error Error of Omission None Hint 54. In case of profit on re-issue of forfeited share is, it is transferred to : General Reserve Account Capital Reserve Account Share Capital Account Securities Premium Reserve Account None Hint 55. Write names of affected accounts while making Journal Entries of the following transactions: Salaries paid Wages A/c and Bank A/c Capital A/c and Salaries A/c Salaries A/c and Debtors A/c Salaries A/c and Cash A/c None Hint 56. Pass necessary Journal Entry when: An unrecorded liability is discharged by a partner on behalf of the firm No Entry Partner’s Capital A/c Dr. To Liability A/c Liability A/c Dr. To Partner’s Capital A/c Liability A/c Dr. To Cash A/c None Hint 57. 'Dividend received' by other than financial enterprise is shown in cash flow statement under: Financing Activities General Activities Investing Activities Operating Activities None Hint 58. Which element of a chart provides the additional information about a data marker to identify the details of data point in a data series ? The Data Labels The legend The plot area The Data points None Hint 59. Give the meaning of : Paid-up Capital means: Amount demanded but not paid Total face value of shares issued Future capital to be paid Portion of called-up capital actually paid None Hint 60. What is meant by cash flow statement ? State two objectives of preparing cash flow statement. It is a statement used to record non-cash transactions. It shows only the profits and losses of a business. It is a statement that shows cash inflows and outflows during a specific period, and helps assess liquidity and cash management. It is used only for taxation purposes. None Hint 61. In Income & Expenditure A/c, 'Accrued Interest' is shown on — Expenditure Side Payments Side Receipts Side Income Side None Hint 62. Calling cells by just their columns and row labels is called Absolute referencing Both (A) and (B) Mixed referencing Relative referencing None Hint 63. State any three features of 'Single Entry - System'. It records only credit transactions systematically. It maintains double entry for all transactions. It is a scientific method of accounting. It is incomplete and unscientific method of accounting. None Hint 64. Angel Ltd., a stock broker, purchases 5,000 shares of Tata Housing Ltd., it is a: Financing Activity Investing Activity General Activity Operating Activity None Hint 65. After the preparation of realisation account, gain or loss on realisation is transferred to Revaluation Account Loan Account Profit and Loss Account Partner’s Capital Account None Hint 66. Write names of affected accounts while making Journal Entries of the following transactions: Goods purchased on credit Cash A/c and Purchases A/c Purchases A/c and Creditor’s A/c Purchases A/c and Debtor's A/c Capital A/c and Purchases A/c None Hint 67. State any one purpose for which securities premium reserve amount can be utilized. Buy back preference shares Pay salaries to employees Write off preliminary expenses Distribute among shareholders as dividend None Hint 68. Write names of affected accounts while making Journal Entries of the following transactions : Depreciation charged on furniture Furniture A/c & Depreciation A/c Cash A/c & Furniture A/c Expense A/c & Asset A/c Depreciation A/c & Furniture A/c None Hint 69. Ideal Current Ratio is : 1 : 3 1 : 2 1 : 1 2 : 1 None Hint 70. Write names of affected accounts while making Journal Entries of the following transactions: Goods sold for cash Cash A/c and Capital A/c Cash A/c and Purchases A/c Sales A/c and Purchases A/c Sales A/c and Cash A/c None Hint 71. 'Life-Membership-fee' received by Not-For-Profit Organisation is shown as : Payment in 'Receipts and Payments Account' Capital receipt and added in the capital fund of Balance sheet Expenditure in 'Income and Expenditure Account' Income in 'Income and Expenditure Account' None Hint 72. Give any three reasons of preparing 'Receipts and Payments Accounts' by Not-for-Profit organisations. To show summary of all cash and bank transactions during the year. To assess depreciation of assets. To calculate net profit or loss of the organisation. To record only capital receipts and capital payments. None Hint 73. Give a name of the accounting error for the following transactions : Goods sold on credit to Hari Om omitted from books — Compensating Error Error of Commission Error of Omission Error of Principle None Hint 74. Give a name of the accounting error for the following transactions : Goods sold for ₹4,200 to Hari Om on credit were omitted from accounts although cash received Compensating Error Error of Principle Error of Omission Error of Commission None Hint 75. What is meant by cash flow statement ? State two objectives of preparing cash flow statement. A financial report showing cash inflows and outflows; Helps in budgeting and tax filing A summary of bank balance; Used to track profitability A summary of all accounting records; Helps calculate depreciation and tax A report showing cash inflows/outflows during a period; Helps in assessing liquidity and cash generation None Hint 76. Differentiate between 'Public Company' and 'Private Company' on the basis of : Minimum number of members Public – 2; Private – 7 Public – 7; Private – 2 Public – 5; Private – 10 Public – 3; Private – 3 None Hint 77. Which of the following account is prepared by a Not-For-Profit Organisation ? Profit and Loss Account Trading Account Income and Expenditure Account Total Creditors Account None Hint 78. Using Charts/Graph tools in Excel – explain how to modify a chart: To move the chart Use chart filter Delete chart Click and drag to new location Paste into Word None Hint 79. When shares are issued to promoters for their services, which account is debited? Share Capital A/c Goodwill A/c Cash A/c Capital Reserve A/c None Hint 80. Data Base management system overcomes the limitation such as : All of the above Data duplicity Data redundancy and inconsistency Data isolation None Hint 81. 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 82. Complete the following sentences: Goodwill written off is shown in cash flow statement under which type of activity? Investing Activity None of these Operating Activity Financing Activity None Hint 83. Cash Balance ₹15,000, Trade Receivables ₹35,000, Inventory ₹40,000, Trade Payables ₹24,000, Bank Overdraft ₹6,000; Current Ratio will be: 3.75 : 1 1 : 3.75 1 : 3 3 : 1 None Hint 84. Pass necessary Journal Entry when: An unrecorded liability has been discharged by the firm. Liability A/c Dr. To Capital A/c No Entry Liability A/c Dr. To Cash A/c Cash A/c Dr. To Liability A/c None Hint 85. One purpose of using Securities Premium Reserve? Declare dividend Buy back goods Pay director salary Write off preliminary expenses None Hint 86. When a company decides to raise capital by issuing shares, at that time give the meaning of : Full Subscription refers to: Government subscription Shares applied exactly equal to shares issued Partial share application Shares issued more than required None Hint 87. Which of the following is treated as an unrecorded asset ? Bad debts recovered, written off in previous year Sale of Investments Goodwill appearing in the Balance Sheet Sale of old Furniture None Hint 88. After the preparation of realisation account, gain or loss on realisation is transferred to: Partners’ Capital Accounts Cash Account Revaluation Account Partners' Drawing Account None Hint 89. Accrued Interest is shown on which side of Income & Expenditure A/c? Asset side Credit side Debit side Liability side None Hint 90. If goodwill already appears in the books at the time of a partner's retirement or death, how is it treated? It is ignored in books of accounts It is written off among all partners in the old ratio It is transferred to the retiring partner only It is distributed in the new ratio None Hint 91. In Excel software Pie chart cannot plot more than : Four Categories Seven Categories Eight Categories Ten Categories None Hint 92. Depreciation reduces the value of: Expenses Liabilities Assets Income None Hint 93. Sale of Machinery on credit is recorded in : Sales Book Journal Proper Cash Book Bank Pass-Book None Hint 94. Data Base management system overcomes the limitation such as : Data redundancy and inconsistency All of the above Data isolation Data duplicity None Hint 95. Angel Ltd., a stock broker, purchase 5,000 shares of Tata Housing Ltd., it is a : Operating Activity General Activity Investing Activity Financing Activity None Hint 96. In case of profit on re-issue of forfeited share, it is transferred to: Capital Reserve Account General Reserve Account Share Capital Account Securities Premium Reserve Account None Hint 97. Which of the following are limitations of a cash flow statement? All of the above Historical in nature and not predictive Ignores non-cash transactions Cannot reflect profitability accurately None Hint 98. What is meant by 'Unearned Income'? Give accounting treatment and Adjustment entry of unearned income. Unearned income is profit from sale of fixed assets. Adjustment Entry: Asset A/c Dr. To Profit A/c Unearned income refers to income already received and recorded but not yet earned. Adjustment Entry: Unearned Income A/c Dr. To Income A/c Unearned income is recorded only in the balance sheet and does not need adjustment. Unearned income refers to income not yet received but already earned. Adjustment Entry: Income A/c Dr. To Unearned Income A/c None Hint 99. Which account shows Surplus or Deficit in case of Not-For-Profit Organisation? Income and Expenditure Account Receipts and Payments Account Profit and Loss Account Capital Account None Hint 100. Share capital A/c credited by? (Share of ₹10, premium ₹2, ₹7 received) ₹9 ₹10 ₹8 ₹7 None Hint 101. Which of the following Component of MS Access is used to create various reports as per the requirement of the end user? Report Object Queries Table Object Forms Object None Hint 102. Explain how issue of shares for consideration other than cash is recorded in the books of accounts. Asset A/c Dr. To Share Capital A/c To Securities Premium A/c (if any) Vendor A/c Dr. To Asset A/c Cash A/c Dr. To Share Capital A/c Share Capital A/c Dr. To Asset A/c None Hint 103. Angel Ltd., a stock broker, purchases 5,000 shares of Tata Housing Ltd., it is a: Operating Activity Financing Activity Investing Activity General Activity None Hint 104. The Net salary payable to an employee is obtained by deducting ______ from ______. Gross Salary from Deductions Allowances from Gross Salary Gross Salary from Net Salary Deductions from Gross Salary None Hint 105. Give one word answer of the following : A share of ₹ 10 issued at a premium of ₹ 2 on which the full amount is called up and ₹10 ₹7 ₹2 ₹8 None Hint 106. Give one word answer for the following: Depreciation reduces the value of Revenue Asset Capital Liability None Hint 107. Transactions, when recorded in Journal, are known as: Accounts Vouchers Entries Postings None Hint 108. Differentiate between 'Public Company' and 'Private Company' on the basis of : Maximum number of members Public – 500; Private – 100 Public – Unlimited; Private – 200 Public – 100; Private – 50 Public – 200; Private – Unlimited None Hint 109. Give the meaning of : Reserve Capital refers to: Capital kept in a separate bank Portion of subscribed capital not to be called up except in winding up Capital used for bonus shares Authorized capital None Hint 110. Write names of affected accounts while making Journal Entries of the following transactions : Goods purchased on credit Sales A/c & Debtors A/c Cash A/c & Sales A/c Capital A/c & Purchases A/c Purchases A/c & Creditors A/c None Hint 111. Steps to copy a chart to Word (Choose the correct option): Use Snipping Tool → Paste image in Word Copy Excel file → Paste into Word header Delete chart → Open Word → Paste Select chart → Copy → Open Word → Paste None Hint 112. Which of the following Component of MS Access is used to create various reports as per the requirement of the end user? Report Object Forms Object Table Object Queries None Hint 113. As per Rules of Accounting, Increase in Asset is ______ and decrease in Asset is ______ Debit, Credit Credit, Credit Credit, Debit Debit, Debit None Hint 114. Which of the following Component of MS Access is used to create various reports as per the requirement of the end user ? Forms Object Queries Report Object Table Object None Hint 115. "Cash from operating activities" will decrease due to: Both (A) and (B) above Increase in Current Liabilities Decrease in Current Liabilities Increase in Current Assets None Hint 116. Write the steps involved to copy a chart to Word. Screenshot chart → Paste in Word Select chart → Press Delete → Open Word → Paste Select chart → Copy (Ctrl + C) → Open Word → Paste (Ctrl + V) Insert new chart in Word manually None Hint 117. Pass necessary Journal Entry when : An unrecorded liability has been discharged by the firm. Realisation A/c Dr. To Liability A/c Realisation A/c Dr. To Cash/Bank A/c Cash/Bank A/c Dr. To Realisation A/c Liability A/c Dr. To Realisation A/c None Hint 118. The mostly used input devices are keyboard, ______ and ______ Scanner and Mouse CPU and Monitor Speaker and Joystick Monitor and Printer None Hint 119. Complete the following sentences: In cash flow statement, under which head “Purchase of fixed assets during the year” is shown? Exceptional Activity Operating Activity Investing Activity Financing Activity None Hint 120. Calling cells by just their columns and row labels is called: Both (A) and (B) Absolute referencing Mixed referencing Relative referencing None Hint 121. Which of the following is a limitation of a Cash Flow Statement? It shows liquidity position of the business It records only cash transactions, ignoring non-cash items It helps in short-term financial planning It is useful for assessing cash generation ability None Hint 122. Fill in the blanks: At the time of dissolution of partnership firm, balance of general reserve is transferred to _______. Realisation Account Partner’s Loan Account Revaluation Account Partner’s Capital Accounts None Hint 123. Cash Balance ₹ 15,000, Trade Receivables ₹ 35,000, Inventory ₹ 40,000, Trade payables ₹ 24,000; Bank overdraft ₹ 6,000 Current Ratio will be : 1 : 3.75 3.75 : 1 1 : 3 3 : 1 None Hint 124. Which of the following sub-unit of central processing unit stores data before being actually processed ? Output Unit Control Unit Logic Unit Memory Unit None Hint 125. 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 :* ₹ 2 ₹ 1 Zero ₹ 3 None Hint 126. 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 127. State any three limitations of cash flow statement. It reflects profitability accurately. t ignores non-cash transactions, does not assess true profitability, and may be misinterpreted. It records all types of transactions including non-cash ones. It is a complete replacement of the income statement. None Hint 128. Give a name of the accounting error for the following transactions : Purchase of Furniture is entered in Purchase Book Error of Principle Error of Commission Error of Omission Clerical Error None Hint 129. ‘Dividend received by other than financial enterprise is shown in cash flow statement under : General Activities Financing Activities Operating Activities Investing Activities None Hint 130. Write names of affected accounts while making Journal Entries of the following transactions : Salaries paid Salary A/c & Cash A/c Cash A/c & Salary A/c Salary A/c & Capital A/c Expense A/c & Drawings A/c None Hint 131. Using Charts/Graph tools in Excel – explain how to modify a chart: To modify the labels and titles Insert shapes Change font from Home tab Format axis only Use “Chart Elements” (+ icon) and select Titles/Labels None Hint 132. Explain how re-issue of Forfeited shares at discount is recorded in the books of accounts. Discount allowed on re-issue is debited to Forfeited Shares Account Discount allowed on re-issue is debited to Share Capital Account Discount allowed is not permitted on re-issue Discount allowed on re-issue is credited to Capital Reserve Account None Hint 133. Gurman’s A/c short credited by ₹1,000; Manisha’s A/c excess credited by ₹1,000 Compensating Error Error of Commission Error of Principle Error of Omission None Hint 134. What is meant by Cash Flow Statement? State two objectives. A statement showing inflows/outflows of cash and cash equivalents Shows fund flow from capital structure only Shows only cash inflow from operating activities and net worth A statement showing total revenue and taxes None Hint 135. Write names of affected accounts while making Journal Entries of the following transactions : Goods sold for cash Cash A/c & Capital A/c Sales A/c & Cash A/c Capital A/c & Sales A/c Purchases A/c & Cash A/c None Hint 136. Which facility is offered to store and process transaction data in computerised accounting system to retrieve information to generate and view financial reports? Ledger Posting Reporting Data Entry MIS (Management Information System) None Hint 137. Give a name of the accounting error for the following transactions : Wages paid for construction of office building debited to wages account — Error of Omission Compensating Error Error of Principle Error of Commission None Hint 138. Ideal Current Ratio is: 1:2 1:1 1:3 2:1 None Hint 139. Cash from operating activities” will decrease due to : None of these Increase in Current Assets Both (A) and (B) above Decrease in Current Liabilities None Hint 140. Once the data types are specified, MS Access allows the designer to define properties of each column. In the context of text data type, one of the general properties related to 'Caption' means: Single, double or decimal type of numbers 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 None Hint 141. 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 142. When a company decides to raise capital by issuing shares, at that time give the meaning of : Over Subscription refers to: No shares are issued Subscription by foreign investors Shares issued are less than applied Applications received are more than number of shares issued None Hint 143. Give one word answer to the following: Which facility is offered to store and process transaction data in computerised accounting system to retrieve information to generate and view financial reports? Spreadsheet Tally Accounting Software Database Management System None Hint 144. When shares are issued to promoters of the company as remuneration for their services, which account is debited? Preliminary Expenses Account Promoters' Capital Account Share Capital Account Goodwill Account None Hint 145. Net Purchases = Cash Purchases + Credit Purchases – _______ Purchase Returns Goods Lost by Fire Sales Wages None Hint 146. 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 147. In Excel software Pie chart cannot plot more than: Seven Categories Four Categories Eight Categories Seven Categories Ten Categories None Hint 148. Complete the Sentences Buy back of equity shares is shown as cash outflow from which type of activity? Financing Activity Investing Activity Extraordinary Item Operating Activity None Hint 149. Fill in the blanks At the time of death of a partner, his/her executor is entitled to all the rights of a _______. Partner Manager Creditor Debtor None Hint 150. Explain the Accounting treatment of settlement of Partner's Capital Accounts at the time of dissolution of a partnership firm : When Partner's Capital Account shows a credit balance. Adjusted through Reserve A/c Shown as expense Firm pays the amount to the partner Partner pays the firm None Hint 151. What journal entry is to be made at the time of a dissolution of partnership firm when : Assets are taken over by the partners Partner’s Capital A/c Dr. To Asset A/c No Entry Realisation A/c Dr. To Partner’s Capital A/c Asset A/c Dr. To Partner’s Capital A/c None Hint 152. Explain how issue of shares for consideration other than cash is recorded in the books of accounts. Vendor A/c Dr. To Share Capital A/c Purchase A/c Dr. To Share Capital A/c Asset A/c Dr. To Share Capital A/c Fixed Asset A/c Dr. To Cash A/c None Hint 153. Which element of a chart provides the additional information about a data marker to identify the details of data point in a data series? The Data points The plot area The legend The Data Labels None Hint 154. The Net salary payable to an employee is obtained by deducting ______ from ______. Allowances from Basic Pay Deductions from Gross Salary Tax from Net Salary Bonus from Net Salary None Hint 155. 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. 18% 25% 30% 20% None Hint 156. Buy back of equity shares is shown as cash outflow from which type of activity? Buy back of equity shares is shown as cash outflow from which type of activity? Operating Activity Trading Activity Financing Activity Investing Activity None Hint 157. 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. 18% 20% 25% 15% None Hint Time's up Share: admin Previous post Accountancy Nios Plus Two PQ I June 30, 2025 Next post History Nios Plus Two PQ VIII July 1, 2025
