Accountancy Nios Plus Two PQ II Welcome to your Accountancy Nios Plus Two PQ II Total Questions: 157 Name Mobile No: 1. Gurman's A/c short credited and Manisha's A/c over credited — Compensating Error Error of Commission Error of Principle Error of Omission None Hint 2. State any one purpose for which securities premium reserve amount can be utilized. Pay salaries to employees Buy back preference shares Distribute among shareholders as dividend Write off preliminary expenses None Hint 3. Give a name of the accounting error for the following transactions : Goods sold on credit to Hari Om omitted from books — Error of Principle Error of Commission Compensating Error Error of Omission None Hint 4. Differentiate between 'Public Company' and 'Private Company' on the basis of : Minimum number of members Public – 2; Private – 7 Public – 5; Private – 10 Public – 3; Private – 3 Public – 7; Private – 2 None Hint 5. Complete the following Sentences: In cash flow statement, the amount of interim dividend paid during the year is shown as: Financing Activity Investing Activity Non-cash Activity Operating Activity None Hint 6. Explain how issue of shares for consideration other than cash is recorded in the books of accounts. Cash A/c Dr. To Share Capital A/c Vendor A/c Dr. To Asset A/c Share Capital A/c Dr. To Asset A/c Asset A/c Dr. To Share Capital A/c To Securities Premium A/c (if any) None Hint 7. One purpose of using Securities Premium Reserve? Pay director salary Write off preliminary expenses Declare dividend Buy back goods None Hint 8. 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, HRA, DA, Bonus – all added to calculate Gross Salary Basic Pay, Loan, Rent – all added for Gross Salary Commission, PF, Gratuity – added to Net Pay None Hint 9. If a share of ₹ 10 on which ₹ 8 called up and ₹ 5 paid up has been forfeited the share capital. Account will be debited by :* ₹ 8 ₹ 6 ₹ 10 ₹ 5 None Hint 10. Write names of affected accounts while making Journal Entries of the following transactions : Goods purchased on credit Sales A/c & Debtors A/c Capital A/c & Purchases A/c Purchases A/c & Creditors A/c Cash A/c & Sales A/c None Hint 11. Which of the following sub-unit of central processing unit stores data before being actually processed ? Memory Unit Control Unit Logic Unit Output Unit None Hint 12. "Cash from operating activities" will decrease due to: Decrease in Current Liabilities Increase in Current Assets Both (A) and (B) above Increase in Current Liabilities None Hint 13. In Income & Expenditure A/c, 'Accrued Interest' is shown on — Expenditure Side Income Side Payments Side Receipts Side None Hint 14. Explain formatting the chart using the design option. Change background color only Add text box Insert video into chart Modify chart layout, style, switch row/column, add chart elements None Hint 15. Give the meaning of : Paid-up Capital means: Total face value of shares issued Future capital to be paid Amount demanded but not paid Portion of called-up capital actually paid None Hint 16. 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 ₹7 ₹2 ₹10 ₹8 None Hint 17. Which of the following is a limitation of a Cash Flow Statement? It helps in short-term financial planning It records only cash transactions, ignoring non-cash items It is useful for assessing cash generation ability It shows liquidity position of the business None Hint 18. 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? Database Management System Accounting Software Spreadsheet Tally None Hint 19. 'Dividend received' by other than financial enterprise is shown in cash flow statement under: Operating Activities Investing Activities Financing Activities General Activities None Hint 20. Data Base management system overcomes the limitation such as : All of the above Data redundancy and inconsistency Data isolation Data duplicity None Hint 21. ‘Dividend received by other than financial enterprise is shown in cash flow statement under : Financing Activities Investing Activities Operating Activities General Activities None Hint 22. When realisation expenses are paid by a partner on behalf of the firm, which of the following account is credited ? Partner's Capital Account Expense Account Realisation Account Cash Account None Hint 23. Calling cells by just their columns and row labels is called Relative referencing Mixed referencing Both (A) and (B) Absolute referencing None Hint 24. Complete the Sentences In cash flow statement, the amount of interim dividend paid during the year is shown as: Investing Activity Operating Activity Financing Activity Extraordinary Item None Hint 25. Write names of affected accounts while making Journal Entries of the following transactions : Salaries paid Salary A/c & Capital A/c Salary A/c & Cash A/c Cash A/c & Salary A/c Expense A/c & Drawings A/c None Hint 26. 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 27. 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 28. Data Base management system overcomes the limitation such as : Data duplicity All of the above Data redundancy and inconsistency Data isolation None Hint 29. After the preparation of realisation account, gain or loss on realisation is transferred to: Revaluation Account Partners’ Capital Accounts Cash Account Partners' Drawing Account None Hint 30. Sale of Machinery on credit is recorded in : Journal Proper Sales Book Cash Book Bank Pass-Book None Hint 31. Fill in the blanks At the time of dissolution of partnership firm, balance of general reserve is transferred to _______. Reserve Fund Account Realisation Account Partner’s Capital Accounts Revaluation Account None Hint 32. Give the meaning of : Reserve Capital refers to: Capital kept in a separate bank Capital used for bonus shares Authorized capital Portion of subscribed capital not to be called up except in winding up None Hint 33. Debt equity ratio indicates risky financial position from the long term print of view if it exceeds : 2 : 1 1 : 2 3 : 1 1 : 1 None Hint 34. The Net salary payable to an employee is obtained by deducting ______ from ______. Deductions from Gross Salary Allowances from Basic Pay Tax from Net Salary Bonus from Net Salary None Hint 35. Liabilities of a firm are ₹ 8,000 and total Assets are ₹ 20,000. What is the capital of the proprietor ? ₹ 20,000 ₹ 12,000 ₹ 8,000 ₹ 28,000 None Hint 36. 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 Commission Error of Principle Error of Omission None Hint 37. Give a name of the accounting error for the following transactions : Purchase of Furniture is entered in Purchase Book Clerical Error Error of Commission Error of Principle Error of Omission None Hint 38. Give one word answer for the following: Transactions, when recorded in Journal, are known as Entries Notes Posting Narration None Hint 39. Which of the following is treated as an unrecorded asset ? Sale of Investments Bad debts recovered, written off in previous year Sale of old Furniture Goodwill appearing in the Balance Sheet None Hint 40. What is meant by 'Unearned Income'? Give accounting treatment and Adjustment entry of unearned income. Unearned income refers to income not yet received but already earned. Adjustment Entry: Income A/c Dr. To Unearned Income A/c Unearned income is recorded only in the balance sheet and does not need adjustment. 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 profit from sale of fixed assets. Adjustment Entry: Asset A/c Dr. To Profit A/c None Hint 41. 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 Compensating Error Error of Principle None Hint 42. Gain of a partner is : Sacrificing Ratio - New Ratio New Ratio - Sacrificing Ratio New Ratio - Existing (Old) Ratio Existing (Old) Ratio - New Ratio None Hint 43. As per Rules of Accounting, Increase in Asset is ______ and decrease in Asset is ______ Debit, Debit Credit, Debit Credit, Credit Debit, Credit None Hint 44. Which of the following are limitations of a cash flow statement? Ignores non-cash transactions Historical in nature and not predictive Cannot reflect profitability accurately All of the above None Hint 45. Which of the following is not an error of principle ? Typewriter purchased for office use has been debited to Purchases Accounts. Sale of an old car credited sales Account. Purchase Book is totalled ₹ 20,000 instead of ₹ 15,500. Repairs on the overhauling of second hand machinery purchased is not recorded in the books of accounts. None Hint 46. Give the meaning of Sacrificing Ratio. How it is calculated ? The ratio in which new partner sacrifices his share in favour of existing partners. The ratio in which existing partners agree to sacrifice their share of profit in favour of a new partner. The ratio of capital contributed by partners. The ratio in which old partners gain from the retirement of a partner. None Hint 47. Using Charts/Graph tools in Excel – explain how to modify a chart: To modify the labels and titles Format axis only Use “Chart Elements” (+ icon) and select Titles/Labels Change font from Home tab Insert shapes None Hint 48. 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 plot area The Data points The legend None Hint 49. Which of the following account is prepared by a Not-For-Profit Organisation ? Profit and Loss Account Trading Account Total Creditors Account Income and Expenditure Account None Hint 50. Debt equity ratio indicates risky financial position from the long term point of view if it exceeds: 1:2 2:1 1:1 3:1 None Hint 51. 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 52. 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 53. Differentiate between 'Public Company' and 'Private Company' on the basis of : Name Public – Ltd.; Private – Pvt. Ltd. Public – Pvt. Ltd.; Private – Ltd. Public – Corporation; Private – Firm Public – Inc.; Private – LLP None Hint 54. 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. 30% 40% 20% 25% None Hint 55. Give one word answer to the following: Which account will be debited on money withdrawn from Bank for personal use? Drawings Account Bank Account Capital Account Cash Account None Hint 56. In Excel software Pie chart cannot plot more than: Seven Categories Seven Categories Ten Categories Eight Categories Four Categories None Hint 57. Explain how re-issue of Forfeited shares at discount is recorded in the books of accounts. Discount allowed on re-issue is credited to Capital Reserve Account 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 None Hint 58. Complete the following sentences: Buy back of equity shares is shown as cash outflow from which type of activity? Non-Cash Activity Investing Activity Financing Activity Operating Activity None Hint 59. 'Life-Membership-fee' received by Not-For-Profit Organisation is shown as : Payment in 'Receipts and Payments Account' Income in 'Income and Expenditure Account' Capital receipt and added in the capital fund of Balance sheet Expenditure in 'Income and Expenditure Account' None Hint 60. Explain how re-issue of Forfeited shares at discount is recorded in the books of accounts. Bank A/c Dr. To Discount on Issue of Shares A/c Share Capital A/c Dr. To Bank A/c Bank A/c Dr. To Share Capital A/c Bank A/c Dr. Forfeited Shares A/c Dr. To Share Capital A/c None Hint 61. The Net salary payable to an employee is obtained by deducting ______ from ______. Gross Salary from Net Salary Gross Salary from Deductions Deductions from Gross Salary Allowances from Gross Salary None Hint 62. What journal entry is to be made at the time of a dissolution of partnership firm when : For transfer of assets to Realisation Account Bank A/c Dr. To Realisation A/c Assets A/c Dr. To Realisation A/c Realisation A/c Dr. To Partner’s Capital A/c Realisation A/c Dr. To Assets A/c None Hint 63. If goodwill already appears in the books at the time of a partner's retirement or death, how is it treated? It is transferred to the retiring partner only It is written off among all partners in the old ratio It is ignored in books of accounts It is distributed in the new ratio None Hint 64. That part of share capital which is uncalled and kept in reserve is known as? Issued Capital Reserve Capital Authorised Capital Called-up Capital None Hint 65. Which account will be debited on money withdrawn from bank for personal use? Bank Account Capital Account Drawings Account Cash Account None Hint 66. Accrued Interest is shown on which side of Income & Expenditure A/c? Debit side Asset side Liability side Credit side None Hint 67. Which element of a chart provides additional information about a data marker? The legend The Data points The plot area The Data Labels None Hint 68. 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 3 : 1 1 : 3.75 None Hint 69. Ideal Current Ratio is: 1:3 2:1 1:1 1:2 None Hint 70. Give the meaning of Sacrificing Ratio. How is it calculated ? The ratio in which old partners sacrifice a part of their share in favour of a new partner The ratio in which profits are distributed among all partners The ratio in which new profit is shared by partners The ratio of capital invested by the partners None Hint 71. 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 Debtor's A/c Capital A/c and Purchases A/c Purchases A/c and Creditor’s A/c None Hint 72. 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. 15% 25% 20% 18% None Hint 73. What journal entry is to be made at the time of a dissolution of partnership firm when : Payment of liabilities by the partners Liability A/c Dr. To Bank A/c Realisation A/c Dr. To Bank A/c Partner’s Capital A/c Dr. To Liability A/c Liability A/c Dr. To Partner’s Capital A/c None Hint 74. Depreciation reduces the value of: Liabilities Assets Expenses Income None Hint 75. 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 ₹ 900 ₹ 800 None Hint 76. Complete the following sentences: In cash flow statement, the amount of interim dividend paid during the year is shown as: Operating Activity Financing Activity Non-Cash Activity Investing Activity None Hint 77. Ideal Current Ratio is: 2:1 1:1 1:3 1:2 None Hint 78. What is meant by 'Unearned Income'? Give accounting treatment and Adjustment entry of unearned income. Treat as accrued income Deduct from income and shown as liability Show as capital reserve Shown under drawings None Hint 79. 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 Capital Account None Hint 80. Differentiate between 'Public Company' and 'Private Company' on the basis of : Maximum number of members Public – Unlimited; Private – 200 Public – 100; Private – 50 Public – 500; Private – 100 Public – 200; Private – Unlimited None Hint 81. Steps to copy a chart to Word (Choose the correct option): Delete chart → Open Word → Paste Use Snipping Tool → Paste image in Word Copy Excel file → Paste into Word header Select chart → Copy → Open Word → Paste None Hint 82. Complete the following sentences: In cash flow statement, under which head “Purchase of fixed assets during the year” is shown? Financing Activity Exceptional Activity Operating Activity Investing Activity None Hint 83. As per Rules of Accounting, Increase in Asset is _______ and decrease in Asset is _______ Debited; Debited Debited; Credited Credited; Debited Credited; Credited None Hint 84. Share capital A/c credited by? (Share of ₹10, premium ₹2, ₹7 received) ₹10 ₹8 ₹7 ₹9 None Hint 85. In Excel software Pie chart cannot plot more than: Eight Categories Seven Categories Four Categories Ten Categories None Hint 86. Cash Balance ₹ 15,000, Trade Receivables ₹ 35,000, Inventory ₹ 40,000, Trade payables ₹ 24,000; Bank overdraft ₹ 6,000 Current Ratio will be : 3 : 1 1 : 3 1 : 3.75 3.75 : 1 None Hint 87. Complete the Sentences Buy back of equity shares is shown as cash outflow from which type of activity? Operating Activity Investing Activity Financing Activity Extraordinary Item 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. 30% 25% 20% 18% None Hint 89. 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 transferred to General Reserve. It is written off by debiting all partners’ capital accounts in old ratio. It is credited to Retiring Partner’s Capital Account only. It is ignored and no adjustment is required. None Hint 90. Which facility is offered to store and process transaction data in computerised accounting system to retrieve information to generate and view financial reports? Reporting Ledger Posting MIS (Management Information System) Data Entry None Hint 91. 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: Specifying a value for new entries of data records A label used for the field in datasheet and on forms and reports How the field's contents are displayed Single, double or decimal type of numbers None Hint 92. 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: how the field's contents are displayed specifying a value for new entries of data records single, double or decimal type of numbers a label used for the field in datasheet and on forms and reports None Hint 93. In case of profit on re-issue of forfeited share is, it is transferred to : Share Capital Account Securities Premium Reserve Account Capital Reserve Account General Reserve Account None Hint 94. Complete the following sentences: Goodwill written off is shown in cash flow statement under which type of activity? None of these Financing Activity Operating Activity Investing Activity None Hint 95. 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 ₹ 1,13,000 ₹ 1,30,000 None Hint 96. Pass necessary Journal Entry when: An unrecorded liability is discharged by a partner on behalf of the firm Partner’s Capital A/c Dr. To Liability A/c No Entry Liability A/c Dr. To Partner’s Capital A/c Liability A/c Dr. To Cash A/c None Hint 97. When shares are issued to promoters for their services, which account is debited? Share Capital A/c Capital Reserve A/c Goodwill A/c Cash A/c None Hint 98. 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 99. Which account shows Surplus or Deficit in Not-For-Profit Organisation — Receipts and Payments Account General Fund Capital Fund Account Income and Expenditure Account None Hint 100. Write names of affected accounts while making Journal Entries of the following transactions : Depreciation charged on furniture Cash A/c & Furniture A/c Expense A/c & Asset A/c Furniture A/c & Depreciation A/c Depreciation A/c & Furniture A/c None Hint 101. Pass necessary Journal Entry when : An unrecorded liability has been discharged by the firm. Cash/Bank A/c Dr. To Realisation A/c Realisation A/c Dr. To Cash/Bank A/c Liability A/c Dr. To Realisation A/c Realisation A/c Dr. To Liability A/c None Hint 102. That part of share capital which is uncalled and kept in reserve is called _ Reserve Capital Account Securities Premium Reserve Account Share Capital Account Capital Reserve Account None Hint 103. 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 Forms Object Table Object None Hint 104. Net Purchases = Cash Purchases + Credit Purchases – ? Purchases Return Capital Sales Expenses None Hint 105. Write names of affected accounts while making Journal Entries of the following transactions : Goods sold for cash Sales A/c & Cash A/c Purchases A/c & Cash A/c Capital A/c & Sales A/c Cash A/c & Capital A/c None Hint 106. Give the meaning of : Called-up Capital means: Capital demanded from shareholders Capital that is authorized to be issued Capital actually received Capital shown in books only None Hint 107. Angel Ltd., a stock broker, purchase 5,000 shares of Tata Housing Ltd., it is a : General Activity Investing Activity Operating Activity Financing Activity None Hint 108. 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 ₹ 3 ₹ 2 Zero None Hint 109. Write names of affected accounts while making Journal Entries of the following transactions: Goods sold for cash Sales A/c and Cash A/c Cash A/c and Purchases A/c Cash A/c and Capital A/c Sales A/c and Purchases A/c None Hint 110. When a company decides to raise capital by issuing shares, at that time give the meaning of : Full Subscription refers to: Shares applied exactly equal to shares issued Shares issued more than required Government subscription Partial share application None Hint 111. When a company decides to raise capital by issuing shares, at that time give the meaning of : Under Subscription refers to: Oversold shares All shares are allotted Shares applied are more than issued Shares applied are less than issued None Hint 112. Give any three reasons of preparing 'Receipts and Payments Accounts' by Not-for-Profit organisations. To calculate net profit or loss of the organisation. To record only capital receipts and capital payments. To assess depreciation of assets. To show summary of all cash and bank transactions during the year. None Hint 113. Fill in the blanks: At the time of dissolution of partnership firm, balance of general reserve is transferred to _______. Revaluation Account Realisation Account Partner’s Loan Account Partner’s Capital Accounts None Hint 114. In MS Access, the 'Caption' property for text data type means: single, double or decimal type of numbers specifying a value for new entries of data records how the field's contents are displayed a label used for the field in data sheet and on forms and reports None Hint 115. What journal entry is to be made at the time of a dissolution of partnership firm when : Assets are taken over by the partners No Entry Asset A/c Dr. To Partner’s Capital A/c Realisation A/c Dr. To Partner’s Capital A/c Partner’s Capital A/c Dr. To Asset A/c None Hint 116. Write names of affected accounts while making Journal Entries of the following transactions: Salaries paid Salaries A/c and Debtors A/c Salaries A/c and Cash A/c Wages A/c and Bank A/c Capital A/c and Salaries A/c None Hint 117. 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 Firm pays the amount to the partner Partner pays the firm Shown as expense None Hint 118. Give one word answer for the following: Depreciation reduces the value of Capital Revenue Asset Liability None Hint 119. In Excel software Pie chart cannot plot more than : Eight Categories Ten Categories Four Categories Seven Categories None Hint 120. Give a name of the accounting error for the following transactions : Wages paid for construction of office building debited to wages account — Error of Principle Compensating Error Error of Omission Error of Commission None Hint 121. State any three features of 'Single Entry - System'. It is a scientific method of accounting. It records only credit transactions systematically. It is incomplete and unscientific method of accounting. It maintains double entry for all transactions. None Hint 122. Using Charts/Graph tools in Excel – explain how to modify a chart: To move the chart Click and drag to new location Use chart filter Paste into Word Delete chart None Hint 123. Cash from operating activities” will decrease due to : Decrease in Current Liabilities Increase in Current Assets Both (A) and (B) above None of these None Hint 124. After the preparation of realisation account, gain or loss on realisation is transferred to Profit and Loss Account Loan Account Partner’s Capital Account Revaluation Account None Hint 125. Complete the sentence The mostly used input devices are keyboard, ______ and ______ mouse, monitor mouse, scanner printer, speake monitor, printer None Hint 126. Using Charts/Graph tools in Excel – explain how to modify a chart: To change the data included in the chart Resize columns Delete cells Change workbook theme Use “Select Data” option under Chart Design None Hint 127. Gurman’s A/c short credited by ₹1,000; Manisha’s A/c excess credited by ₹1,000 Error of Commission Error of Omission Compensating Error Error of Principle None Hint 128. Ideal Current Ratio is : 1 : 1 1 : 2 2 : 1 1 : 3 None Hint 129. Pass necessary Journal Entry when: An unrecorded liability has been discharged by the firm. Cash A/c Dr. To Liability A/c Liability A/c Dr. To Cash A/c No Entry Liability A/c Dr. To Capital A/c None Hint 130. 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 131. Calling cells by just their columns and row labels is called: Absolute referencing Relative referencing Both (A) and (B) Mixed referencing None Hint 132. At the time of retirement of a partner, Loss on revaluation will be debited to the partners' Revaluation Account Loan Account Capital Account Drawing Account None Hint 133. What is meant by Cash Flow Statement? State two objectives. Shows only cash inflow from operating activities and net worth Shows fund flow from capital structure only A statement showing inflows/outflows of cash and cash equivalents A statement showing total revenue and taxes None Hint 134. State the earning elements used in Pay Roll calculations. Also state how these are calculated. Only Basic Pay Basic Pay + HRA + Allowances – Deductions Basic Pay – Income Tax Only Gross Salary – Net Salary None Hint 135. Write names of affected accounts while making Journal Entries of the following transactions: Depreciation charged on furniture Furniture A/c and Cash A/c Depreciation A/c and Capital A/c Depreciation A/c and Furniture A/c Furniture A/c and Profit & Loss A/c None Hint 136. When a company decides to raise capital by issuing shares, at that time give the meaning of : Over Subscription refers to: Subscription by foreign investors No shares are issued Shares issued are less than applied Applications received are more than number of shares issued None Hint 137. Transactions, when recorded in Journal, are known as: Accounts Entries Vouchers Postings None Hint 138. 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 legend The Data Labels The plot area The Data points None Hint 139. The mostly used input devices are keyboard, ______ and ______ Speaker and Joystick Monitor and Printer Scanner and Mouse CPU and Monitor None Hint 140. At the time of retirement of a partner, Loss on revaluation will be debited to the partners' Capital Account in which Ratio? Equal Ratio Sacrificing Ratio Old Profit Sharing Ratio Gaining Ratio None Hint 141. 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? Trading Activity Operating Activity Financing Activity Investing Activity None Hint 142. Fill in the blanks At the time of death of a partner, his/her executor is entitled to all the rights of a _______. Manager Debtor Creditor Partner None Hint 143. What is meant by cash flow statement ? State two objectives of preparing cash flow statement. A report showing cash inflows/outflows during a period; Helps in assessing liquidity and cash generation 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 None Hint 144. 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 "Switch Row/Column" option under Chart Design Rotate chart manually Insert pivot chart Use copy-paste None Hint 145. In case of profit on re-issue of forfeited share, it is transferred to: Share Capital Account Capital Reserve Account General Reserve Account Securities Premium Reserve Account None Hint 146. Explain how issue of shares for consideration other than cash is recorded in the books of accounts. Purchase A/c Dr. To Share Capital A/c Fixed Asset A/c Dr. To Cash A/c Vendor A/c Dr. To Share Capital A/c Asset A/c Dr. To Share Capital A/c None Hint 147. 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 Liability A/c Partner’s Capital A/c Dr. To Realisation A/c Realisation A/c Dr. To Partner’s Capital A/c None Hint 148. 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 The partner pays the amount to the firm Shown in the balance sheet None Hint 149. Give a name of the accounting error for the following transactions : Purchase of Furniture entered in Purchase Book — Error of Principle Error of Totalling Error of Commission Error of Posting None Hint 150. Write the steps involved to copy a chart to Word. Insert new chart in Word manually Select chart → Press Delete → Open Word → Paste Screenshot chart → Paste in Word Select chart → Copy (Ctrl + C) → Open Word → Paste (Ctrl + V) None Hint 151. 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 152. Net Purchases = Cash Purchases + Credit Purchases – _______ Goods Lost by Fire Sales Purchase Returns Wages None Hint 153. 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 Queries Forms Object None Hint 154. When proprietor draws goods from the business for personal use, it is known as — Sales Purchase Expense Drawings None Hint 155. Calling cells by just their columns and row labels is called: Mixed referencing Absolute referencing Relative referencing Both (A) and (B) None Hint 156. When shares are issued to promoters of the company as remuneration for their services, which account is debited? Goodwill Account Share Capital Account Promoters' Capital Account Preliminary Expenses Account None Hint 157. When proprietor draws goods from the business for his/her personal use, it is known as? Expense Drawings Capital Liability 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
