Accountancy Nios Plus Two PQ II Welcome to your Accountancy Nios Plus Two PQ II Total Questions: 157 Name Mobile No: 1. 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 Partner pays the firm Firm pays the amount to the partner None Hint 2. 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 3. The Net salary payable to an employee is obtained by deducting ______ from ______. Allowances from Basic Pay Tax from Net Salary Deductions from Gross Salary Bonus from Net Salary None Hint 4. Give one word answer to the following: Which account will be debited on money withdrawn from Bank for personal use? Drawings Account Cash Account Capital Account Bank Account None Hint 5. Ideal Current Ratio is : 2 : 1 1 : 2 1 : 3 1 : 1 None Hint 6. 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 7. 'Life-Membership-fee' received by Not-For-Profit Organisation is shown as : Capital receipt and added in the capital fund of Balance sheet Income in 'Income and Expenditure Account' Payment in 'Receipts and Payments Account' Expenditure in 'Income and Expenditure Account' None Hint 8. Give any three reasons of preparing 'Receipts and Payments Accounts' by Not-for-Profit organisations. To record only capital receipts and capital payments. To calculate net profit or loss of the organisation. To show summary of all cash and bank transactions during the year. To assess depreciation of assets. None Hint 9. Fill in the blanks: At the time of death of a partner, his/her executor is entitled to all the rights of a _______ to _______. creditor; receive dues partner; liabilities shareholder; dividends creditor; the firm None Hint 10. Complete the following sentences: In cash flow statement, the amount of interim dividend paid during the year is shown as: Operating Activity Non-Cash Activity Financing Activity Investing Activity None Hint 11. 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 1 : 3.75 3 : 1 None Hint 12. State any three features of 'Single Entry - System'. It is a scientific method of accounting. It records only credit transactions systematically. It maintains double entry for all transactions. It is incomplete and unscientific method of accounting. None Hint 13. When shares are issued to promoters for their services, which account is debited? Capital Reserve A/c Share Capital A/c Goodwill A/c Cash A/c None Hint 14. State the earning elements used in Pay Roll calculations. Also state how these are calculated. Basic Pay + HRA + Allowances – Deductions Only Basic Pay Basic Pay – Income Tax Only Gross Salary – Net Salary None Hint 15. Give the meaning of : Paid-up Capital means: Total face value of shares issued Portion of called-up capital actually paid Amount demanded but not paid Future capital to be paid None Hint 16. After the preparation of realisation account, gain or loss on realisation is transferred to Partner’s Capital Account Profit and Loss Account Revaluation Account Loan Account None Hint 17. In Excel software Pie chart cannot plot more than: Ten Categories Four Categories Eight Categories Seven Categories None Hint 18. Write the steps involved to copy a chart to Word. Select chart → Copy (Ctrl + C) → Open Word → Paste (Ctrl + V) Insert new chart in Word manually Screenshot chart → Paste in Word Select chart → Press Delete → Open Word → Paste None Hint 19. Give a name of the accounting error for the following transactions : Goods sold on credit to Hari Om omitted from books — Error of Omission Error of Commission Compensating Error Error of Principle None Hint 20. One purpose of using Securities Premium Reserve? Pay director salary Buy back goods Write off preliminary expenses Declare dividend None Hint 21. Write names of affected accounts while making Journal Entries of the following transactions: Salaries paid Salaries A/c and Cash A/c Salaries A/c and Debtors A/c Capital A/c and Salaries A/c Wages A/c and Bank A/c None Hint 22. At the time of retirement of a partner, Loss on revaluation will be debited to the partners' Capital Account in which Ratio? Gaining Ratio Equal Ratio Sacrificing Ratio Old Profit Sharing Ratio None Hint 23. Which of the following is not an error of principle ? Sale of an old car credited sales Account. Repairs on the overhauling of second hand machinery purchased is not recorded in the books of accounts. Typewriter purchased for office use has been debited to Purchases Accounts. Purchase Book is totalled ₹ 20,000 instead of ₹ 15,500. None Hint 24. Angel Ltd., a stock broker, purchases 5,000 shares of Tata Housing Ltd., it is a: Operating Activity Financing Activity General Activity Investing Activity None Hint 25. Give the meaning of Sacrificing Ratio. How is it calculated ? The ratio in which profits are distributed among all partners The ratio in which old partners sacrifice a part of their share in favour of a new partner The ratio of capital invested by the partners The ratio in which new profit is shared by partners None Hint 26. 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 27. At the time of retirement of a partner, Loss on revaluation will be debited to the partners' Revaluation Account Drawing Account Loan Account Capital Account None Hint 28. Complete the sentence The mostly used input devices are keyboard, ______ and ______ monitor, printer mouse, monitor printer, speake mouse, scanner None Hint 29. In Excel software Pie chart cannot plot more than: Seven Categories Ten Categories Seven Categories Eight Categories Four Categories None Hint 30. Differentiate between 'Public Company' and 'Private Company' on the basis of : Minimum number of members Public – 3; Private – 3 Public – 7; Private – 2 Public – 5; Private – 10 Public – 2; Private – 7 None Hint 31. Calling cells by just their columns and row labels is called Relative referencing Mixed referencing Both (A) and (B) Absolute referencing None Hint 32. When proprietor draws goods from the business for his/her personal use, it is known as? Drawings Capital Liability Expense None Hint 33. The Net salary payable to an employee is obtained by deducting ______ from ______. Gross Salary from Net Salary Deductions from Gross Salary Gross Salary from Deductions Allowances from Gross Salary None Hint 34. Fill in the blanks: At the time of dissolution of partnership firm, balance of general reserve is transferred to _______. Realisation Account Partner’s Capital Accounts Partner’s Loan Account Revaluation Account None Hint 35. 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 36. State the earning elements used in Pay Roll calculations. Also state how these are calculated ? Basic Pay, Loan, Rent – all added for Gross Salary TDS, PF, ESI, Bonus – all deducted from Net Salary Commission, PF, Gratuity – added to Net Pay Basic Pay, HRA, DA, Bonus – all added to calculate Gross Salary None Hint 37. 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 38. After the preparation of realisation account, gain or loss on realisation is transferred to: Cash Account Partners’ Capital Accounts Revaluation Account Partners' Drawing Account None Hint 39. 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 ₹ 5 ₹ 10 None Hint 40. Pass necessary Journal Entry when: An unrecorded liability is discharged by a partner on behalf of the firm Liability A/c Dr. To Partner’s Capital A/c No Entry Liability A/c Dr. To Cash A/c Partner’s Capital A/c Dr. To Liability A/c None Hint 41. Which facility is offered to store and process transaction data in computerised accounting system to retrieve information to generate and view financial reports? Data Entry Reporting MIS (Management Information System) Ledger Posting None Hint 42. Calling cells by just their columns and row labels is called: Both (A) and (B) Absolute referencing Relative referencing Mixed referencing None Hint 43. Which of the following sub-unit of central processing unit stores data before being actually processed ? Logic Unit Memory Unit Output Unit Control Unit None Hint 44. In Excel software Pie chart cannot plot more than : Eight Categories Four Categories Ten Categories Seven Categories None Hint 45. Gurman’s A/c short credited by ₹1,000; Manisha’s A/c excess credited by ₹1,000 Error of Omission Error of Commission Compensating Error Error of Principle None Hint 46. State any one purpose for which securities premium reserve amount can be utilized. Pay salaries to employees Distribute among shareholders as dividend Write off preliminary expenses Buy back preference shares None Hint 47. What journal entry is to be made at the time of a dissolution of partnership firm when : For transfer of assets to Realisation Account Assets A/c Dr. To Realisation A/c Bank 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 48. Give one word answer for the following: Transactions, when recorded in Journal, are known as Notes Posting Entries Narration None Hint 49. Net Purchases = Cash Purchases + Credit Purchases – ? Capital Purchases Return Expenses Sales None Hint 50. Which of the following is treated as an unrecorded asset ? Goodwill appearing in the Balance Sheet Sale of old Furniture Bad debts recovered, written off in previous year Sale of Investments None Hint 51. Which of the following Component of MS Access is used to create various reports as per the requirement of the end user? Table Object Forms Object Queries Report Object None Hint 52. 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 53. Give a name of the accounting error for the following transactions : Purchase of Furniture is entered in Purchase Book Error of Principle Clerical Error Error of Commission Error of Omission None Hint 54. What is meant by Cash Flow Statement? State two objectives. A statement showing total revenue and taxes A statement showing inflows/outflows of cash and cash equivalents Shows only cash inflow from operating activities and net worth Shows fund flow from capital structure only None Hint 55. If goodwill already appears in the books at the time of a partner's retirement or death, how is it treated? It is distributed in the new ratio It is ignored in books of accounts It is transferred to the retiring partner only It is written off among all partners in the old ratio None Hint 56. 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 ₹8 ₹2 None Hint 57. Which account shows Surplus or Deficit in case of Not-For-Profit Organisation? Profit and Loss Account Capital Account Income and Expenditure Account Receipts and Payments Account None Hint 58. 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 59. 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 legend The Data Labels The plot area None Hint 60. Data Base management system overcomes the limitation such as : Data redundancy and inconsistency Data isolation Data duplicity All of the above None Hint 61. 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 : ₹ 1,13,000 ₹ 1,30,000 ₹ 1,00,000 ₹ 30,000 None Hint 62. Explain how issue of shares for consideration other than cash is recorded in the books of accounts. Vendor A/c Dr. To Asset A/c Asset A/c Dr. To Share Capital A/c To Securities Premium A/c (if any) Cash A/c Dr. To Share Capital A/c Share Capital A/c Dr. To Asset A/c None Hint 63. Angel Ltd., a stock broker, purchase 5,000 shares of Tata Housing Ltd., it is a : Financing Activity Investing Activity Operating Activity General Activity 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 : ₹ 1,000 ₹ 1,200 ₹ 900 ₹ 800 None Hint 65. 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 66. Data Base management system overcomes the limitation such as : Data duplicity All of the above Data isolation Data redundancy and inconsistency None Hint 67. Liabilities of a firm are ₹ 8,000 and total Assets are ₹ 20,000. What is the capital of the proprietor ? ₹ 28,000 ₹ 12,000 ₹ 8,000 ₹ 20,000 None Hint 68. Accrued Interest is shown on which side of Income & Expenditure A/c? Credit side Asset side Debit side Liability side None Hint 69. Which account shows Surplus or Deficit in Not-For-Profit Organisation — General Fund Capital Fund Account Income and Expenditure Account Receipts and Payments Account None Hint 70. 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 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. 20% 25% 30% 18% None Hint 73. As per Rules of Accounting, Increase in Asset is _______ and decrease in Asset is _______ Credited; Debited Credited; Credited Debited; Debited Debited; Credited None Hint 74. Complete the following sentences: In cash flow statement, under which head “Purchase of fixed assets during the year” is shown? Financing Activity Exceptional Activity Investing Activity Operating Activity None Hint 75. Which element of a chart provides additional information about a data marker? The legend The plot area The Data Labels The Data points None Hint 76. Give the meaning of : Reserve Capital refers to: Capital kept in a separate bank Capital used for bonus shares Portion of subscribed capital not to be called up except in winding up Authorized capital None Hint 77. Net Purchases = Cash Purchases + Credit Purchases – _______ Sales Goods Lost by Fire Purchase Returns Wages None Hint 78. 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 report showing cash inflows/outflows during a period; Helps in assessing liquidity and cash generation A summary of all accounting records; Helps calculate depreciation and tax A summary of bank balance; Used to track profitability None Hint 79. 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 80. What is meant by 'Unearned Income'? Give accounting treatment and Adjustment entry of unearned income. Deduct from income and shown as liability Show as capital reserve Treat as accrued income Shown under drawings None Hint 81. Calling cells by just their columns and row labels is called: Both (A) and (B) Mixed referencing Absolute referencing Relative referencing None Hint 82. Write names of affected accounts while making Journal Entries of the following transactions: Goods sold for cash Cash A/c and Capital A/c Sales A/c and Purchases A/c Sales A/c and Cash A/c Cash A/c and Purchases A/c None Hint 83. 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: 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 Specifying a value for new entries of data records None Hint 84. State any three limitations of cash flow statement. It is a complete replacement of the income 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. None Hint 85. That part of share capital which is uncalled and kept in reserve is known as? Reserve Capital Issued Capital Called-up Capital Authorised Capital None Hint 86. Fill in the blanks At the time of dissolution of partnership firm, balance of general reserve is transferred to _______. Realisation Account Reserve Fund Account Revaluation Account Partner’s Capital Accounts None Hint 87. 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 credited to Retiring Partner’s Capital Account only. It is transferred to General Reserve. It is ignored and no adjustment is required. It is written off by debiting all partners’ capital accounts in old ratio. None Hint 88. Transactions, when recorded in Journal, are known as: Postings Vouchers Entries Accounts None Hint 89. 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 1 : 3 3 : 1 3.75 : 1 None Hint 90. As per Rules of Accounting, Increase in Asset is ______ and decrease in Asset is ______ Debit, Credit Debit, Debit Credit, Debit Credit, Credit None Hint 91. 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 Depreciation A/c & Furniture A/c Furniture A/c & Depreciation A/c None Hint 92. Which account will be debited on money withdrawn from bank for personal use? Capital Account Drawings Account Bank Account Cash Account None Hint 93. Which of the following account is prepared by a Not-For-Profit Organisation ? Profit and Loss Account Income and Expenditure Account Total Creditors Account Trading Account None Hint 94. Complete the Sentences Buy back of equity shares is shown as cash outflow from which type of activity? Extraordinary Item Financing Activity Operating Activity Investing Activity None Hint 95. Give a name of the accounting error for the following transactions : Wages paid for the construction of office debited to wages account. Compensating Error Error of Commission Error of Omission Error of Principle None Hint 96. Ideal Current Ratio is: 1:3 2:1 1:2 1:1 None Hint 97. Using Charts/Graph tools in Excel – explain how to modify a chart: To change the data included in the chart Delete cells Change workbook theme Resize columns Use “Select Data” option under Chart Design None Hint 98. Cash from operating activities” will decrease due to : Increase in Current Assets Decrease in Current Liabilities Both (A) and (B) above None of these None Hint 99. 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% 20% 40% 25% None Hint 100. Ideal Current Ratio is: 2:1 1:1 1:2 1:3 None Hint 101. Gurman's A/c short credited and Manisha's A/c over credited — Error of Omission Error of Commission Error of Principle Compensating Error None Hint 102. Which of the following is a limitation of a Cash Flow Statement? It shows liquidity position of the business It helps in short-term financial planning It is useful for assessing cash generation ability It records only cash transactions, ignoring non-cash items None Hint 103. Using Charts/Graph tools in Excel – explain how to modify a chart: To move the chart Delete chart Paste into Word Use chart filter Click and drag to new location None Hint 104. 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 :* ₹ 3 ₹ 2 Zero ₹ 1 None Hint 105. When shares are issued to promoters of the company as remuneration for their services, which account is debited? Promoters' Capital Account Preliminary Expenses Account Goodwill Account Share Capital Account None Hint 106. Complete the following sentences: Buy back of equity shares is shown as cash outflow from which type of activity? Non-Cash Activity Operating Activity Financing Activity Investing Activity None Hint 107. 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: 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 108. Write names of affected accounts while making Journal Entries of the following transactions: Depreciation charged on furniture Depreciation A/c and Furniture A/c Furniture A/c and Profit & Loss A/c Depreciation A/c and Capital A/c Furniture A/c and Cash A/c None Hint 109. 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% 18% 25% 15% None Hint 110. Sale of Machinery on credit is recorded in : Cash Book Sales Book Bank Pass-Book Journal Proper None Hint 111. Gain of a partner is : New Ratio - Existing (Old) Ratio Existing (Old) Ratio - New Ratio New Ratio - Sacrificing Ratio Sacrificing Ratio - New Ratio None Hint 112. 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 Fixed Asset A/c Dr. To Cash A/c Purchase A/c Dr. To Share Capital A/c Vendor A/c Dr. To Share Capital A/c None Hint 113. The mostly used input devices are keyboard, ______ and ______ CPU and Monitor Monitor and Printer Speaker and Joystick Scanner and Mouse None Hint 114. In case of profit on re-issue of forfeited share is, it is transferred to : General Reserve Account Share Capital Account Securities Premium Reserve Account Capital Reserve Account None Hint 115. 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 Bank A/c Dr. Forfeited Shares A/c Dr. To Share Capital A/c Bank A/c Dr. To Discount on Issue of Shares A/c Share Capital A/c Dr. To Bank A/c None Hint 116. 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 Partner’s Capital A/c Dr. To Realisation A/c Realisation A/c Dr. To Liability A/c None Hint 117. Debt equity ratio indicates risky financial position from the long term print of view if it exceeds : 1 : 2 3 : 1 1 : 1 2 : 1 None Hint 118. Pass necessary Journal Entry when: An unrecorded liability has been discharged by the firm. Liability A/c Dr. To Cash A/c Liability A/c Dr. To Capital A/c No Entry Cash A/c Dr. To Liability A/c None Hint 119. Using Charts/Graph tools in Excel – explain how to modify a chart: To modify the labels and titles Insert shapes Use “Chart Elements” (+ icon) and select Titles/Labels Change font from Home tab Format axis only None Hint 120. "Cash from operating activities" will decrease due to: Increase in Current Liabilities Both (A) and (B) above Increase in Current Assets Decrease in Current Liabilities None Hint 121. Which of the following Component of MS Access is used to create various reports as per the requirement of the end user ? Forms Object Report Object Queries Table Object None Hint 122. That part of share capital which is uncalled and kept in reserve is called _ Share Capital Account Securities Premium Reserve Account Capital Reserve Account Reserve Capital Account None Hint 123. Differentiate between 'Public Company' and 'Private Company' on the basis of : Name Public – Ltd.; Private – Pvt. Ltd. Public – Corporation; Private – Firm Public – Inc.; Private – LLP Public – Pvt. Ltd.; Private – Ltd. None Hint 124. Which of the following are limitations of a cash flow statement? Historical in nature and not predictive Ignores non-cash transactions Cannot reflect profitability accurately All of the above None Hint 125. In MS Access, the 'Caption' property for text data type means: a label used for the field in data sheet and on forms and reports single, double or decimal type of numbers specifying a value for new entries of data records how the field's contents are displayed None Hint 126. Share capital A/c credited by? (Share of ₹10, premium ₹2, ₹7 received) ₹7 ₹9 ₹10 ₹8 None Hint 127. When proprietor draws goods from the business for personal use, it is known as — Purchase Drawings Sales Expense None Hint 128. Complete the following sentences: Goodwill written off is shown in cash flow statement under which type of activity? None of these Operating Activity Investing Activity Financing Activity None Hint 129. When a company decides to raise capital by issuing shares, at that time give the meaning of : Full Subscription refers to: Government subscription Shares issued more than required Partial share application Shares applied exactly equal to shares issued None Hint 130. 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 131. Using Charts/Graph tools in Excel – explain how to modify a chart: To reverse the data which are displayed in the rows and columns Insert pivot chart Rotate chart manually Use "Switch Row/Column" option under Chart Design Use copy-paste None Hint 132. 'Dividend received' by other than financial enterprise is shown in cash flow statement under: Financing Activities Operating Activities Investing Activities General Activities None Hint 133. Differentiate between 'Public Company' and 'Private Company' on the basis of : Maximum number of members Public – 500; Private – 100 Public – 200; Private – Unlimited Public – 100; Private – 50 Public – Unlimited; Private – 200 None Hint 134. 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 135. In Income & Expenditure A/c, 'Accrued Interest' is shown on — Receipts Side Payments Side Expenditure Side Income Side None Hint 136. Give the meaning of Sacrificing Ratio. How it is calculated ? The ratio of capital contributed by partners. 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 in which old partners gain from the retirement of a partner. None Hint 137. 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 Gaining Partners’ Capital A/cs Dr. To Goodwill A/c Goodwill A/c Dr. To All Partners’ Capital A/cs Gaining Partners’ Capital A/cs Dr. To Retiring Partner’s Capital A/c None Hint 138. 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 Shown in the balance sheet Transferred to Profit and Loss A/c The partner pays the amount to the firm None Hint 139. Steps to copy a chart to Word (Choose the correct option): Delete chart → Open Word → Paste Copy Excel file → Paste into Word header Select chart → Copy → Open Word → Paste Use Snipping Tool → Paste image in Word None Hint 140. ‘Dividend received by other than financial enterprise is shown in cash flow statement under : Financing Activities General Activities Operating Activities Investing Activities None Hint 141. Debt equity ratio indicates risky financial position from the long term point of view if it exceeds: 1:1 1:2 3:1 2:1 None Hint 142. 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? Investing Activity Trading Activity Operating Activity Financing Activity None Hint 143. Complete the Sentences In cash flow statement, the amount of interim dividend paid during the year is shown as: Operating Activity Extraordinary Item Investing Activity Financing Activity None Hint 144. What is meant by cash flow statement ? State two objectives of preparing cash flow statement. 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. It is a statement used to record non-cash transactions. None Hint 145. Depreciation reduces the value of: Expenses Assets Liabilities Income None Hint 146. 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 Partner’s Capital A/c Liability A/c Dr. To Bank A/c Realisation A/c Dr. To Bank A/c None Hint 147. 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 Database Management System Tally Accounting Software None Hint 148. Explain formatting the chart using the design option. Add text box Modify chart layout, style, switch row/column, add chart elements Change background color only Insert video into chart None Hint 149. In case of profit on re-issue of forfeited share, it is transferred to: Share Capital Account Securities Premium Reserve Account Capital Reserve Account General Reserve Account None Hint 150. Give a name of the accounting error for the following transactions : Purchase of Furniture entered in Purchase Book — Error of Posting Error of Commission Error of Principle Error of Totalling None Hint 151. When realisation expenses are paid by a partner on behalf of the firm, which of the following account is credited ? Expense Account Partner's Capital Account Cash Account Realisation Account None Hint 152. When a company decides to raise capital by issuing shares, at that time give the meaning of : Under Subscription refers to: Shares applied are less than issued Shares applied are more than issued Oversold shares All shares are allotted None Hint 153. Give the meaning of : Called-up Capital means: Capital that is authorized to be issued Capital actually received Capital shown in books only Capital demanded from shareholders None Hint 154. Write names of affected accounts while making Journal Entries of the following transactions : Salaries paid Salary A/c & Cash A/c Expense A/c & Drawings A/c Salary A/c & Capital A/c Cash A/c & Salary A/c None Hint 155. Give one word answer for the following: Depreciation reduces the value of Liability Revenue Asset Capital None Hint 156. What is meant by 'Unearned Income'? Give accounting treatment and Adjustment entry of unearned income. Unearned income is recorded only in the balance sheet and does not need adjustment. 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 refers to income not yet received but already earned. Adjustment Entry: Income A/c Dr. To Unearned Income A/c None Hint 157. Fill in the blanks At the time of death of a partner, his/her executor is entitled to all the rights of a _______. Creditor Manager Debtor Partner 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
