Accountancy Nios Plus Two PQ II Welcome to your Accountancy Nios Plus Two PQ II Total Questions: 157 Name Mobile No: 1. Transactions, when recorded in Journal, are known as: Postings Entries Vouchers Accounts None Hint 2. 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 Partner’s Capital Accounts Revaluation Account None Hint 3. At the time of retirement of a partner, Loss on revaluation will be debited to the partners' Capital Account in which Ratio? Old Profit Sharing Ratio Sacrificing Ratio Gaining Ratio Equal Ratio None Hint 4. Explain how issue of shares for consideration other than cash is recorded in the books of accounts. Fixed Asset A/c Dr. To Cash A/c Purchase A/c Dr. To Share Capital A/c Asset A/c Dr. To Share Capital A/c Vendor A/c Dr. To Share Capital A/c None Hint 5. 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 6. Cash from operating activities” will decrease due to : Decrease in Current Liabilities Increase in Current Assets None of these Both (A) and (B) above None Hint 7. Debt equity ratio indicates risky financial position from the long term point of view if it exceeds: 1:2 1:1 2:1 3:1 None Hint 8. As per Rules of Accounting, Increase in Asset is ______ and decrease in Asset is ______ Credit, Debit Credit, Credit Debit, Credit Debit, Debit None Hint 9. 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 10. Give a name of the accounting error for the following transactions : Wages paid for the construction of office debited to wages account. Error of Principle Compensating Error Error of Omission Error of Commission None Hint 11. Angel Ltd., a stock broker, purchases 5,000 shares of Tata Housing Ltd., it is a: Investing Activity Financing Activity General Activity Operating Activity None Hint 12. 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 13. 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 of capital invested by the partners The ratio in which new profit is shared by partners The ratio in which profits are distributed among all partners None Hint 14. Complete the following sentences: Buy back of equity shares is shown as cash outflow from which type of activity? Operating Activity Financing Activity Investing Activity Non-Cash Activity None Hint 15. When realisation expenses are paid by a partner on behalf of the firm, which of the following account is credited ? Realisation Account Partner's Capital Account Cash Account Expense Account None Hint 16. Angel Ltd., a stock broker, purchase 5,000 shares of Tata Housing Ltd., it is a : Investing Activity General Activity Financing Activity Operating Activity None Hint 17. One purpose of using Securities Premium Reserve? Buy back goods Write off preliminary expenses Declare dividend Pay director salary None Hint 18. 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 Partner’s Capital A/c Realisation A/c Dr. To Bank A/c Liability A/c Dr. To Bank A/c Partner’s Capital A/c Dr. To Liability A/c None Hint 19. That part of share capital which is uncalled and kept in reserve is called _ Capital Reserve Account Share Capital Account Reserve Capital Account Securities Premium Reserve Account None Hint 20. Differentiate between 'Public Company' and 'Private Company' on the basis of : Maximum number of members Public – 200; Private – Unlimited Public – Unlimited; Private – 200 Public – 100; Private – 50 Public – 500; Private – 100 None Hint 21. 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? Accounting Software Database Management System Tally Spreadsheet None Hint 22. Write the steps involved to copy a chart to Word. Select chart → Copy (Ctrl + C) → Open Word → Paste (Ctrl + V) Screenshot chart → Paste in Word Insert new chart in Word manually Select chart → Press Delete → Open Word → Paste None Hint 23. At the time of retirement of a partner, Loss on revaluation will be debited to the partners' Drawing Account Revaluation Account Capital Account Loan Account None Hint 24. 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 Data Entry MIS (Management Information System) Reporting None Hint 25. Fill in the blanks At the time of dissolution of partnership firm, balance of general reserve is transferred to _______. Partner’s Capital Accounts Realisation Account Reserve Fund Account Revaluation Account None Hint 26. Explain how issue of shares for consideration other than cash is recorded in the books of accounts. 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) Vendor A/c Dr. To Asset A/c Cash A/c Dr. To Share Capital A/c None Hint 27. Give necessary Journal Entry for treatment of goodwill on retirement of a partner stating the ratio in which goodwill is to be distributed. Goodwill A/c Dr. To All Partners’ Capital A/cs Gaining Partners’ Capital A/cs Dr. To Retiring Partner’s Capital A/c Gaining Partners’ Capital A/cs Dr. To Goodwill A/c Retiring Partner’s Capital A/c Dr. To Goodwill A/c None Hint 28. 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 29. 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% 20% 18% 25% None Hint 30. Give one word answer for the following: Transactions, when recorded in Journal, are known as Notes Narration Entries Posting None Hint 31. Give a name of the accounting error for the following transactions : Wages paid for construction of office building debited to wages account — Compensating Error Error of Omission Error of Principle Error of Commission None Hint 32. ‘Dividend received by other than financial enterprise is shown in cash flow statement under : Investing Activities Financing Activities Operating Activities General Activities None Hint 33. 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 Liability A/c Dr. To Partner’s Capital A/c No Entry Liability A/c Dr. To Cash A/c None Hint 34. What is meant by 'Unearned Income'? Give accounting treatment and Adjustment entry of unearned income. Treat as accrued income Shown under drawings Deduct from income and shown as liability Show as capital reserve None Hint 35. 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 36. Calculate the gross profit ratio from the following data : Sales ₹ 3,25,000; Sales returns ₹ 25,000 and Cost of revenue from operations ₹ 2,40,000. 18% 30% 25% 20% None Hint 37. Which account will be debited on money withdrawn from bank for personal use? Cash Account Capital Account Drawings Account Bank Account None Hint 38. 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 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 old partners gain from the retirement of a partner. None Hint 39. Share capital A/c credited by? (Share of ₹10, premium ₹2, ₹7 received) ₹8 ₹10 ₹9 ₹7 None Hint 40. Give one word answer to the following: Which account will be debited on money withdrawn from Bank for personal use? Cash Account Drawings Account Bank Account Capital Account None Hint 41. 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 Commission, PF, Gratuity – added to Net Pay Basic Pay, Loan, Rent – all added for Gross Salary None Hint 42. Which of the following sub-unit of central processing unit stores data before being actually processed ? Logic Unit Control Unit Output Unit Memory Unit None Hint 43. Liabilities of a firm are ₹ 8,000 and total Assets are ₹ 20,000. What is the capital of the proprietor ? ₹ 12,000 ₹ 8,000 ₹ 20,000 ₹ 28,000 None Hint 44. Angel Ltd., a stock broker, purchases 5,000 shares of Tata Housing Ltd., it is a: Investing Activity Operating Activity General Activity Financing Activity None Hint 45. Which account shows Surplus or Deficit in case of Not-For-Profit Organisation? Capital Account Income and Expenditure Account Receipts and Payments Account Profit and Loss Account None Hint 46. Write names of affected accounts while making Journal Entries of the following transactions : Salaries paid Cash A/c & Salary A/c Salary A/c & Capital A/c Salary A/c & Cash A/c Expense A/c & Drawings A/c None Hint 47. Data Base management system overcomes the limitation such as : Data isolation Data redundancy and inconsistency All of the above Data duplicity None Hint 48. Complete the sentence The mostly used input devices are keyboard, ______ and ______ monitor, printer printer, speake mouse, scanner mouse, monitor None Hint 49. Pass necessary Journal Entries: When an unrecorded liability is discharged by a partner on behalf of the firm, the Journal Entry is: Realisation A/c Dr. To Liability A/c Realisation A/c Dr. To Partner’s Capital A/c Liability A/c Dr. To Partner’s Capital A/c Partner’s Capital A/c Dr. To Realisation A/c None Hint 50. Which of the following Component of MS Access is used to create various reports as per the requirement of the end user ? Queries Forms Object Table Object Report Object None Hint 51. 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 52. The Net salary payable to an employee is obtained by deducting ______ from ______. Tax from Net Salary Deductions from Gross Salary Bonus from Net Salary Allowances from Basic Pay None Hint 53. 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 54. 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 55. 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 : 1 1 : 3 3.75 : 1 None Hint 56. 'Life-Membership-fee' received by Not-For-Profit Organisation is shown as : Capital receipt and added in the capital fund of Balance sheet Expenditure in 'Income and Expenditure Account' Payment in 'Receipts and Payments Account' Income in 'Income and Expenditure Account' None Hint 57. Which of the following are limitations of a cash flow statement? Historical in nature and not predictive All of the above Cannot reflect profitability accurately Ignores non-cash transactions None Hint 58. 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 All shares are allotted Oversold shares Shares applied are less than issued None Hint 59. 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 written off among all partners in the old ratio It is transferred to the retiring partner only It is ignored in books of accounts None Hint 60. As per Rules of Accounting, Increase in Asset is _______ and decrease in Asset is _______ Credited; Debited Debited; Debited Debited; Credited Credited; Credited None Hint 61. Sale of Machinery on credit is recorded in : Bank Pass-Book Journal Proper Cash Book Sales Book None Hint 62. In Excel software Pie chart cannot plot more than: Ten Categories Four Categories Seven Categories Eight Categories None Hint 63. Give a name of the accounting error for the following transactions : Purchase of Furniture is entered in Purchase Book Error of Principle Error of Omission Error of Commission Clerical Error None Hint 64. After the preparation of realisation account, gain or loss on realisation is transferred to: Cash Account Partners' Drawing Account Revaluation Account Partners’ Capital Accounts None Hint 65. 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 ₹2 ₹8 ₹10 ₹7 None Hint 66. That part of share capital which is uncalled and kept in reserve is known as? Issued Capital Authorised Capital Reserve Capital Called-up Capital None Hint 67. 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 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 Unearned income refers to income not yet received but already earned. Adjustment Entry: Income A/c Dr. To Unearned Income A/c None Hint 68. Differentiate between 'Public Company' and 'Private Company' on the basis of : Minimum number of members Public – 7; Private – 2 Public – 2; Private – 7 Public – 3; Private – 3 Public – 5; Private – 10 None Hint 69. 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. 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. None Hint 70. When shares are issued to promoters of the company as remuneration for their services, which account is debited? Share Capital Account Promoters' Capital Account Preliminary Expenses Account Goodwill Account None Hint 71. Depreciation reduces the value of: Expenses Assets Liabilities Income None Hint 72. Give one word answer for the following: Depreciation reduces the value of Revenue Liability Capital Asset None Hint 73. Complete the following sentences: In cash flow statement, under which head “Purchase of fixed assets during the year” is shown? Investing Activity Operating Activity Financing Activity Exceptional Activity None Hint 74. When proprietor draws goods from the business for his/her personal use, it is known as? Drawings Expense Capital Liability None Hint 75. Using Charts/Graph tools in Excel – explain how to modify a chart: To change the data included in the chart Resize columns Use “Select Data” option under Chart Design Change workbook theme Delete cells None Hint 76. The mostly used input devices are keyboard, ______ and ______ Speaker and Joystick Scanner and Mouse CPU and Monitor Monitor and Printer None Hint 77. Write names of affected accounts while making Journal Entries of the following transactions: Goods sold for cash Cash A/c and Purchases A/c Sales A/c and Purchases A/c Sales A/c and Cash A/c Cash A/c and Capital A/c None Hint 78. Complete the following sentences: Goodwill written off is shown in cash flow statement under which type of activity? Operating Activity None of these Investing Activity Financing Activity None Hint 79. Give a name of the accounting error for the following transactions : Goods sold on credit to Hari Om omitted from books — Error of Commission Compensating Error Error of Principle Error of Omission None Hint 80. Data Base management system overcomes the limitation such as : Data isolation Data duplicity All of the above Data redundancy and inconsistency None Hint 81. State any three limitations of cash flow statement. 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. It reflects profitability accurately. None Hint 82. Calling cells by just their columns and row labels is called: Absolute referencing Both (A) and (B) Relative referencing Mixed referencing None Hint 83. Write names of affected accounts while making Journal Entries of the following transactions: Goods purchased on credit Capital A/c and Purchases A/c Cash A/c and Purchases A/c Purchases A/c and Creditor’s A/c Purchases A/c and Debtor's A/c None Hint 84. 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 85. Write names of affected accounts while making Journal Entries of the following transactions : Goods purchased on credit Sales A/c & Debtors A/c Purchases A/c & Creditors A/c Cash A/c & Sales A/c Capital A/c & Purchases A/c None Hint 86. 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 87. Net Purchases = Cash Purchases + Credit Purchases – ? Expenses Capital Sales Purchases Return None Hint 88. In MS Access, the 'Caption' property for text data type means: how the field's contents are displayed single, double or decimal type of numbers a label used for the field in data sheet and on forms and reports specifying a value for new entries of data records None Hint 89. Complete the following sentences: In cash flow statement, the amount of interim dividend paid during the year is shown as: Investing Activity Operating Activity Non-Cash Activity Financing Activity None Hint 90. Which of the following account is prepared by a Not-For-Profit Organisation ? Trading Account Total Creditors Account Profit and Loss Account Income and Expenditure Account None Hint 91. Calling cells by just their columns and row labels is called Absolute referencing Mixed referencing Both (A) and (B) Relative referencing None Hint 92. Which account shows Surplus or Deficit in Not-For-Profit Organisation — General Fund Capital Fund Account Receipts and Payments Account Income and Expenditure Account None Hint 93. 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 94. What is meant by cash flow statement ? State two objectives of preparing cash flow statement. A summary of all accounting records; Helps calculate depreciation and tax A summary of bank balance; Used to track profitability 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 None Hint 95. Ideal Current Ratio is : 1 : 1 2 : 1 1 : 2 1 : 3 None Hint 96. State the earning elements used in Pay Roll calculations. Also state how these are calculated. Only Basic Pay Gross Salary – Net Salary Basic Pay – Income Tax Only Basic Pay + HRA + Allowances – Deductions None Hint 97. "Cash from operating activities" will decrease due to: Increase in Current Assets Increase in Current Liabilities Decrease in Current Liabilities Both (A) and (B) above None Hint 98. In Excel software Pie chart cannot plot more than : Eight Categories Seven Categories Four Categories Ten Categories None Hint 99. 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 100. Pass necessary Journal Entry when : An unrecorded liability has been discharged by the firm. Liability A/c Dr. To Realisation A/c Realisation A/c Dr. To Cash/Bank A/c Cash/Bank A/c Dr. To Realisation A/c Realisation A/c Dr. To Liability A/c None Hint 101. 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 Error of Omission Compensating Error Error of Commission Error of Principle None Hint 102. 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 Realisation A/c Dr. To Partner’s Capital A/c No Entry Asset A/c Dr. To Partner’s Capital A/c None Hint 103. Debt equity ratio indicates risky financial position from the long term print of view if it exceeds : 1 : 1 1 : 2 2 : 1 3 : 1 None Hint 104. 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 shows liquidity position of the business It is useful for assessing cash generation ability None Hint 105. 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 Insert pivot chart Use "Switch Row/Column" option under Chart Design Rotate chart manually None Hint 106. Using Charts/Graph tools in Excel – explain how to modify a chart: To move the chart Delete chart Click and drag to new location Use chart filter Paste into Word None Hint 107. Complete the Sentences Buy back of equity shares is shown as cash outflow from which type of activity? Extraordinary Item Operating Activity Investing Activity Financing Activity None Hint 108. Ideal Current Ratio is: 1:2 2:1 1:1 1:3 None Hint 109. Gurman’s A/c short credited by ₹1,000; Manisha’s A/c excess credited by ₹1,000 Error of Commission Error of Omission Error of Principle Compensating Error None Hint 110. 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 Data Labels The legend None Hint 111. 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. Shown as expense Partner pays the firm Adjusted through Reserve A/c Firm pays the amount to the partner None Hint 112. Write names of affected accounts while making Journal Entries of the following transactions : Depreciation charged on furniture Furniture A/c & Depreciation A/c Depreciation A/c & Furniture A/c Expense A/c & Asset A/c Cash A/c & Furniture A/c None Hint 113. Ideal Current Ratio is: 1:2 1:3 2:1 1:1 None Hint 114. 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 115. When shares are issued to promoters for their services, which account is debited? Cash A/c Share Capital A/c Capital Reserve A/c Goodwill A/c None Hint 116. Give the meaning of : Called-up Capital means: Capital demanded from shareholders Capital that is authorized to be issued Capital shown in books only Capital actually received None Hint 117. Using Charts/Graph tools in Excel – explain how to modify a chart: To modify the labels and titles Use “Chart Elements” (+ icon) and select Titles/Labels Change font from Home tab Format axis only Insert shapes None Hint 118. The Net salary payable to an employee is obtained by deducting ______ from ______. Allowances from Gross Salary Gross Salary from Net Salary Deductions from Gross Salary Gross Salary from Deductions None Hint 119. If a share of ₹ 10 on which ₹ 8 called up and ₹ 5 paid up has been forfeited the share capital. Account will be debited by :* ₹ 6 ₹ 10 ₹ 5 ₹ 8 None Hint 120. In Income & Expenditure A/c, 'Accrued Interest' is shown on — Receipts Side Income Side Payments Side Expenditure Side None Hint 121. Which element of a chart provides additional information about a data marker? The Data points The legend The Data Labels The plot area None Hint 122. Give the meaning of : Reserve Capital refers to: Authorized capital Capital used for bonus shares Capital kept in a separate bank Portion of subscribed capital not to be called up except in winding up None Hint 123. 'Dividend received' by other than financial enterprise is shown in cash flow statement under: Operating Activities Financing Activities General Activities Investing Activities None Hint 124. Give the meaning of : Paid-up Capital means: Amount demanded but not paid Portion of called-up capital actually paid Total face value of shares issued Future capital to be paid None Hint 125. State any three features of 'Single Entry - System'. It maintains double entry for all transactions. It records only credit transactions systematically. It is a scientific method of accounting. It is incomplete and unscientific method of accounting. None Hint 126. 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 credited to Capital Reserve Account Discount allowed is not permitted on re-issue Discount allowed on re-issue is debited to Share Capital Account None Hint 127. 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 Report Object Queries None Hint 128. Give a name of the accounting error for the following transactions : Purchase of Furniture entered in Purchase Book — Error of Commission Error of Principle Error of Posting Error of Totalling None Hint 129. 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 Data Labels The legend The plot area None Hint 130. 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 Zero ₹ 1 ₹ 3 None Hint 131. Accrued Interest is shown on which side of Income & Expenditure A/c? Credit side Debit side Liability side Asset side None Hint 132. 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 used only for taxation purposes. It is a statement used to record non-cash transactions. It is a statement that shows cash inflows and outflows during a specific period, and helps assess liquidity and cash management. None Hint 133. Fill in the blanks At the time of death of a partner, his/her executor is entitled to all the rights of a _______. Partner Creditor Debtor Manager None Hint 134. When proprietor draws goods from the business for personal use, it is known as — Purchase Expense Drawings Sales None Hint 135. In case of profit on re-issue of forfeited share, it is transferred to: Share Capital Account General Reserve Account Securities Premium Reserve Account Capital Reserve Account None Hint 136. When a company decides to raise capital by issuing shares, at that time give the meaning of : Full Subscription refers to: Shares issued more than required Shares applied exactly equal to shares issued Partial share application Government subscription None Hint 137. 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 Purchases A/c & Cash A/c Capital A/c & Sales A/c None Hint 138. 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 3 : 1 1 : 3.75 3.75 : 1 None Hint 139. State any one purpose for which securities premium reserve amount can be utilized. Pay salaries to employees Distribute among shareholders as dividend Buy back preference shares Write off preliminary expenses None Hint 140. 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 Realisation A/c Dr. To Assets A/c Bank A/c Dr. To Realisation A/c Realisation A/c Dr. To Partner’s Capital A/c None Hint 141. 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 ₹ 900 ₹ 800 ₹ 1,200 None Hint 142. Complete the following Sentences: In cash flow statement, the amount of interim dividend paid during the year is shown as: Operating Activity Financing Activity Investing Activity Non-cash Activity None Hint 143. After the preparation of realisation account, gain or loss on realisation is transferred to Profit and Loss Account Revaluation Account Partner’s Capital Account Loan Account None Hint 144. Differentiate between 'Public Company' and 'Private Company' on the basis of : Name Public – Corporation; Private – Firm Public – Ltd.; Private – Pvt. Ltd. Public – Inc.; Private – LLP Public – Pvt. Ltd.; Private – Ltd. None Hint 145. Steps to copy a chart to Word (Choose the correct option): Delete chart → Open Word → Paste Copy Excel file → Paste into Word header Use Snipping Tool → Paste image in Word Select chart → Copy → Open Word → Paste None Hint 146. Gain of a partner is : New Ratio - Sacrificing Ratio Sacrificing Ratio - New Ratio New Ratio - Existing (Old) Ratio Existing (Old) Ratio - New Ratio None Hint 147. A firm earns profit of ₹ 1,30,000 on a capital of ₹ 10,00,000 and normal rate of return in similar business is 10%, super profit will be : ₹ 30,000 ₹ 1,30,000 ₹ 1,13,000 ₹ 1,00,000 None Hint 148. Calling cells by just their columns and row labels is called: Relative referencing Both (A) and (B) Absolute referencing Mixed referencing None Hint 149. Explain how re-issue of Forfeited shares at discount is recorded in the books of accounts. Bank A/c Dr. Forfeited Shares A/c Dr. To Share Capital A/c Bank 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 150. When a company decides to raise capital by issuing shares, at that time give the meaning of : Over Subscription refers to: Shares issued are less than applied Applications received are more than number of shares issued No shares are issued Subscription by foreign investors None Hint 151. Write names of affected accounts while making Journal Entries of the following transactions: Depreciation charged on furniture Furniture A/c and Profit & Loss A/c Depreciation A/c and Furniture A/c Depreciation A/c and Capital A/c Furniture A/c and Cash A/c None Hint 152. 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. Transferred to Profit and Loss A/c The partner pays the amount to the firm The firm pays the amount to the partner Shown in the balance sheet None Hint 153. In Excel software Pie chart cannot plot more than: Seven Categories Eight Categories Ten Categories Seven Categories Four Categories None Hint 154. 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 155. Net Purchases = Cash Purchases + Credit Purchases – _______ Sales Goods Lost by Fire Wages Purchase Returns None Hint 156. 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 157. 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: How the field's contents are displayed Single, double or decimal type of numbers A label used for the field in datasheet and on forms and reports Specifying a value for new entries of data records 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
