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