Accountancy Nios Plus Two PQ I Welcome to your Accountancy Nios Plus Two PQ I Total Questions: 100 Name Mobile No: 1. What is meant by pro-rata allotment of shares? Shares are allotted in proportion to the number of shares applied when there is oversubscription Shares are allotted only to promoters All shares are allotted equally to all applicants regardless of amount applied Shares are allotted at a premium only None Hint 2. Which of the following is treated as unrecorded asset? Sale of old Furniture Bad debts recovered, written off in previous year Goodwill appearing in the Balance Sheet Sale of Investments None Hint 3. Give one word answers (Choose correct option): When proprietor draws goods from the business for personal use, it is known as: Sale Purchase Capital Drawings None Hint 4. Calling cells by just their column and row labels is called: Absolute referencing Mixed referencing Both (A) and (B) Relative referencing None Hint 5. Select the correct option for each: At the time of retirement of a partner, Loss on revaluation is debited to the partners' Capital Account in which Ratio? New Ratio Sacrificing Ratio Old Ratio Equal Ratio None Hint 6. Fill in the blanks At the time of dissolution of a partnership firm, the balance of general reserve is transferred to: Realisation Account Profit and Loss Account Reserve Fund Capital Accounts of all partners None Hint 7. Liabilities of a firm are ₹ 8,000 and total Assets are ₹ 20,000. What is the capital of the proprietor? ₹ 8,000 ₹ 20,000 ₹ 28,000 ₹ 12,000 None Hint 8. State any three limitations of Cash Flow Statement It includes only accrual transactions and cannot be used for analysis It ignores working capital changes and liquidity issues It ignores non-cash items, historical nature, and not suitable for short-term analysis It reflects net worth changes only None Hint 9. What are the correct steps to copy a chart from Excel to Word? Select chart → Right-click → Copy → Open Word → Paste Select chart → Press Delete → Paste in Word Select data → Copy → Paste directly in Word Create chart → Take screenshot → Insert as image None Hint 10. In Excel software, Pie chart cannot plot more than: Four Categories Eight Categories Ten Categories Seven Categories None Hint 11. If goodwill already appears in the balance sheet at time of retirement: It is written off by all partners in their old ratio It is shown on asset side It is transferred to goodwill reserve It is distributed among remaining partners None Hint 12. Journal entry when excess capital is withdrawn by a partner: Revaluation A/c Dr. To Bank A/c Partner’s Capital A/c Dr. To Cash/Bank A/c Bank A/c Dr. To Partner’s Capital A/c Capital Reserve A/c Dr. To Partner’s Capital A/c None Hint 13. Which of the following is treated as unrecorded asset? Goodwill appearing in the Balance Sheet Sale of old Furniture Sale of Investments Bad debts recovered, written off in previous year None Hint 14. Give one word answers (Choose correct option): In the Income and Expenditure A/c of a Not-For-Profit organisation, 'Accrued Interest' is shown on which side? Liability Side Expenditure Side Asset Side Income Side None Hint 15. Choose correct options Depreciation reduces the value of: Expense Liability Asset Income None Hint 16. 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 ₹ 1 Zero ₹ 2 None Hint 17. None 18. Which of the following are common earning elements used in Pay Roll calculations? Basic Pay, Provident Fund, Leave Deduction Basic Pay, House Rent Allowance, Medical Allowance Gross Salary, Overtime, Loan Deduction Net Pay, Tax Deduction, Bonus None Hint 19. Journal Entry: Goodwill A/c Dr. To All Partners’ Capital A/c Gaining Partner’s Capital A/c Dr. To Retiring Partner’s Capital A/c Retiring Partner’s Capital A/c Dr. To Goodwill A/c All Partners’ Capital A/c Dr. To Goodwill A/c None Hint 20. The mostly used input devices are keyboard, ______, and ______ Mouse and Scanner CPU and Monitor Monitor and Scanner Mouse and Printer None Hint 21. Once the data type is specified, MS Access allows the designer to define properties of each column. In the context of text data type, one of the general properties relates 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 22. When realisation expenses are paid by a partner on behalf of the firm, which of the following account is credited ? Cash Account Expense Account Partner's Capital Account Realisation Account None Hint 23. What is the adjustment of existing partner’s capital on the basis of the capital of the new partner? All partners bring equal capital Capitals of existing partners are adjusted in the ratio of profit sharing based on new partner’s capital Existing partners withdraw their capital New partner gets more profit than others None Hint 24. Complete the following Sentences : In cash flow statement, the amount of interim dividend paid during the year is shown as _____ Not shown in cash flow statement Cash outflow from investing activity Cash outflow from financing activity Cash inflow from operating activity None Hint 25. As per Rules of Accounting, Increase in Asset is ______ and decrease in Asset is ______ Credit, Credit Debit, Credit Debit, Debit Credit, Debit None Hint 26. Choose correct options Transactions, when recorded in Journal, are known as: Vouchers Ledger Posting Invoices Journal Entry None Hint 27. Gain of a partner is: New Ratio - Sacrificing Ratio Sacrificing Ratio - New Ratio Existing (Old) Ratio - New Ratio New Ratio - Existing (Old) Ratio None Hint 28. What is meant by Pro-rata allotment of shares ? State how unpaid amount on allotment and calls money of shares held by the shareholder is calculated in case of pro-rata allotment of shares. Pro-rata allotment is the allotment of bonus shares equally to all shareholders. Pro-rata allotment means every applicant is allotted the full number of shares they applied for, and no adjustment is needed for excess money. Pro-rata allotment occurs when applicants get fewer shares than they applied for, and excess application money is refunded. Pro-rata allotment happens when applicants get fewer shares than applied due to over-subscription; excess application money is adjusted towards allotment and future calls. None Hint 29. What is meant by cash flow statement ? State two objectives of preparing cash flow statement. A statement showing inflows and outflows of cash and cash equivalents, used to assess liquidity and financial flexibility. A statement showing depreciation and changes in capital only, to determine return on capital employed. A statement showing profit or loss of the business and aims to calculate net income and tax. A statement showing cash and non-cash transactions to determine fixed asset value. None Hint 30. Gain of a partner: Sacrificing Ratio - New Ratio New Ratio - Sacrificing Ratio Existing (Old) Ratio - New Ratio New Ratio - Existing (Old) Ratio None Hint 31. Give one word answer (Choose the correct option): When shares are issued to promoters of the company as remuneration for their services, which account is debited? Commission A/c Goodwill A/c Promoters' Capital A/c Preliminary Expenses A/c None Hint 32. Which of the following is not an error of principle? Purchase Book is totalled ₹20,000 instead of ₹15,500. Typewriter purchased for office use has been debited to Purchases Account. Repairs on the overhauling of second-hand machinery purchased is not recorded in the books of accounts. Sale of an old car credited to Sales Account. None Hint 33. Ideal Current Ratio is : 1:2 2:1 1:3 1:1 None Hint 34. Balance of Provision for Doubtful Debts as on 1st April 2023 was ₹ 2,500. Bad debts during the year were ₹ 600. A provision for Doubtful Debts is to be credited @ 5% on debtors of ₹ 20,000. Provision for doubtful Debts credited to Profit and Loss Account will be: ₹ 1,200 ₹ 1,000 ₹ 800 ₹ 900 None Hint 35. Buy back of equity shares is shown as cash outflow from which type of activity? Operating Activity Investing Activity Extraordinary Item Financing Activity None Hint 36. Meaning of Sacrificing Ratio (Choose the correct option): The ratio in which old partners sacrifice in favor of new partner Equal ratio among partners The ratio of capital The ratio in which partners gain on retirement None Hint 37. Give one word answer (Choose the correct option): One purpose for which securities premium reserve amount can be utilised: Buyback of inventory Pay dividend Issue bonus shares Pay salary None Hint 38. 'Life-Membership-fee' received by Not-For-Profit Organisation is shown as: Income in 'Income and Expenditure Account' Capital receipt and added in the capital fund of Balance Sheet Expenditure in 'Income and Expenditure Account' Payment in 'Receipts and Payments Account' None Hint 39. Which of the following account is prepared by a Not-For-Profit Organisation? Income and Expenditure Account Profit and Loss Account Trading Account Total Creditors Account None Hint 40. 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 to Sales Account. Purchase Book is totalled ₹ 20,000 instead of ₹ 15,500. Repairs on the overhauling of second-hand machinery purchased is not recorded in the books of accounts. None Hint 41. 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 42. Give one word answer (Choose the correct option): A share of ₹10 issued at a premium of ₹2 on which the full amount is called up and ₹7 is received. Share Capital Account will be credited by: ₹8 ₹9 ₹10 ₹7 None Hint 43. Which element of a chart provides additional information about a data marker to identify the details of a data point in a data series? The legend The Data points The plot area The Data Labels None Hint 44. 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. 24% 20% 22.5% 26.67% None Hint 45. Identify the affected accounts in the journal entries for the following transactions: Depreciation charged on furniture Furniture A/c, Depreciation A/c Depreciation A/c, Asset A/c Depreciation A/c, Furniture A/c Expense A/c, Furniture A/c None Hint 46. Give one word answers (Choose correct option): Which account shows surplus or deficit in case of Not-For-Profit organisation? Profit and Loss Account Receipts and Payments Account Trading Account Income and Expenditure Account None Hint 47. Identify the affected accounts in the journal entries for the following transactions: Salaries paid Salaries A/c, Cash A/c Wages A/c, Cash A/c Capital A/c, Cash A/c Salaries A/c, Bank A/c None Hint 48. Which of the following is a valid use of the Securities Premium Account as per the Companies Act? To write off preliminary expenses To pay directors' commission To buy office furniture To pay dividends to shareholders None Hint 49. Cash Balance ₹ 15,000, Trade Receivables ₹ 35,000, Inventory ₹ 40,000, Trade payables ₹ 24,000; Bank overdraft is ₹ 6,000. Current Ratio will be : 1 : 3.75 1 : 3 3.75 : 1 3 : 1 None Hint 50. Journal Entry for goodwill already appearing in books: Gaining Partners’ Capital A/c Dr. To Goodwill A/c All Partners' Capital A/c Dr. To Goodwill A/c Goodwill A/c Dr. To Retiring Partner's Capital A/c Goodwill A/c Dr. To All Partners' Capital A/c None Hint 51. Which of the following account is prepared by a Not-For-Profit Organisation? Profit and Loss Account Trading Account Total Creditors Account Income and Expenditure Account None Hint 52. In case of profit on re-issue of forfeited share, it is transferred to: Share Capital Account Capital Reserve Account General Reserve Account Securities Premium Reserve Account None Hint 53. The Net salary payable to an employee is obtained by deducting ________ from ________. Deductions, Gross Salary Tax, Basic Salary Allowances, Gross Salary Gross Salary, Provident Fund None Hint 54. What is meant by 'Unearned Income'? An expense paid in advance Income received in advance but not yet earned Income that will never be received Salary unpaid None Hint 55. When realisation expenses are paid by a partner on behalf of the firm, which of the following account is credited? Partner’s Capital Account Cash Account Expense Account Realisation Account None Hint 56. Name the type of accounting error for the following transactions: Goods sold for ₹4,200 to Hari Om on credit were omitted, although cash received Compensating Error Error of Commission Error of Principle Error of Omission None Hint 57. Pass necessary Journal Entry when An unrecorded liability has been discharged by the firm Revaluation A/c Dr. To Cash/Bank A/c No entry required Liability A/c Dr. To Revaluation A/c Revaluation A/c Dr. To Liability A/c None Hint 58. An unrecorded liability has been discharged by the firm. Revaluation A/c Dr. To Liability A/c Liability A/c Dr. To Cash A/c Revaluation A/c Dr. To Partner’s Capital A/c Revaluation A/c Dr. To Partner’s Capital A/c None Hint 59. Give meaning of: Issued Capital refers to: Capital issued by government Total value of shares offered to public for subscription Reserve capital Paid-up capital None Hint 60. Calculation of sacrificing ratio: New Ratio – Old Ratio Old Ratio ÷ New Ratio New Ratio × Old Ratio Old Ratio – New Ratio None Hint 61. Give one word answer (Choose the correct option): That part of share capital which is uncalled and kept in reserve is known as: Issued Capital Reserve Capital Authorised Capital Subscribed Capital None Hint 62. Sale of Machinery on credit is recorded in: Cash Book Journal Proper Bank Pass-Book Sales Book None Hint 63. 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 64. If a share of ₹ 10 on which ₹ 8 called up and ₹ 5 paid up has been forfeited, the Share Capital Account will be debited by: ₹ 8 ₹ 6 ₹ 10 ₹ 5 None Hint 65. ‘Dividend received’ by other than financial enterprise is shown in cash flow statement under : Investing Activities Financing Activities General Activities Operating Activities None Hint 66. Which of the following is not a difference between Dissolution of Partnership and Dissolution of Partnership Firm? Only change in agreement or partners Business is closed permanently All assets are sold Accounts are settled with all partners None Hint 67. Life-Membership-fee' received by Not-For-Profit Organisation is shown Expenditure in 'Income and Expenditure Account' Payment in 'Receipts and Payments Account' Capital receipt and added in the capital fund of Balance sheet Income in 'Income and Expenditure Account' None Hint 68. Give meaning of: Authorised Capital refers to: Maximum capital a company is authorised to issue Issued capital subscribed by public Shareholder's contribution Capital raised through loans None Hint 69. Choose the correct one-word answer for the following: Which account will be debited on money withdrawn from Bank for personal use? Cash Account Bank Account Drawings Account Capital Account None Hint 70. Which of the following sub-unit of central processing unit stores data before being actually processed? Memory Unit Logic Unit Output Unit Control Unit None Hint 71. Which of the following sub-unit of central processing unit stores data before being actually processed? Memory Unit Output Unit Control Unit Logic Unit None Hint 72. 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 ₹8 ₹5 None Hint 73. Name the type of accounting error for the following transactions: Gurman's account short credited by ₹1,000 and Manisha’s account excess credited by ₹1,000 Error of Omission Error of Principle Compensating Error Error of Commission None Hint 74. Give one word answers (Choose correct option): Net Purchases = Cash Purchases + Credit Purchases – ? Purchase Returns Drawings Closing Stock Sales None Hint 75. Subscribed Capital refers to: Allotted shares returned Shares that the public agrees to buy from the issued capital Shares bought by outsiders Uncalled capital None Hint 76. Identify the affected accounts in the journal entries for the following transactions: Goods purchased on credit Purchases A/c, Sales A/c Debtor A/c, Purchases A/c Purchases A/c, Creditor A/c Purchases A/c, Bank A/c None Hint 77. Name the type of accounting error for the following transactions: Wages paid for construction of office debited to wages account Compensating Error Error of Commission Error of Omission Error of Principle None Hint 78. Choose the correct one-word answer for the following: Which facility is offered to store and process transaction data in a computerised accounting system to retrieve information and generate reports? Data Entry Data Display Data Retrieval Data Storage None Hint 79. What does the “Design” tab allow you to do when formatting a chart in Excel? Insert mathematical formulas into the chart Change font style only Apply conditional formatting to cells Change chart layout, chart style, and switch row/column data None Hint 80. Name the type of accounting error for the following transactions: Purchase of furniture entered in Purchases Book Error of Commission Error of Principle Compensating Error Error of Omission None Hint 81. Goodwill already appears in books at retirement of a partner. It should be: Distributed among all partners Ignored Credited to retiring partner Written off in gaining ratio None Hint 82. Fill in the blanks At the time of death of a partner, his/her executor is entitled to all the rights of a: Debtor Employee Partner Manager None Hint 83. In case of profit on re-issue of forfeited share, it is transferred to: General Reserve Account Securities Premium Reserve Account Share Capital Account Capital Reserve Account None Hint 84. Fill in the blanks: At the time of dissolution of a partnership firm, balance of general reserve is transferred to _______. Revaluation Account Realisation Account Partner’s Capital Accounts Partner's Loan Account None Hint 85. Debt equity ratio indicates risky financial position from the long-term point of view if it exceeds : 3 : 1 2 : 1 1 : 2 1 : 1 None Hint 86. Dissolution of partnership can occur by: Transfer of share Retirement or death of partner Sale of assets Liquidation of company None Hint 87. Select the correct option for each: After preparation of the realisation account, gain or loss on realisation is transferred to: Profit and Loss Account Revaluation Account Partners' Capital Account Capital Reserve None Hint 88. When realisation expenses are paid by a partner on behalf of the firm, which of the following account is credited? Cash Account Partner’s Capital Account Expense Account Realisation Account None Hint 89. If a share of ₹10 each on which ₹8 called up (including premium of ₹2) and ₹7 paid up has been forfeited, the Share Capital Account will be debited by: ₹3 ₹2 ₹1 ₹8 None Hint 90. 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 ₹ 1,00,000 ₹ 1,30,000 ₹ 1,13,000 None Hint 91. Identify the affected accounts in the journal entries for the following transactions: Goods sold for cash Cash A/c, Purchases A/c Cash A/c, Sales A/c Sales A/c, Purchases A/c Debtor A/c, Sales A/c None Hint 92. A firm earns profit of ₹1,30,000 on a capital of ₹10,00,000 and normal rate of return in similar business is 10%, super profit will be ₹1,30,000 ₹30,000 ₹1,00,000 ₹1,13,000 None Hint 93. Sale of Machinery on credit is recorded in: Journal Proper Cash Book Sales Book Bank Pass-Book None Hint 94. Liabilities of a firm are ₹8,000 and total Assets are ₹20,000. What is the capital of the proprietor? ₹12,000 ₹20,000 ₹28,000 ₹8,000 None Hint 95. “Cash from operating activities” will decrease due to : Increase in Current Assets Both (A) and (B) above Decrease in Current Liabilities Increase in Current Assets Increase in Current Liabilities None Hint 96. 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 97. Data Base Management System overcomes the limitations such as: Data isolation All of the above Data duplicity Data redundancy and inconsistency None Hint 98. Dissolution of firm involves: Change in profit sharing Closing of business and selling of assets Admission of new partner Revaluation of assets only None Hint 99. Balance of Provision for Doubtful Debts 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 100. Fill in the blanks: At the time of death of a partner, his/her executor is entitled to all the rights of a _______ to _______. partner; liabilities creditor; receive dues creditor; the firm shareholder; dividends None Hint Time's up Share: admin Previous post Computer Science Nios Plus Two PQ I June 30, 2025 Next post Accountancy Nios Plus Two PQ II June 30, 2025
