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