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