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