Accountancy Nios Plus Two PQ II Welcome to your Accountancy Nios Plus Two PQ II Total Questions: 157 Name Mobile No: 1. 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% 25% 20% 30% None Hint 2. Gurman's A/c short credited and Manisha's A/c over credited — Compensating Error Error of Omission Error of Commission Error of Principle None Hint 3. If a share of ₹ 10 each on which ₹ 9 called up (including premium of ₹ 2) and ₹ 7 paid up (including premium of ₹ 1) is forfeited Securities Premium Reserve Account will be debited by :* ₹ 3 Zero ₹ 1 ₹ 2 None Hint 4. In Excel software Pie chart cannot plot more than : Seven Categories Eight Categories Ten Categories Four Categories None Hint 5. Fill in the blanks: At the time of dissolution of partnership firm, balance of general reserve is transferred to _______. Realisation Account Revaluation Account Partner’s Loan Account Partner’s Capital Accounts None Hint 6. 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 used to record non-cash transactions. It shows only the profits and losses of a business. It is a statement that shows cash inflows and outflows during a specific period, and helps assess liquidity and cash management. None Hint 7. Which element of a chart provides the additional information about a data marker to identify the details of data point in a data series ? The Data Labels The legend The Data points The plot area None Hint 8. As per Rules of Accounting, Increase in Asset is _______ and decrease in Asset is _______ Credited; Debited Debited; Credited Credited; Credited Debited; Debited None Hint 9. Which element of a chart provides additional information about a data marker? The Data Labels The legend The plot area The Data points None Hint 10. Differentiate between 'Public Company' and 'Private Company' on the basis of : Minimum number of members Public – 3; Private – 3 Public – 7; Private – 2 Public – 2; Private – 7 Public – 5; Private – 10 None Hint 11. Ideal Current Ratio is : 1 : 3 1 : 2 1 : 1 2 : 1 None Hint 12. 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 ignored and no adjustment is required. 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. None Hint 13. Angel Ltd., a stock broker, purchase 5,000 shares of Tata Housing Ltd., it is a : General Activity Financing Activity Operating Activity Investing Activity None Hint 14. Ideal Current Ratio is: 2:1 1:1 1:2 1:3 None Hint 15. Sale of Machinery on credit is recorded in : Bank Pass-Book Journal Proper Cash Book Sales Book None Hint 16. Which of the following sub-unit of central processing unit stores data before being actually processed ? Logic Unit Memory Unit Control Unit Output Unit None Hint 17. 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% 30% 25% 20% None Hint 18. Fill in the blanks At the time of death of a partner, his/her executor is entitled to all the rights of a _______. Creditor Manager Debtor Partner None Hint 19. Which account will be debited on money withdrawn from bank for personal use? Drawings Account Cash Account Bank Account Capital Account None Hint 20. Ideal Current Ratio is: 1:3 1:1 2:1 1:2 None Hint 21. 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 Operating Activity Investing Activity None Hint 22. 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 Capital A/c and Purchases A/c Purchases A/c and Creditor’s A/c Cash A/c and Purchases A/c None Hint 23. Using Charts/Graph tools in Excel – explain how to modify a chart: To move the chart Click and drag to new location Paste into Word Use chart filter Delete chart None Hint 24. 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 25. When realisation expenses are paid by a partner on behalf of the firm, which of the following account is credited ? Expense Account Cash Account Realisation Account Partner's Capital Account None Hint 26. 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 Shares issued are less than applied No shares are issued Applications received are more than number of shares issued None Hint 27. Accrued Interest is shown on which side of Income & Expenditure A/c? Debit side Credit side Asset side Liability side None Hint 28. 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 Partner pays the firm Adjusted through Reserve A/c Shown as expense None Hint 29. In Income & Expenditure A/c, 'Accrued Interest' is shown on — Payments Side Receipts Side Income Side Expenditure Side None Hint 30. Complete the sentence The mostly used input devices are keyboard, ______ and ______ printer, speake mouse, scanner mouse, monitor monitor, printer None Hint 31. In case of profit on re-issue of forfeited share, it is transferred to: General Reserve Account Securities Premium Reserve Account Capital Reserve Account Share Capital Account None Hint 32. Explain how issue of shares for consideration other than cash is recorded in the books of accounts. Vendor 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 Purchase A/c Dr. To Share Capital A/c None Hint 33. That part of share capital which is uncalled and kept in reserve is called _ Share Capital Account Reserve Capital Account Capital Reserve Account Securities Premium Reserve Account None Hint 34. Give one word answer of the following : A share of ₹ 10 issued at a premium of ₹ 2 on which the full amount is called up and ₹10 ₹8 ₹7 ₹2 None Hint 35. 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 report showing cash inflows/outflows during a period; Helps in assessing liquidity and cash generation A financial report showing cash inflows and outflows; Helps in budgeting and tax filing A summary of bank balance; Used to track profitability None Hint 36. At the time of retirement of a partner, Loss on revaluation will be debited to the partners' Revaluation Account Drawing Account Capital Account Loan Account None Hint 37. Explain how re-issue of Forfeited shares at discount is recorded in the books of accounts. Discount allowed on re-issue is debited to Forfeited Shares Account Discount allowed on re-issue is credited to Capital Reserve Account Discount allowed is not permitted on re-issue Discount allowed on re-issue is debited to Share Capital Account None Hint 38. Calling cells by just their columns and row labels is called Absolute referencing Relative referencing Both (A) and (B) Mixed referencing None Hint 39. When proprietor draws goods from the business for personal use, it is known as — Expense Purchase Drawings Sales None Hint 40. Debt equity ratio indicates risky financial position from the long term print of view if it exceeds : 3 : 1 1 : 2 1 : 1 2 : 1 None Hint 41. Write names of affected accounts while making Journal Entries of the following transactions : Goods sold for cash Purchases A/c & Cash A/c Capital A/c & Sales A/c Sales A/c & Cash A/c Cash A/c & Capital A/c None Hint 42. Using Charts/Graph tools in Excel – explain how to modify a chart: To change the data included in the chart Delete cells Use “Select Data” option under Chart Design Change workbook theme Resize columns None Hint 43. 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 Reserve Fund Account None Hint 44. 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 45. 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 Goodwill A/c Dr. To All Partners’ Capital A/cs 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 46. State the earning elements used in Pay Roll calculations. Also state how these are calculated. Basic Pay – Income Tax Only Gross Salary – Net Salary Only Basic Pay Basic Pay + HRA + Allowances – Deductions None Hint 47. Share capital A/c credited by? (Share of ₹10, premium ₹2, ₹7 received) ₹7 ₹9 ₹8 ₹10 None Hint 48. Which of the following account is prepared by a Not-For-Profit Organisation ? Profit and Loss Account Income and Expenditure Account Total Creditors Account Trading Account None Hint 49. Angel Ltd., a stock broker, purchases 5,000 shares of Tata Housing Ltd., it is a: General Activity Operating Activity Financing Activity Investing Activity None Hint 50. Give the meaning of : Paid-up Capital means: Portion of called-up capital actually paid Total face value of shares issued Amount demanded but not paid Future capital to be paid None Hint 51. Calling cells by just their columns and row labels is called: Relative referencing Mixed referencing Absolute referencing Both (A) and (B) None Hint 52. Steps to copy a chart to Word (Choose the correct option): Use Snipping Tool → Paste image in Word Select chart → Copy → Open Word → Paste Delete chart → Open Word → Paste Copy Excel file → Paste into Word header None Hint 53. Pass necessary Journal Entry when: An unrecorded liability has been discharged by the firm. Liability A/c Dr. To Cash A/c Cash A/c Dr. To Liability A/c No Entry Liability A/c Dr. To Capital A/c None Hint 54. Complete the following sentences: Goodwill written off is shown in cash flow statement under which type of activity? Financing Activity Operating Activity None of these Investing Activity None Hint 55. Complete the following sentences: Buy back of equity shares is shown as cash outflow from which type of activity? Operating Activity Financing Activity Investing Activity Non-Cash Activity None Hint 56. 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? Financing Activity Investing Activity Trading Activity Operating Activity None Hint 57. 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 Data points The plot area None Hint 58. When shares are issued to promoters for their services, which account is debited? Capital Reserve A/c Share Capital A/c Goodwill A/c Cash A/c None Hint 59. 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 Compensating Error Error of Principle Error of Commission None Hint 60. 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 : 1 3.75 : 1 1 : 3 None Hint 61. ‘Dividend received by other than financial enterprise is shown in cash flow statement under : General Activities Operating Activities Financing Activities Investing Activities None Hint 62. Fill in the blanks: At the time of death of a partner, his/her executor is entitled to all the rights of a _______ to _______. shareholder; dividends creditor; the firm creditor; receive dues partner; liabilities None Hint 63. As per Rules of Accounting, Increase in Asset is ______ and decrease in Asset is ______ Credit, Credit Debit, Credit Debit, Debit Credit, Debit None Hint 64. Write names of affected accounts while making Journal Entries of the following transactions: Goods sold for cash Cash A/c and Purchases A/c Sales A/c and Cash A/c Cash A/c and Capital A/c Sales A/c and Purchases A/c None Hint 65. 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 66. Give one word answer for the following: Depreciation reduces the value of Asset Revenue Liability Capital None Hint 67. 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% 15% 25% 20% None Hint 68. What is meant by 'Unearned Income'? Give accounting treatment and Adjustment entry of unearned income. Deduct from income and shown as liability Treat as accrued income Show as capital reserve Shown under drawings None Hint 69. Once the data types are specified, MS Access allows the designer to define properties of each column. In the context of text data type, one of the general properties related to 'Caption' means: Specifying a value for new entries of data records A label used for the field in datasheet and on forms and reports How the field's contents are displayed Single, double or decimal type of numbers None Hint 70. 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 only cash inflow from operating activities and net worth Shows fund flow from capital structure only None Hint 71. Give the meaning of Sacrificing Ratio. How is it calculated ? The ratio in which old partners sacrifice a part of their share in favour of a new partner The ratio of capital invested by the partners The ratio in which new profit is shared by partners The ratio in which profits are distributed among all partners None Hint 72. State any three features of 'Single Entry - System'. It is incomplete and unscientific method of accounting. It records only credit transactions systematically. It maintains double entry for all transactions. It is a scientific method of accounting. None Hint 73. 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 74. Which of the following is treated as an unrecorded asset ? Goodwill appearing in the Balance Sheet Sale of old Furniture Sale of Investments Bad debts recovered, written off in previous year None Hint 75. 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 Reporting MIS (Management Information System) Ledger Posting None Hint 76. 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 Debtors A/c Salaries A/c and Cash A/c Capital A/c and Salaries A/c None Hint 77. When a company decides to raise capital by issuing shares, at that time give the meaning of : Under Subscription refers to: Shares applied are less than issued Oversold shares All shares are allotted Shares applied are more than issued None Hint 78. 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 Furniture A/c Furniture A/c and Cash A/c Depreciation A/c and Capital A/c None Hint 79. 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 distributed in the new ratio It is written off among all partners in the old ratio It is transferred to the retiring partner only None Hint 80. State any three limitations of cash flow statement. t ignores non-cash transactions, does not assess true profitability, and may be misinterpreted. It records all types of transactions including non-cash ones. It is a complete replacement of the income statement. It reflects profitability accurately. None Hint 81. The mostly used input devices are keyboard, ______ and ______ Scanner and Mouse CPU and Monitor Speaker and Joystick Monitor and Printer None Hint 82. 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 Principle Compensating Error Error of Omission Error of Commission None Hint 83. 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 84. 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 Compensating Error Error of Omission Error of Principle None Hint 85. Which account shows Surplus or Deficit in Not-For-Profit Organisation — Receipts and Payments Account Capital Fund Account General Fund Income and Expenditure Account None Hint 86. That part of share capital which is uncalled and kept in reserve is known as? Authorised Capital Called-up Capital Issued Capital Reserve Capital None Hint 87. Give a name of the accounting error for the following transactions : Purchase of Furniture is entered in Purchase Book Error of Omission Error of Principle Error of Commission Clerical Error None Hint 88. 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 how the field's contents are displayed specifying a value for new entries of data records None Hint 89. A firm earns profit of ₹ 1,30,000 on a capital of ₹ 10,00,000 and normal rate of return in similar business is 10%, super profit will be : ₹ 1,00,000 ₹ 30,000 ₹ 1,13,000 ₹ 1,30,000 None Hint 90. 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. Purchase Book is totalled ₹ 20,000 instead of ₹ 15,500. Repairs on the overhauling of second hand machinery purchased is not recorded in the books of accounts. None Hint 91. Debt equity ratio indicates risky financial position from the long term point of view if it exceeds: 3:1 1:1 1:2 2:1 None Hint 92. Differentiate between 'Public Company' and 'Private Company' on the basis of : Maximum number of members Public – Unlimited; Private – 200 Public – 100; Private – 50 Public – 200; Private – Unlimited Public – 500; Private – 100 None Hint 93. When shares are issued to promoters of the company as remuneration for their services, which account is debited? Goodwill Account Share Capital Account Promoters' Capital Account Preliminary Expenses Account None Hint 94. 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 Shown in the balance sheet Transferred to Profit and Loss A/c None Hint 95. The Net salary payable to an employee is obtained by deducting ______ from ______. Bonus from Net Salary Allowances from Basic Pay Deductions from Gross Salary Tax from Net Salary None Hint 96. After the preparation of realisation account, gain or loss on realisation is transferred to: Partners’ Capital Accounts Partners' Drawing Account Revaluation Account Cash Account None Hint 97. What is meant by 'Unearned Income'? Give accounting treatment and Adjustment entry of unearned income. 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 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. None Hint 98. The Net salary payable to an employee is obtained by deducting ______ from ______. Gross Salary from Net Salary Deductions from Gross Salary Allowances from Gross Salary Gross Salary from Deductions None Hint 99. Explain formatting the chart using the design option. Insert video into chart Modify chart layout, style, switch row/column, add chart elements Change background color only Add text box None Hint 100. 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 101. 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 Table Object Report Object None Hint 102. Pass necessary Journal Entry when: An unrecorded liability is discharged by a partner on behalf of the firm No Entry Partner’s Capital A/c Dr. To Liability A/c Liability A/c Dr. To Cash A/c Liability A/c Dr. To Partner’s Capital A/c None Hint 103. Give one word answer to the following: Which facility is offered to store and process transaction data in computerised accounting system to retrieve information to generate and view financial reports? Spreadsheet Database Management System Accounting Software Tally None Hint 104. Calling cells by just their columns and row labels is called: Both (A) and (B) Absolute referencing Relative referencing Mixed referencing None Hint 105. Data Base management system overcomes the limitation such as : All of the above Data duplicity Data isolation Data redundancy and inconsistency None Hint 106. 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 Liability A/c Dr. To Partner’s Capital A/c Realisation A/c Dr. To Partner’s Capital A/c Realisation A/c Dr. To Liability A/c None Hint 107. Data Base management system overcomes the limitation such as : Data redundancy and inconsistency Data isolation Data duplicity All of the above None Hint 108. In Excel software Pie chart cannot plot more than: Eight Categories Four Categories Seven Categories Ten Categories None Hint 109. Angel Ltd., a stock broker, purchases 5,000 shares of Tata Housing Ltd., it is a: General Activity Investing Activity Operating Activity Financing Activity None Hint 110. One purpose of using Securities Premium Reserve? Pay director salary Buy back goods Declare dividend Write off preliminary expenses None Hint 111. 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 Omission Error of Principle None Hint 112. 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 113. State any one purpose for which securities premium reserve amount can be utilized. Distribute among shareholders as dividend Buy back preference shares Write off preliminary expenses Pay salaries to employees None Hint 114. Net Purchases = Cash Purchases + Credit Purchases – _______ Purchase Returns Goods Lost by Fire Wages Sales None Hint 115. Liabilities of a firm are ₹ 8,000 and total Assets are ₹ 20,000. What is the capital of the proprietor ? ₹ 28,000 ₹ 20,000 ₹ 12,000 ₹ 8,000 None Hint 116. Depreciation reduces the value of: Liabilities Assets Expenses Income None Hint 117. In case of profit on re-issue of forfeited share is, it is transferred to : General Reserve Account Securities Premium Reserve Account Share Capital Account Capital Reserve Account None Hint 118. 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 Change font from Home tab Format axis only None Hint 119. Complete the following sentences: In cash flow statement, under which head “Purchase of fixed assets during the year” is shown? Financing Activity Exceptional Activity Operating Activity Investing Activity None Hint 120. 'Life-Membership-fee' received by Not-For-Profit Organisation is shown as : Capital receipt and added in the capital fund of Balance sheet Payment in 'Receipts and Payments Account' Expenditure in 'Income and Expenditure Account' Income in 'Income and Expenditure Account' None Hint 121. Which of the following are limitations of a cash flow statement? Ignores non-cash transactions All of the above Cannot reflect profitability accurately Historical in nature and not predictive None Hint 122. Give the meaning of : Called-up Capital means: Capital actually received Capital that is authorized to be issued Capital demanded from shareholders Capital shown in books only None Hint 123. In Excel software Pie chart cannot plot more than: Seven Categories Ten Categories Seven Categories Eight Categories Four Categories None Hint 124. 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 ₹ 900 ₹ 1,000 None Hint 125. Pass necessary Journal Entry when : An unrecorded liability has been discharged by the firm. Liability A/c Dr. To Realisation A/c Realisation A/c Dr. To Liability A/c Realisation A/c Dr. To Cash/Bank A/c Cash/Bank A/c Dr. To Realisation A/c None Hint 126. State the earning elements used in Pay Roll calculations. Also state how these are calculated ? 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 Basic Pay, Loan, Rent – all added for Gross Salary None Hint 127. 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 record only capital receipts and capital payments. To calculate net profit or loss of the organisation. To assess depreciation of assets. None Hint 128. 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 129. 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 130. When a company decides to raise capital by issuing shares, at that time give the meaning of : Full Subscription refers to: Government subscription Shares issued more than required Shares applied exactly equal to shares issued Partial share application None Hint 131. Write names of affected accounts while making Journal Entries of the following transactions : Salaries paid Cash A/c & Salary A/c Expense A/c & Drawings A/c Salary A/c & Capital A/c Salary A/c & Cash A/c None Hint 132. Complete the Sentences Buy back of equity shares is shown as cash outflow from which type of activity? Operating Activity Investing Activity Financing Activity Extraordinary Item None Hint 133. 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) Vendor A/c Dr. To Asset A/c Share Capital A/c Dr. To Asset A/c None Hint 134. 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 Bank A/c Dr. To Realisation A/c Assets A/c Dr. To Realisation A/c Realisation A/c Dr. To Partner’s Capital A/c None Hint 135. What journal entry is to be made at the time of a dissolution of partnership firm when : Assets are taken over by the partners No Entry Asset A/c Dr. To Partner’s Capital A/c Partner’s Capital A/c Dr. To Asset A/c Realisation A/c Dr. To Partner’s Capital A/c None Hint 136. "Cash from operating activities" will decrease due to: Increase in Current Liabilities Increase in Current Assets Decrease in Current Liabilities Both (A) and (B) above None Hint 137. 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 :* ₹ 5 ₹ 8 ₹ 6 ₹ 10 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 : 1 1 : 3.75 1 : 3 3.75 : 1 None Hint 139. Gain of a partner is : New Ratio - Sacrificing Ratio New Ratio - Existing (Old) Ratio Sacrificing Ratio - New Ratio Existing (Old) Ratio - New Ratio None Hint 140. Which account shows Surplus or Deficit in case of Not-For-Profit Organisation? Receipts and Payments Account Income and Expenditure Account Profit and Loss Account Capital Account None Hint 141. When proprietor draws goods from the business for his/her personal use, it is known as? Capital Liability Expense Drawings None Hint 142. Transactions, when recorded in Journal, are known as: Accounts Entries Postings Vouchers None Hint 143. 'Dividend received' by other than financial enterprise is shown in cash flow statement under: Financing Activities Investing Activities Operating Activities General Activities None Hint 144. After the preparation of realisation account, gain or loss on realisation is transferred to Partner’s Capital Account Loan Account Revaluation Account Profit and Loss Account None Hint 145. Complete the Sentences In cash flow statement, the amount of interim dividend paid during the year is shown as: Financing Activity Extraordinary Item Operating Activity Investing Activity None Hint 146. Write the steps involved to copy a chart to Word. Screenshot chart → Paste in Word Insert new chart in Word manually Select chart → Press Delete → Open Word → Paste Select chart → Copy (Ctrl + C) → Open Word → Paste (Ctrl + V) None Hint 147. Net Purchases = Cash Purchases + Credit Purchases – ? Expenses Purchases Return Capital Sales None Hint 148. 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 copy-paste Rotate chart manually Use "Switch Row/Column" option under Chart Design Insert pivot chart None Hint 149. Explain how re-issue of Forfeited shares at discount is recorded in the books of accounts. Bank A/c Dr. Forfeited Shares A/c Dr. To Share Capital A/c Bank A/c Dr. To 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 None Hint 150. 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 151. Give one word answer for the following: Transactions, when recorded in Journal, are known as Posting Entries Narration Notes None Hint 152. Gurman’s A/c short credited by ₹1,000; Manisha’s A/c excess credited by ₹1,000 Error of Commission Error of Principle Error of Omission Compensating Error None Hint 153. 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 Gaining Ratio Old Profit Sharing Ratio None Hint 154. Write names of affected accounts while making Journal Entries of the following transactions : Goods purchased on credit Purchases A/c & Creditors A/c Capital A/c & Purchases A/c Sales A/c & Debtors A/c Cash A/c & Sales A/c None Hint 155. Cash from operating activities” will decrease due to : Increase in Current Assets Both (A) and (B) above Decrease in Current Liabilities None of these None Hint 156. Which of the following is a limitation of a Cash Flow Statement? It is useful for assessing cash generation ability It helps in short-term financial planning It records only cash transactions, ignoring non-cash items It shows liquidity position of the business None Hint 157. Give a name of the accounting error for the following transactions : Purchase of Furniture entered in Purchase Book — Error of Principle Error of Commission Error of Totalling Error of Posting None Hint 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
