Accountancy Nios Plus Two PQ II Welcome to your Accountancy Nios Plus Two PQ II Total Questions: 157 Name Mobile No: 1. 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 Liability A/c Dr. To Bank A/c Partner’s Capital A/c Dr. To Liability A/c None Hint 2. If goodwill already appears in the books at the time of a partner's retirement or death, how is it treated? It is ignored in books of accounts It is written off among all partners in the old ratio It is transferred to the retiring partner only It is distributed in the new ratio None Hint 3. That part of share capital which is uncalled and kept in reserve is called _ Share Capital Account Securities Premium Reserve Account Reserve Capital Account Capital Reserve Account None Hint 4. Give one word answer to the following: Which account will be debited on money withdrawn from Bank for personal use? Drawings Account Capital Account Bank Account Cash Account None Hint 5. 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 6. '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 7. When proprietor draws goods from the business for personal use, it is known as — Expense Purchase Drawings Sales None Hint 8. When shares are issued to promoters for their services, which account is debited? Capital Reserve A/c Cash A/c Goodwill A/c Share Capital A/c None Hint 9. Complete the following sentences: Goodwill written off is shown in cash flow statement under which type of activity? Operating Activity Financing Activity Investing Activity None of these None Hint 10. Fill in the blanks: At the time of death of a partner, his/her executor is entitled to all the rights of a _______ to _______. creditor; the firm creditor; receive dues shareholder; dividends partner; liabilities None Hint 11. 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 12. In MS Access, the 'Caption' property for text data type means: specifying a value for new entries of data records 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 None Hint 13. Complete the Sentences In cash flow statement, the amount of interim dividend paid during the year is shown as: Financing Activity Extraordinary Item Investing Activity Operating Activity None Hint 14. After the preparation of realisation account, gain or loss on realisation is transferred to Profit and Loss Account Revaluation Account Partner’s Capital Account Loan Account None Hint 15. Balance of Provision for Doubtful Debts as on 1st April 2023 was ₹ 2,500. Bad debts during the year were ₹ 600. A provision for Doubtful Debts is to be credited @ 5% on debtors of ₹ 20,000. Provision for doubtful Debts credited to Profit and Loss Account will be : ₹ 900 ₹ 1,200 ₹ 800 ₹ 1,000 None Hint 16. 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 is a statement that shows cash inflows and outflows during a specific period, and helps assess liquidity and cash management. It is used only for taxation purposes. It shows only the profits and losses of a business. None Hint 17. Data Base management system overcomes the limitation such as : Data redundancy and inconsistency Data isolation Data duplicity All of the above None Hint 18. 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 Omission Error of Commission Error of Principle None Hint 19. 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 Assets A/c Dr. To Realisation A/c Realisation A/c Dr. To Partner’s Capital A/c Bank A/c Dr. To Realisation A/c None Hint 20. Net Purchases = Cash Purchases + Credit Purchases – ? Sales Purchases Return Capital Expenses None Hint 21. Depreciation reduces the value of: Assets Income Expenses Liabilities None Hint 22. That part of share capital which is uncalled and kept in reserve is known as? Reserve Capital Authorised Capital Called-up Capital Issued Capital None Hint 23. Gurman’s A/c short credited by ₹1,000; Manisha’s A/c excess credited by ₹1,000 Error of Principle Compensating Error Error of Commission Error of Omission None Hint 24. Fill in the blanks At the time of death of a partner, his/her executor is entitled to all the rights of a _______. Manager Debtor Creditor Partner None Hint 25. Give one word answer for the following: Depreciation reduces the value of Capital Liability Revenue Asset None Hint 26. After the preparation of realisation account, gain or loss on realisation is transferred to: Revaluation Account Cash Account Partners’ Capital Accounts Partners' Drawing Account None Hint 27. Give any three reasons of preparing 'Receipts and Payments Accounts' by Not-for-Profit organisations. To record only capital receipts and capital payments. To show summary of all cash and bank transactions during the year. To calculate net profit or loss of the organisation. To assess depreciation of assets. None Hint 28. The mostly used input devices are keyboard, ______ and ______ Speaker and Joystick Monitor and Printer CPU and Monitor Scanner and Mouse None Hint 29. "Cash from operating activities" will decrease due to: Increase in Current Liabilities Decrease in Current Liabilities Both (A) and (B) above Increase in Current Assets None Hint 30. 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. 30% 25% 40% 20% None Hint 31. Pass necessary Journal Entry when : An unrecorded liability has been discharged by the firm. Cash/Bank A/c Dr. To Realisation A/c Realisation A/c Dr. To Liability A/c Liability A/c Dr. To Realisation A/c Realisation A/c Dr. To Cash/Bank A/c None Hint 32. 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 3 : 1 3.75 : 1 1 : 3.75 None Hint 33. What is meant by 'Unearned Income'? Give accounting treatment and Adjustment entry of unearned income. Deduct from income and shown as liability Shown under drawings Treat as accrued income Show as capital reserve None Hint 34. Ideal Current Ratio is: 1:3 1:1 2:1 1:2 None Hint 35. Give a name of the accounting error for the following transactions : Wages paid for construction of office building debited to wages account — Error of Omission Error of Commission Compensating Error Error of Principle None Hint 36. When realisation expenses are paid by a partner on behalf of the firm, which of the following account is credited ? Realisation Account Cash Account Partner's Capital Account Expense Account None Hint 37. 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 Transferred to Profit and Loss A/c Shown in the balance sheet The firm pays the amount to the partner None Hint 38. Give the meaning of : Called-up Capital means: Capital demanded from shareholders Capital actually received Capital shown in books only Capital that is authorized to be issued None Hint 39. Complete the sentence The mostly used input devices are keyboard, ______ and ______ printer, speake mouse, scanner monitor, printer mouse, monitor None Hint 40. Sale of Machinery on credit is recorded in : Cash Book Sales Book Journal Proper Bank Pass-Book None Hint 41. Data Base management system overcomes the limitation such as : Data redundancy and inconsistency Data isolation Data duplicity All of the above None Hint 42. Which account shows Surplus or Deficit in case of Not-For-Profit Organisation? Profit and Loss Account Capital Account Income and Expenditure Account Receipts and Payments Account None Hint 43. Explain formatting the chart using the design option. Modify chart layout, style, switch row/column, add chart elements Add text box Insert video into chart Change background color only None Hint 44. Differentiate between 'Public Company' and 'Private Company' on the basis of : Name Public – Pvt. Ltd.; Private – Ltd. Public – Ltd.; Private – Pvt. Ltd. Public – Corporation; Private – Firm Public – Inc.; Private – LLP None Hint 45. 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 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 None Hint 46. In Excel software Pie chart cannot plot more than: Seven Categories Ten Categories Eight Categories Four Categories None Hint 47. Pass necessary Journal Entry when: An unrecorded liability has been discharged by the firm. No Entry Liability A/c Dr. To Capital A/c Cash A/c Dr. To Liability A/c Liability A/c Dr. To Cash A/c None Hint 48. Calling cells by just their columns and row labels is called: Mixed referencing Absolute referencing Both (A) and (B) Relative referencing None Hint 49. Write names of affected accounts while making Journal Entries of the following transactions: Depreciation charged on furniture Furniture A/c and Cash A/c Depreciation A/c and Furniture A/c Depreciation A/c and Capital A/c Furniture A/c and Profit & Loss A/c None Hint 50. 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 debited to Share Capital Account Discount allowed on re-issue is credited to Capital Reserve Account Discount allowed is not permitted on re-issue None Hint 51. Which of the following are limitations of a cash flow statement? Cannot reflect profitability accurately Ignores non-cash transactions All of the above Historical in nature and not predictive None Hint 52. Calculate the gross profit ratio from the following data : Sales ₹ 3,25,000; Sales returns ₹ 25,000 and Cost of revenue from operations ₹ 2,40,000. 25% 18% 15% 20% None Hint 53. 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 54. 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 Labels The Data points None Hint 55. State any three limitations of cash flow statement. It is a complete replacement of the income statement. It records all types of transactions including non-cash ones. It reflects profitability accurately. t ignores non-cash transactions, does not assess true profitability, and may be misinterpreted. None Hint 56. 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 57. Debt equity ratio indicates risky financial position from the long term point of view if it exceeds: 2:1 1:2 3:1 1:1 None Hint 58. Calling cells by just their columns and row labels is called: Relative referencing Absolute referencing Mixed referencing Both (A) and (B) None Hint 59. Which facility is offered to store and process transaction data in computerised accounting system to retrieve information to generate and view financial reports? Ledger Posting Reporting MIS (Management Information System) Data Entry None Hint 60. Give a name of the accounting error for the following transactions : Goods sold on credit to Hari Om omitted from books — Error of Principle Error of Commission Compensating Error Error of Omission None Hint 61. 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 62. 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 Asset A/c Dr. To Partner’s Capital A/c No Entry None Hint 63. 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 64. As per Rules of Accounting, Increase in Asset is ______ and decrease in Asset is ______ Debit, Debit Credit, Debit Debit, Credit Credit, Credit None Hint 65. 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 Partner’s Capital A/c Liability A/c Dr. To Cash A/c None Hint 66. Debt equity ratio indicates risky financial position from the long term print of view if it exceeds : 1 : 2 2 : 1 3 : 1 1 : 1 None Hint 67. ‘Dividend received by other than financial enterprise is shown in cash flow statement under : Financing Activities General Activities Investing Activities Operating Activities None Hint 68. 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 69. Angel Ltd., a stock broker, purchase 5,000 shares of Tata Housing Ltd., it is a : Investing Activity Financing Activity General Activity Operating Activity None Hint 70. Give the meaning of : Reserve Capital refers to: Capital kept in a separate bank Capital used for bonus shares Authorized capital Portion of subscribed capital not to be called up except in winding up None Hint 71. 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 Subscription by foreign investors Applications received are more than number of shares issued Shares issued are less than applied None Hint 72. If a share of ₹ 10 on which ₹ 8 called up and ₹ 5 paid up has been forfeited the share capital. Account will be debited by :* ₹ 8 ₹ 6 ₹ 5 ₹ 10 None Hint 73. 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 74. As per Rules of Accounting, Increase in Asset is _______ and decrease in Asset is _______ Credited; Credited Debited; Credited Credited; Debited Debited; Debited None Hint 75. 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 old partners sacrifice a part of their share in favour of a new partner The ratio in which new profit is shared by partners None Hint 76. In Excel software Pie chart cannot plot more than : Ten Categories Eight Categories Four Categories Seven Categories None Hint 77. 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 Adjusted through Reserve A/c Partner pays the firm Firm pays the amount to the partner None Hint 78. When shares are issued to promoters of the company as remuneration for their services, which account is debited? Goodwill Account Preliminary Expenses Account Promoters' Capital Account Share Capital Account None Hint 79. Write names of affected accounts while making Journal Entries of the following transactions : Goods purchased on credit Purchases A/c & Creditors A/c Cash A/c & Sales A/c Sales A/c & Debtors A/c Capital A/c & Purchases A/c None Hint 80. 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 81. Which of the following account is prepared by a Not-For-Profit Organisation ? Total Creditors Account Income and Expenditure Account Trading Account Profit and Loss Account None Hint 82. 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 3 : 1 1 : 3 1 : 3.75 None Hint 83. Write names of affected accounts while making Journal Entries of the following transactions: Salaries paid Salaries A/c and Cash A/c Salaries A/c and Debtors A/c Capital A/c and Salaries A/c Wages A/c and Bank A/c None Hint 84. Once the data type is specified, MS Access allows designer to define properties of each column. In the context of text data type, one of the general properties relate to ‘Caption’ which means: 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 85. Which of the following sub-unit of central processing unit stores data before being actually processed ? Memory Unit Logic Unit Output Unit Control Unit None Hint 86. Differentiate between 'Public Company' and 'Private Company' on the basis of : Minimum number of members Public – 7; Private – 2 Public – 3; Private – 3 Public – 5; Private – 10 Public – 2; Private – 7 None Hint 87. 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 88. Cash from operating activities” will decrease due to : Both (A) and (B) above Increase in Current Assets Decrease in Current Liabilities None of these None Hint 89. In case of profit on re-issue of forfeited share is, it is transferred to : Securities Premium Reserve Account General Reserve Account Share Capital Account Capital Reserve Account None Hint 90. 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 ₹10 ₹8 ₹2 None Hint 91. Steps to copy a chart to Word (Choose the correct option): Select chart → Copy → Open Word → Paste Copy Excel file → Paste into Word header Use Snipping Tool → Paste image in Word Delete chart → Open Word → Paste None Hint 92. One purpose of using Securities Premium Reserve? Buy back goods Pay director salary Write off preliminary expenses Declare dividend None Hint 93. 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 ₹ 30,000 ₹ 1,30,000 ₹ 1,00,000 None Hint 94. 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 95. When proprietor draws goods from the business for his/her personal use, it is known as? Expense Capital Liability Drawings None Hint 96. Calculate the gross profit ratio from the following data : Sales ₹ 3,25,000; Sales returns ₹ 25,000 and Cost of revenue from operations ₹ 2,40,000. 25% 18% 30% 20% None Hint 97. Complete the Sentences Buy back of equity shares is shown as cash outflow from which type of activity? Operating Activity Investing Activity Extraordinary Item Financing Activity None Hint 98. State the earning elements used in Pay Roll calculations. Also state how these are calculated. Gross Salary – Net Salary Basic Pay – Income Tax Only Basic Pay + HRA + Allowances – Deductions Only Basic Pay None Hint 99. Gurman's A/c short credited and Manisha's A/c over credited — Error of Omission Compensating Error Error of Commission Error of Principle None Hint 100. Complete the following Sentences: In cash flow statement, the amount of interim dividend paid during the year is shown as: Investing Activity Non-cash Activity Operating Activity Financing Activity None Hint 101. Share capital A/c credited by? (Share of ₹10, premium ₹2, ₹7 received) ₹9 ₹7 ₹10 ₹8 None Hint 102. 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 103. In Income & Expenditure A/c, 'Accrued Interest' is shown on — Payments Side Receipts Side Expenditure Side Income Side None Hint 104. 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 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 None Hint 105. Angel Ltd., a stock broker, purchases 5,000 shares of Tata Housing Ltd., it is a: Operating Activity Investing Activity Financing Activity General Activity None Hint 106. Gain of a partner is : Existing (Old) Ratio - New Ratio Sacrificing Ratio - New Ratio New Ratio - Sacrificing Ratio New Ratio - Existing (Old) Ratio None Hint 107. Liabilities of a firm are ₹ 8,000 and total Assets are ₹ 20,000. What is the capital of the proprietor ? ₹ 12,000 ₹ 20,000 ₹ 8,000 ₹ 28,000 None Hint 108. Accrued Interest is shown on which side of Income & Expenditure A/c? Asset side Liability side Debit side Credit side None Hint 109. Using Charts/Graph tools in Excel – explain how to modify a chart: To move the chart Click and drag to new location Delete chart Use chart filter Paste into Word None Hint 110. Which of the following is a limitation of a Cash Flow Statement? It records only cash transactions, ignoring non-cash items It shows liquidity position of the business It is useful for assessing cash generation ability It helps in short-term financial planning None Hint 111. Write names of affected accounts while making Journal Entries of the following transactions : Depreciation charged on furniture Expense A/c & Asset A/c Furniture A/c & Depreciation A/c Cash A/c & Furniture A/c Depreciation A/c & Furniture A/c None Hint 112. 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 Specifying a value for new entries of data records How the field's contents are displayed A label used for the field in datasheet and on forms and reports None Hint 113. At the time of retirement of a partner, Loss on revaluation will be debited to the partners' Capital Account in which Ratio? Gaining Ratio Equal Ratio Sacrificing Ratio Old Profit Sharing Ratio None Hint 114. If a share of ₹ 10 each on which ₹ 9 called up (including premium of ₹ 2) and ₹ 7 paid up (including premium of ₹ 1) is forfeited Securities Premium Reserve Account will be debited by :* Zero ₹ 3 ₹ 1 ₹ 2 None Hint 115. Fill in the blanks At the time of dissolution of partnership firm, balance of general reserve is transferred to _______. Reserve Fund Account Realisation Account Revaluation Account Partner’s Capital Accounts None Hint 116. State any one purpose for which securities premium reserve amount can be utilized. Write off preliminary expenses Buy back preference shares Distribute among shareholders as dividend Pay salaries to employees None Hint 117. Write names of affected accounts while making Journal Entries of the following transactions: Goods sold for cash Sales A/c and Cash A/c Cash A/c and Capital A/c Sales A/c and Purchases A/c Cash A/c and Purchases A/c None Hint 118. Angel Ltd., a stock broker, purchases 5,000 shares of Tata Housing Ltd., it is a: Financing Activity Operating Activity General Activity Investing Activity None Hint 119. 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 Retiring Partner’s Capital A/c Dr. To Goodwill A/c Gaining Partners’ Capital A/cs Dr. To Retiring Partner’s Capital A/c None Hint 120. Calling cells by just their columns and row labels is called Relative referencing Both (A) and (B) Absolute referencing Mixed referencing None Hint 121. Transactions, when recorded in Journal, are known as: Entries Vouchers Postings Accounts None Hint 122. 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 Insert pivot chart Rotate chart manually Use "Switch Row/Column" option under Chart Design None Hint 123. Write names of affected accounts while making Journal Entries of the following transactions : Salaries paid Salary A/c & Cash A/c Cash A/c & Salary A/c Salary A/c & Capital A/c Expense A/c & Drawings A/c None Hint 124. 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? Trading Activity Investing Activity Operating Activity Financing Activity None Hint 125. 'Dividend received' by other than financial enterprise is shown in cash flow statement under: Investing Activities General Activities Operating Activities Financing Activities None Hint 126. Give a name of the accounting error for the following transactions : Purchase of Furniture entered in Purchase Book — Error of Commission Error of Posting Error of Totalling Error of Principle None Hint 127. Give one word answer for the following: Transactions, when recorded in Journal, are known as Notes Narration Posting Entries None Hint 128. Which account shows Surplus or Deficit in Not-For-Profit Organisation — Income and Expenditure Account Receipts and Payments Account General Fund Capital Fund Account None Hint 129. 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 Share Capital A/c Dr. To Asset 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) None Hint 130. 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 Tally Accounting Software Database Management System None Hint 131. Net Purchases = Cash Purchases + Credit Purchases – _______ Purchase Returns Sales Goods Lost by Fire Wages None Hint 132. Complete the following sentences: In cash flow statement, under which head “Purchase of fixed assets during the year” is shown? Investing Activity Exceptional Activity Operating Activity Financing Activity None Hint 133. Ideal Current Ratio is : 2 : 1 1 : 2 1 : 3 1 : 1 None Hint 134. 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 Table Object Forms Object None Hint 135. Which element of a chart provides the additional information about a data marker to identify the details of data point in a data series ? The Data points The Data Labels The plot area The legend None Hint 136. Ideal Current Ratio is: 1:3 1:1 2:1 1:2 None Hint 137. In case of profit on re-issue of forfeited share, it is transferred to: Securities Premium Reserve Account Capital Reserve Account General Reserve Account Share Capital Account None Hint 138. Fill in the blanks: At the time of dissolution of partnership firm, balance of general reserve is transferred to _______. Revaluation Account Partner’s Capital Accounts Partner’s Loan Account Realisation Account None Hint 139. Give the meaning of Sacrificing Ratio. How it is calculated ? The ratio of capital contributed by partners. The ratio in which existing partners agree to sacrifice their share of profit in favour of a new partner. The ratio in which new partner sacrifices his share in favour of existing partners. The ratio in which old partners gain from the retirement of a partner. None Hint 140. In Excel software Pie chart cannot plot more than: Seven Categories Ten Categories Four Categories Seven Categories Eight Categories None Hint 141. 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 Share Capital A/c Bank A/c Dr. To Discount on Issue of Shares A/c None Hint 142. Write the steps involved to copy a chart to Word. Insert new chart in Word manually Select chart → Copy (Ctrl + C) → Open Word → Paste (Ctrl + V) Select chart → Press Delete → Open Word → Paste Screenshot chart → Paste in Word None Hint 143. Which of the following Component of MS Access is used to create various reports as per the requirement of the end user? Report Object Forms Object Table Object Queries None Hint 144. 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 written off by debiting all partners’ capital accounts in old ratio. It is transferred to General Reserve. It is ignored and no adjustment is required. It is credited to Retiring Partner’s Capital Account only. None Hint 145. State any three features of 'Single Entry - System'. It maintains double entry for all transactions. It is incomplete and unscientific method of accounting. It is a scientific method of accounting. It records only credit transactions systematically. None Hint 146. When a company decides to raise capital by issuing shares, at that time give the meaning of : Full Subscription refers to: Shares applied exactly equal to shares issued Government subscription Shares issued more than required Partial share application None Hint 147. 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 148. The Net salary payable to an employee is obtained by deducting ______ from ______. Deductions from Gross Salary Allowances from Basic Pay Tax from Net Salary Bonus from Net Salary None Hint 149. Differentiate between 'Public Company' and 'Private Company' on the basis of : Maximum number of members Public – 500; Private – 100 Public – 200; Private – Unlimited Public – Unlimited; Private – 200 Public – 100; Private – 50 None Hint 150. Which of the following is not an error of principle ? 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. Typewriter purchased for office use has been debited to Purchases Accounts. None Hint 151. 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 Purchase A/c Dr. To Share Capital A/c Asset A/c Dr. To Share Capital A/c Fixed Asset A/c Dr. To Cash A/c None Hint 152. Pass necessary Journal Entries: When an unrecorded liability is discharged by a partner on behalf of the firm, the Journal Entry is: Realisation A/c Dr. To Partner’s Capital A/c 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 None Hint 153. State the earning elements used in Pay Roll calculations. Also state how these are calculated ? 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 Basic Pay, Loan, Rent – all added for Gross Salary None Hint 154. The Net salary payable to an employee is obtained by deducting ______ from ______. Gross Salary from Net Salary Gross Salary from Deductions Allowances from Gross Salary Deductions from Gross Salary None Hint 155. 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 Shares applied are more than issued Oversold shares None Hint 156. What is meant by Cash Flow Statement? State two objectives. Shows fund flow from capital structure only 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 None Hint 157. Which account will be debited on money withdrawn from bank for personal use? Drawings Account Bank Account Cash Account Capital 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
