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