Accountancy Nios Plus Two PQ I Welcome to your Accountancy Nios Plus Two PQ I Total Questions: 100 Name Mobile No: 1. Complete the following Sentences : In cash flow statement, the amount of interim dividend paid during the year is shown as _____ Not shown in cash flow statement Cash outflow from investing activity Cash outflow from financing activity Cash inflow from operating activity None Hint 2. Which of the following is a valid use of the Securities Premium Account as per the Companies Act? To pay directors' commission To buy office furniture To write off preliminary expenses To pay dividends to shareholders None Hint 3. An unrecorded liability has been discharged by the firm. Revaluation A/c Dr. To Liability A/c Revaluation A/c Dr. To Partner’s Capital A/c Revaluation A/c Dr. To Partner’s Capital A/c Liability A/c Dr. To Cash A/c None Hint 4. If a share of ₹ 10 on which ₹ 8 called up and ₹ 5 paid up has been forfeited, the Share Capital Account will be debited by: ₹ 6 ₹ 5 ₹ 10 ₹ 8 None Hint 5. Calling cells by just their column and row labels is called: Both (A) and (B) Relative referencing Absolute referencing Mixed referencing None Hint 6. Give one word answer (Choose the correct option): A share of ₹10 issued at a premium of ₹2 on which the full amount is called up and ₹7 is received. Share Capital Account will be credited by: ₹7 ₹8 ₹10 ₹9 None Hint 7. As per Rules of Accounting, Increase in Asset is ______ and decrease in Asset is ______ Credit, Credit Debit, Debit Credit, Debit Debit, Credit None Hint 8. 'Life-Membership-fee' received by Not-For-Profit Organisation is shown as: Expenditure in 'Income and Expenditure Account' Income in 'Income and Expenditure Account' Capital receipt and added in the capital fund of Balance Sheet Payment in 'Receipts and Payments Account' None Hint 9. “Cash from operating activities” will decrease due to : Increase in Current Assets Decrease in Current Liabilities Increase in Current Assets Increase in Current Liabilities Both (A) and (B) above None Hint 10. Name the type of accounting error for the following transactions: Purchase of furniture entered in Purchases Book Error of Omission Compensating Error Error of Principle Error of Commission None Hint 11. Pass necessary Journal Entry when An unrecorded liability has been discharged by the firm Liability A/c Dr. To Revaluation A/c No entry required Revaluation A/c Dr. To Liability A/c Revaluation A/c Dr. To Cash/Bank A/c None Hint 12. Gain of a partner is: New Ratio - Existing (Old) Ratio New Ratio - Sacrificing Ratio Sacrificing Ratio - New Ratio Existing (Old) Ratio - New Ratio None Hint 13. Give one word answers (Choose correct option): In the Income and Expenditure A/c of a Not-For-Profit organisation, 'Accrued Interest' is shown on which side? Income Side Expenditure Side Asset Side Liability Side None Hint 14. Meaning of Sacrificing Ratio (Choose the correct option): The ratio of capital The ratio in which old partners sacrifice in favor of new partner Equal ratio among partners The ratio in which partners gain on retirement None Hint 15. Give one word answer (Choose the correct option): One purpose for which securities premium reserve amount can be utilised: Buyback of inventory Issue bonus shares Pay salary Pay dividend None Hint 16. Select the correct option for each: After preparation of the realisation account, gain or loss on realisation is transferred to: Revaluation Account Partners' Capital Account Capital Reserve Profit and Loss Account None Hint 17. What is meant by Pro-rata allotment of shares ? State how unpaid amount on allotment and calls money of shares held by the shareholder is calculated in case of pro-rata allotment of shares. Pro-rata allotment is the allotment of bonus shares equally to all shareholders. Pro-rata allotment means every applicant is allotted the full number of shares they applied for, and no adjustment is needed for excess money. Pro-rata allotment occurs when applicants get fewer shares than they applied for, and excess application money is refunded. Pro-rata allotment happens when applicants get fewer shares than applied due to over-subscription; excess application money is adjusted towards allotment and future calls. None Hint 18. Give one word answer (Choose the correct option): That part of share capital which is uncalled and kept in reserve is known as: Issued Capital Subscribed Capital Reserve Capital Authorised Capital None Hint 19. Identify the affected accounts in the journal entries for the following transactions: Salaries paid Salaries A/c, Bank A/c Capital A/c, Cash A/c Wages A/c, Cash A/c Salaries A/c, Cash A/c None Hint 20. Give one word answer (Choose the correct option): When shares are issued to promoters of the company as remuneration for their services, which account is debited? Commission A/c Preliminary Expenses A/c Promoters' Capital A/c Goodwill A/c None Hint 21. 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: ₹ 1,200 ₹ 1,000 ₹ 900 ₹ 800 None Hint 22. Choose correct options Depreciation reduces the value of: Expense Income Liability Asset None Hint 23. In case of profit on re-issue of forfeited share, it is transferred to: Share Capital Account Securities Premium Reserve Account General Reserve Account Capital Reserve Account None Hint 24. Sale of Machinery on credit is recorded in: Bank Pass-Book Cash Book Journal Proper Sales Book None Hint 25. Which of the following account is prepared by a Not-For-Profit Organisation? Income and Expenditure Account Total Creditors Account Profit and Loss Account Trading Account None Hint 26. Ideal Current Ratio is : 1:1 2:1 1:2 1:3 None Hint 27. The Net salary payable to an employee is obtained by deducting ________ from ________. Gross Salary, Provident Fund Allowances, Gross Salary Deductions, Gross Salary Tax, Basic Salary None Hint 28. Which of the following sub-unit of central processing unit stores data before being actually processed? Control Unit Logic Unit Memory Unit Output Unit None Hint 29. In Excel software, Pie chart cannot plot more than: Four Categories Eight Categories Ten Categories Seven Categories None Hint 30. Liabilities of a firm are ₹8,000 and total Assets are ₹20,000. What is the capital of the proprietor? ₹20,000 ₹8,000 ₹28,000 ₹12,000 None Hint 31. 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. 22.5% 26.67% 24% 20% None Hint 32. If a share of ₹10 each on which ₹8 called up (including premium of ₹2) and ₹7 paid up has been forfeited, the Share Capital Account will be debited by: ₹1 ₹2 ₹3 ₹8 None Hint 33. Data Base Management System overcomes the limitations such as: Data isolation Data redundancy and inconsistency Data duplicity All of the above None Hint 34. Which of the following is not a difference between Dissolution of Partnership and Dissolution of Partnership Firm? All assets are sold Business is closed permanently Accounts are settled with all partners Only change in agreement or partners None Hint 35. What is the adjustment of existing partner’s capital on the basis of the capital of the new partner? New partner gets more profit than others Existing partners withdraw their capital All partners bring equal capital Capitals of existing partners are adjusted in the ratio of profit sharing based on new partner’s capital None Hint 36. Choose the correct one-word answer for the following: Which facility is offered to store and process transaction data in a computerised accounting system to retrieve information and generate reports? Data Storage Data Retrieval Data Display Data Entry None Hint 37. The mostly used input devices are keyboard, ______, and ______ Mouse and Printer Mouse and Scanner Monitor and Scanner CPU and Monitor None Hint 38. Give one word answers (Choose correct option): 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 Trading Account None Hint 39. Which of the following is treated as unrecorded asset? Sale of Investments Bad debts recovered, written off in previous year Goodwill appearing in the Balance Sheet Sale of old Furniture None Hint 40. Choose the correct one-word answer for the following: Which account will be debited on money withdrawn from Bank for personal use? Capital Account Drawings Account Bank Account Cash Account None Hint 41. Which of the following sub-unit of central processing unit stores data before being actually processed? Logic Unit Output Unit Memory Unit Control Unit None Hint 42. Dissolution of partnership can occur by: Retirement or death of partner Sale of assets Transfer of share Liquidation of company None Hint 43. Sale of Machinery on credit is recorded in: Bank Pass-Book Cash Book Journal Proper Sales Book None Hint 44. Identify the affected accounts in the journal entries for the following transactions: Goods sold for cash Cash A/c, Purchases A/c Sales A/c, Purchases A/c Cash A/c, Sales A/c Debtor A/c, Sales A/c None Hint 45. 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 ₹1,30,000 ₹1,00,000 ₹1,13,000 ₹30,000 None Hint 46. Cash Balance ₹ 15,000, Trade Receivables ₹ 35,000, Inventory ₹ 40,000, Trade payables ₹ 24,000; Bank overdraft is ₹ 6,000. Current Ratio will be : 1 : 3.75 3.75 : 1 3 : 1 1 : 3 None Hint 47. Journal Entry: Goodwill A/c Dr. To All Partners’ Capital A/c Gaining Partner’s Capital A/c Dr. To Retiring Partner’s Capital A/c Retiring Partner’s Capital A/c Dr. To Goodwill A/c All Partners’ Capital A/c Dr. To Goodwill A/c None Hint 48. Name the type of accounting error for the following transactions: Wages paid for construction of office debited to wages account Compensating Error Error of Principle Error of Omission Error of Commission None Hint 49. 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: ₹ 1,30,000 ₹ 1,00,000 ₹ 1,13,000 ₹ 30,000 None Hint 50. Fill in the blanks At the time of death of a partner, his/her executor is entitled to all the rights of a: Employee Partner Debtor Manager None Hint 51. When realisation expenses are paid by a partner on behalf of the firm, which of the following account is credited? Expense Account Realisation Account Partner’s Capital Account Cash Account None Hint 52. Give one word answers (Choose correct option): Net Purchases = Cash Purchases + Credit Purchases – ? Closing Stock Drawings Purchase Returns Sales None Hint 53. If goodwill already appears in the balance sheet at time of retirement: It is distributed among remaining partners It is written off by all partners in their old ratio It is transferred to goodwill reserve It is shown on asset side None Hint 54. Identify the affected accounts in the journal entries for the following transactions: Goods purchased on credit Purchases A/c, Creditor A/c Purchases A/c, Sales A/c Debtor A/c, Purchases A/c Purchases A/c, Bank A/c None Hint 55. Gain of a partner: New Ratio - Sacrificing Ratio Existing (Old) Ratio - New Ratio Sacrificing Ratio - New Ratio New Ratio - Existing (Old) Ratio None Hint 56. Fill in the blanks At the time of dissolution of a partnership firm, the balance of general reserve is transferred to: Capital Accounts of all partners Realisation Account Profit and Loss Account Reserve Fund None Hint 57. Fill in the blanks: At the time of death of a partner, his/her executor is entitled to all the rights of a _______ to _______. partner; liabilities shareholder; dividends creditor; receive dues creditor; the firm None Hint 58. Which of the following is not an error of principle? Typewriter purchased for office use has been debited to Purchases 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. Sale of an old car credited to Sales Account. None Hint 59. Journal Entry for goodwill already appearing in books: All Partners' Capital A/c Dr. To Goodwill A/c Goodwill A/c Dr. To Retiring Partner's Capital A/c Gaining Partners’ Capital A/c Dr. To Goodwill A/c Goodwill A/c Dr. To All Partners' Capital A/c None Hint 60. Calculation of sacrificing ratio: Old Ratio – New Ratio Old Ratio ÷ New Ratio New Ratio × Old Ratio New Ratio – Old Ratio None Hint 61. Choose correct options Transactions, when recorded in Journal, are known as: Invoices Ledger Posting Journal Entry Vouchers None Hint 62. Goodwill already appears in books at retirement of a partner. It should be: Written off in gaining ratio Ignored Credited to retiring partner Distributed among all partners None Hint 63. Give meaning of: Authorised Capital refers to: Issued capital subscribed by public Shareholder's contribution Capital raised through loans Maximum capital a company is authorised to issue None Hint 64. Once the data type is specified, MS Access allows the designer to define properties of each column. In the context of text data type, one of the general properties relates to 'Caption' which means: how the field's contents are displayed 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 None Hint 65. When realisation expenses are paid by a partner on behalf of the firm, which of the following account is credited? Cash Account Expense Account Realisation Account Partner’s Capital Account None Hint 66. Name the type of accounting error for the following transactions: Goods sold for ₹4,200 to Hari Om on credit were omitted, although cash received Compensating Error Error of Commission Error of Omission Error of Principle None Hint 67. What are the correct steps to copy a chart from Excel to Word? Select chart → Right-click → Copy → Open Word → Paste Select chart → Press Delete → Paste in Word Select data → Copy → Paste directly in Word Create chart → Take screenshot → Insert as image None Hint 68. None 69. Buy back of equity shares is shown as cash outflow from which type of activity? Financing Activity Investing Activity Extraordinary Item Operating Activity None Hint 70. Balance of Provision for Doubtful Debts 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 : ₹ 1,200 ₹ 800 ₹ 1,000 ₹ 900 None Hint 71. Name the type of accounting error for the following transactions: Gurman's account short credited by ₹1,000 and Manisha’s account excess credited by ₹1,000 Compensating Error Error of Omission Error of Commission Error of Principle None Hint 72. State any three limitations of Cash Flow Statement It includes only accrual transactions and cannot be used for analysis It ignores working capital changes and liquidity issues It reflects net worth changes only It ignores non-cash items, historical nature, and not suitable for short-term analysis None Hint 73. Journal entry when excess capital is withdrawn by a partner: Bank A/c Dr. To Partner’s Capital A/c Partner’s Capital A/c Dr. To Cash/Bank A/c Capital Reserve A/c Dr. To Partner’s Capital A/c Revaluation A/c Dr. To Bank A/c None Hint 74. Life-Membership-fee' received by Not-For-Profit Organisation is shown Capital receipt and added in the capital fund of Balance sheet Expenditure in 'Income and Expenditure Account' Income in 'Income and Expenditure Account' Payment in 'Receipts and Payments Account' None Hint 75. Which of the following is treated as 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 76. 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 77. Which element of a chart provides additional information about a data marker to identify the details of a data point in a data series? The plot area The Data Labels The Data points The legend None Hint 78. 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 Forms Object Queries None Hint 79. What is meant by pro-rata allotment of shares? Shares are allotted at a premium only Shares are allotted in proportion to the number of shares applied when there is oversubscription Shares are allotted only to promoters All shares are allotted equally to all applicants regardless of amount applied None Hint 80. If a share of ₹ 10 each on which ₹ 9 called up (including premium of ₹ 2) and ₹ 7 paid up (including premium of ₹ 1) is forfeited, Securities Premium Reserve Account will be debited by: ₹ 2 ₹ 3 ₹ 1 Zero None Hint 81. Fill in the blanks: At the time of dissolution of a partnership firm, balance of general reserve is transferred to _______. Revaluation Account Realisation Account Partner’s Capital Accounts Partner's Loan Account None Hint 82. Liabilities of a firm are ₹ 8,000 and total Assets are ₹ 20,000. What is the capital of the proprietor? ₹ 8,000 ₹ 20,000 ₹ 28,000 ₹ 12,000 None Hint 83. What is meant by cash flow statement ? State two objectives of preparing cash flow statement. A statement showing inflows and outflows of cash and cash equivalents, used to assess liquidity and financial flexibility. A statement showing depreciation and changes in capital only, to determine return on capital employed. A statement showing cash and non-cash transactions to determine fixed asset value. A statement showing profit or loss of the business and aims to calculate net income and tax. None Hint 84. Which of the following is not an error of principle? 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. Typewriter purchased for office use has been debited to Purchases Accounts. Sale of an old car credited to Sales Account. None Hint 85. ‘Dividend received’ by other than financial enterprise is shown in cash flow statement under : Financing Activities General Activities Operating Activities Investing Activities None Hint 86. Subscribed Capital refers to: Shares bought by outsiders Allotted shares returned Uncalled capital Shares that the public agrees to buy from the issued capital None Hint 87. Which of the following account is prepared by a Not-For-Profit Organisation? Profit and Loss Account Trading Account Total Creditors Account Income and Expenditure Account None Hint 88. Give meaning of: Issued Capital refers to: Capital issued by government Reserve capital Paid-up capital Total value of shares offered to public for subscription 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: ₹1,30,000 ₹30,000 ₹1,00,000 ₹1,13,000 None Hint 90. Identify the affected accounts in the journal entries for the following transactions: Depreciation charged on furniture Expense A/c, Furniture A/c Depreciation A/c, Furniture A/c Depreciation A/c, Asset A/c Furniture A/c, Depreciation A/c None Hint 91. Dissolution of firm involves: Admission of new partner Closing of business and selling of assets Change in profit sharing Revaluation of assets only None Hint 92. Which of the following are common earning elements used in Pay Roll calculations? Net Pay, Tax Deduction, Bonus Basic Pay, House Rent Allowance, Medical Allowance Basic Pay, Provident Fund, Leave Deduction Gross Salary, Overtime, Loan Deduction None Hint 93. What is meant by 'Unearned Income'? An expense paid in advance Income received in advance but not yet earned Salary unpaid Income that will never be received None Hint 94. When realisation expenses are paid by a partner on behalf of the firm, which of the following account is credited ? Cash Account Realisation Account Expense Account Partner's Capital Account None Hint 95. Select the correct option for each: At the time of retirement of a partner, Loss on revaluation is debited to the partners' Capital Account in which Ratio? Equal Ratio Old Ratio New Ratio Sacrificing Ratio None Hint 96. In case of profit on re-issue of forfeited share, it is transferred to: General Reserve Account Capital Reserve Account Share Capital Account Securities Premium Reserve Account None Hint 97. Give one word answers (Choose correct option): When proprietor draws goods from the business for personal use, it is known as: Sale Drawings Purchase Capital None Hint 98. 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 ₹10 ₹6 None Hint 99. Angel Ltd., a stock broker, purchases 5,000 shares of Tata Housing Ltd., it is a : General Activity Investing Activity Financing Activity Operating Activity None Hint 100. What does the “Design” tab allow you to do when formatting a chart in Excel? Change font style only Apply conditional formatting to cells Change chart layout, chart style, and switch row/column data Insert mathematical formulas into the chart None Hint Time's up Share: admin Previous post Computer Science Nios Plus Two PQ I June 30, 2025 Next post Accountancy Nios Plus Two PQ II June 30, 2025
