Accountancy Nios Plus Two PQ I Welcome to your Accountancy Nios Plus Two PQ I Total Questions: 100 Name Mobile No: 1. Liabilities of a firm are ₹ 8,000 and total Assets are ₹ 20,000. What is the capital of the proprietor? ₹ 12,000 ₹ 28,000 ₹ 20,000 ₹ 8,000 None Hint 2. 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 ₹ 2 ₹ 1 Zero None Hint 3. What is the adjustment of existing partner’s capital on the basis of the capital of the new partner? Existing partners withdraw their capital Capitals of existing partners are adjusted in the ratio of profit sharing based on new partner’s capital New partner gets more profit than others All partners bring equal capital None Hint 4. 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 Manager Debtor None Hint 5. Sale of Machinery on credit is recorded in: Bank Pass-Book Cash Book Journal Proper Sales Book None Hint 6. Identify the affected accounts in the journal entries for the following transactions: Goods purchased on credit Purchases A/c, Sales A/c Debtor A/c, Purchases A/c Purchases A/c, Creditor A/c Purchases A/c, Bank A/c None Hint 7. 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 8. 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 ₹1,13,000 ₹30,000 ₹1,00,000 None Hint 9. None 10. 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 ₹9 ₹10 ₹8 None Hint 11. 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: single, double or decimal type of numbers how the field's contents are displayed specifying a value for new entries of data records a label used for the field in datasheet and on forms and reports None Hint 12. Subscribed Capital refers to: Uncalled capital Allotted shares returned Shares that the public agrees to buy from the issued capital Shares bought by outsiders None Hint 13. Select the correct option for each: After preparation of the realisation account, gain or loss on realisation is transferred to: Profit and Loss Account Partners' Capital Account Revaluation Account Capital Reserve None Hint 14. When realisation expenses are paid by a partner on behalf of the firm, which of the following account is credited? Partner’s Capital Account Realisation Account Expense Account Cash Account None Hint 15. 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? Old Ratio Sacrificing Ratio Equal Ratio New Ratio None Hint 16. 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 17. 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 ₹ 800 ₹ 1,200 ₹ 900 None Hint 18. Name the type of accounting error for the following transactions: Wages paid for construction of office debited to wages account Error of Commission Compensating Error Error of Principle Error of Omission None Hint 19. 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 Cash Account Bank Account 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? Preliminary Expenses A/c Goodwill A/c Promoters' Capital A/c Commission A/c None Hint 21. In Excel software, Pie chart cannot plot more than: Seven Categories Eight Categories Ten Categories Four Categories None Hint 22. Fill in the blanks At the time of dissolution of a partnership firm, the balance of general reserve is transferred to: Reserve Fund Capital Accounts of all partners Profit and Loss Account Realisation Account None Hint 23. Give one word answer (Choose the correct option): That part of share capital which is uncalled and kept in reserve is known as: Authorised Capital Subscribed Capital Issued Capital Reserve Capital None Hint 24. Give meaning of: Issued Capital refers to: Capital issued by government Reserve capital Total value of shares offered to public for subscription Paid-up capital None Hint 25. Gain of a partner: Existing (Old) Ratio - New Ratio New Ratio - Existing (Old) Ratio New Ratio - Sacrificing Ratio Sacrificing Ratio - New Ratio None Hint 26. 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 creditor; the firm creditor; receive dues shareholder; dividends None Hint 27. Complete the following Sentences : In cash flow statement, the amount of interim dividend paid during the year is shown as _____ Cash inflow from operating activity Cash outflow from financing activity Cash outflow from investing activity Not shown in cash flow statement None Hint 28. Name the type of accounting error for the following transactions: Purchase of furniture entered in Purchases Book Error of Principle Compensating Error Error of Omission Error of Commission None Hint 29. 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 Data Labels The Data points The plot area The legend None Hint 30. When realisation expenses are paid by a partner on behalf of the firm, which of the following account is credited? Expense Account Cash Account Partner’s Capital Account Realisation Account None Hint 31. 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 ₹ 1,13,000 ₹ 1,00,000 ₹ 30,000 None Hint 32. Which of the following component of MS Access is used to create various reports as per the requirement of the end user? Table Object Queries Report Object Forms Object None Hint 33. 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: ₹10 ₹5 ₹8 ₹6 None Hint 34. Sale of Machinery on credit is recorded in: Journal Proper Bank Pass-Book Cash Book Sales Book None Hint 35. Dissolution of partnership can occur by: Sale of assets Transfer of share Liquidation of company Retirement or death of partner None Hint 36. 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 37. Calling cells by just their column and row labels is called: Both (A) and (B) Relative referencing Absolute referencing Mixed referencing None Hint 38. Fill in the blanks: At the time of dissolution of a partnership firm, balance of general reserve is transferred to _______. Partner's Loan Account Partner’s Capital Accounts Revaluation Account Realisation Account None Hint 39. Which of the following is not an error of principle? Typewriter purchased for office use has been debited to Purchases Account. Sale of an old car credited to 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 40. Journal Entry: Goodwill A/c Dr. To All Partners’ Capital A/c Retiring Partner’s Capital A/c Dr. To Goodwill A/c All Partners’ Capital A/c Dr. To Goodwill A/c Gaining Partner’s Capital A/c Dr. To Retiring Partner’s Capital A/c None Hint 41. 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 ₹1,30,000 ₹30,000 ₹1,00,000 None Hint 42. Gain of a partner is: Sacrificing Ratio - New Ratio Existing (Old) Ratio - New Ratio New Ratio - Sacrificing Ratio New Ratio - Existing (Old) Ratio None Hint 43. In case of profit on re-issue of forfeited share, it is transferred to: Capital Reserve Account General Reserve Account Share Capital Account Securities Premium Reserve Account None Hint 44. Which of the following is not an error of principle? 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. Repairs on the overhauling of second-hand machinery purchased is not recorded in the books of accounts. None Hint 45. Give one word answers (Choose correct option): Which account shows surplus or deficit in case of Not-For-Profit organisation? Trading Account Income and Expenditure Account Receipts and Payments Account Profit and Loss Account None Hint 46. 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. 24% 22.5% 20% 26.67% None Hint 47. Which of the following is treated as 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 48. Choose correct options Depreciation reduces the value of: Income Expense Liability Asset None Hint 49. “Cash from operating activities” will decrease due to : Increase in Current Assets Increase in Current Assets Decrease in Current Liabilities Increase in Current Liabilities Both (A) and (B) above None Hint 50. What is meant by 'Unearned Income'? An expense paid in advance Salary unpaid Income that will never be received Income received in advance but not yet earned None Hint 51. When realisation expenses are paid by a partner on behalf of the firm, which of the following account is credited ? Cash Account Expense Account Partner's Capital Account Realisation Account None Hint 52. 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 : ₹ 1,000 ₹ 1,200 ₹ 800 ₹ 900 None Hint 53. State any three limitations of Cash Flow Statement It ignores non-cash items, historical nature, and not suitable for short-term analysis 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 None Hint 54. 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 Error of Commission Compensating Error Error of Principle Error of Omission None Hint 55. 'Life-Membership-fee' received by Not-For-Profit Organisation is shown as: Capital receipt and added in the capital fund of Balance Sheet Income in 'Income and Expenditure Account' Payment in 'Receipts and Payments Account' Expenditure in 'Income and Expenditure Account' None Hint 56. What is meant by pro-rata allotment of shares? Shares are allotted only to promoters Shares are allotted in proportion to the number of shares applied when there is oversubscription All shares are allotted equally to all applicants regardless of amount applied Shares are allotted at a premium only None Hint 57. 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 occurs when applicants get fewer shares than they applied for, and excess application money is refunded. 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 happens when applicants get fewer shares than applied due to over-subscription; excess application money is adjusted towards allotment and future calls. None Hint 58. 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 Display Data Retrieval Data Entry 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 All Partners' Capital A/c Goodwill A/c Dr. To Retiring Partner's Capital A/c Gaining Partners’ Capital A/c Dr. To Goodwill A/c None Hint 60. Dissolution of firm involves: Change in profit sharing Closing of business and selling of assets Admission of new partner Revaluation of assets only None Hint 61. Choose correct options Transactions, when recorded in Journal, are known as: Journal Entry Ledger Posting Invoices Vouchers None Hint 62. The mostly used input devices are keyboard, ______, and ______ Monitor and Scanner Mouse and Scanner Mouse and Printer CPU and Monitor None Hint 63. 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 Error of Principle Error of Commission Compensating Error Error of Omission None Hint 64. Which of the following is treated as unrecorded asset? Sale of old Furniture Goodwill appearing in the Balance Sheet Bad debts recovered, written off in previous year Sale of Investments None Hint 65. Cash Balance ₹ 15,000, Trade Receivables ₹ 35,000, Inventory ₹ 40,000, Trade payables ₹ 24,000; Bank overdraft is ₹ 6,000. Current Ratio will be : 3 : 1 3.75 : 1 1 : 3 1 : 3.75 None Hint 66. Which of the following sub-unit of central processing unit stores data before being actually processed? Logic Unit Output Unit Control Unit Memory Unit None Hint 67. 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 Revaluation A/c Dr. To Bank A/c Capital Reserve A/c Dr. To Partner’s Capital A/c None Hint 68. Which of the following sub-unit of central processing unit stores data before being actually processed? Logic Unit Control Unit Memory Unit Output Unit None Hint 69. What are the correct steps to copy a chart from Excel to Word? Select chart → Press Delete → Paste in Word Select chart → Right-click → Copy → Open Word → Paste Select data → Copy → Paste directly in Word Create chart → Take screenshot → Insert as image None Hint 70. Give one word answers (Choose correct option): When proprietor draws goods from the business for personal use, it is known as: Purchase Capital Sale Drawings None Hint 71. 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 ₹ 10 ₹ 6 ₹ 5 None Hint 72. If goodwill already appears in the balance sheet at time of retirement: It is transferred to goodwill reserve It is shown on asset side It is written off by all partners in their old ratio It is distributed among remaining partners None Hint 73. Give meaning of: Authorised Capital refers to: Issued capital subscribed by public Capital raised through loans Shareholder's contribution Maximum capital a company is authorised to issue None Hint 74. 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 75. 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 Furniture A/c, Depreciation A/c Depreciation A/c, Asset A/c None Hint 76. Goodwill already appears in books at retirement of a partner. It should be: Credited to retiring partner Written off in gaining ratio Ignored Distributed among all partners None Hint 77. Calculation of sacrificing ratio: New Ratio – Old Ratio New Ratio × Old Ratio Old Ratio – New Ratio Old Ratio ÷ New Ratio None Hint 78. What does the “Design” tab allow you to do when formatting a chart in Excel? Apply conditional formatting to cells Change font style only Change chart layout, chart style, and switch row/column data Insert mathematical formulas into the chart None Hint 79. Identify the affected accounts in the journal entries for the following transactions: Goods sold for cash Debtor A/c, Sales A/c Sales A/c, Purchases A/c Cash A/c, Purchases A/c Cash A/c, Sales A/c None Hint 80. As per Rules of Accounting, Increase in Asset is ______ and decrease in Asset is ______ Debit, Debit Debit, Credit Credit, Debit Credit, Credit None Hint 81. The Net salary payable to an employee is obtained by deducting ________ from ________. Tax, Basic Salary Allowances, Gross Salary Gross Salary, Provident Fund Deductions, Gross Salary None Hint 82. Debt equity ratio indicates risky financial position from the long-term point of view if it exceeds : 1 : 2 2 : 1 1 : 1 3 : 1 None Hint 83. Which of the following are common earning elements used in Pay Roll calculations? Basic Pay, House Rent Allowance, Medical Allowance Net Pay, Tax Deduction, Bonus Gross Salary, Overtime, Loan Deduction Basic Pay, Provident Fund, Leave Deduction None Hint 84. Ideal Current Ratio is : 1:1 2:1 1:3 1:2 None Hint 85. Give one word answers (Choose correct option): Net Purchases = Cash Purchases + Credit Purchases – ? Sales Closing Stock Purchase Returns Drawings None Hint 86. ‘Dividend received’ by other than financial enterprise is shown in cash flow statement under : General Activities Financing Activities Operating Activities Investing Activities None Hint 87. Which of the following account is prepared by a Not-For-Profit Organisation? Profit and Loss Account Total Creditors Account Income and Expenditure Account Trading Account None Hint 88. Pass necessary Journal Entry when An unrecorded liability has been discharged by the firm Revaluation A/c Dr. To Cash/Bank A/c No entry required Liability A/c Dr. To Revaluation A/c Revaluation A/c Dr. To Liability A/c None Hint 89. 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 profit or loss of the business and aims to calculate net income and tax. A statement showing cash and non-cash transactions to determine fixed asset value. None Hint 90. 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 Liability Side Asset Side Expenditure Side None Hint 91. Meaning of Sacrificing Ratio (Choose the correct option): The ratio in which partners gain on retirement Equal ratio among partners The ratio of capital The ratio in which old partners sacrifice in favor of new partner None Hint 92. Which of the following is a valid use of the Securities Premium Account as per the Companies Act? To buy office furniture To pay dividends to shareholders To write off preliminary expenses To pay directors' commission None Hint 93. Data Base Management System overcomes the limitations such as: Data isolation All of the above Data duplicity Data redundancy and inconsistency None Hint 94. 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 ₹8 ₹2 ₹3 None Hint 95. An unrecorded liability has been discharged by the firm. Liability A/c Dr. To Cash A/c 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 None Hint 96. Liabilities of a firm are ₹8,000 and total Assets are ₹20,000. What is the capital of the proprietor? ₹28,000 ₹12,000 ₹8,000 ₹20,000 None Hint 97. Identify the affected accounts in the journal entries for the following transactions: Salaries paid Capital A/c, Cash A/c Wages A/c, Cash A/c Salaries A/c, Cash A/c Salaries A/c, Bank A/c None Hint 98. Which of the following account is prepared by a Not-For-Profit Organisation? Total Creditors Account Income and Expenditure Account Profit and Loss Account Trading Account None Hint 99. Which of the following is not a difference between Dissolution of Partnership and Dissolution of Partnership Firm? Business is closed permanently Only change in agreement or partners Accounts are settled with all partners All assets are sold None Hint 100. Life-Membership-fee' received by Not-For-Profit Organisation is shown Income in 'Income and Expenditure Account' Expenditure in 'Income and Expenditure Account' Payment in 'Receipts and Payments Account' Capital receipt and added in the capital fund of Balance sheet 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
