Accountancy Nios Plus Two PQ I Welcome to your Accountancy Nios Plus Two PQ I Total Questions: 100 Name Mobile No: 1. In case of profit on re-issue of forfeited share, it is transferred to: General Reserve Account Share Capital Account Capital Reserve Account Securities Premium Reserve Account None Hint 2. Fill in the blanks At the time of dissolution of a partnership firm, the balance of general reserve is transferred to: Reserve Fund Realisation Account Capital Accounts of all partners Profit and Loss Account None Hint 3. 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 Forms Object Report Object None Hint 4. 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? Sacrificing Ratio Equal Ratio New Ratio Old Ratio None Hint 5. Identify the affected accounts in the journal entries for the following transactions: Goods sold for cash Cash A/c, Purchases A/c Cash A/c, Sales A/c Debtor A/c, Sales A/c Sales A/c, Purchases A/c None Hint 6. What is meant by pro-rata allotment of shares? Shares are allotted at a premium only All shares are allotted equally to all applicants regardless of amount applied Shares are allotted in proportion to the number of shares applied when there is oversubscription Shares are allotted only to promoters None Hint 7. Liabilities of a firm are ₹8,000 and total Assets are ₹20,000. What is the capital of the proprietor? ₹12,000 ₹28,000 ₹8,000 ₹20,000 None Hint 8. 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 Issued Capital Subscribed Capital Reserve Capital None Hint 9. Journal Entry for goodwill already appearing in books: Goodwill A/c Dr. To All Partners' Capital A/c All Partners' Capital A/c Dr. To Goodwill A/c Gaining Partners’ Capital A/c Dr. To Goodwill A/c Goodwill A/c Dr. To Retiring Partner's Capital A/c None Hint 10. 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 ₹ 1,000 ₹ 800 ₹ 1,200 None Hint 11. 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 12. What is meant by cash flow statement ? State two objectives of preparing cash flow statement. 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. 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. None Hint 13. Which of the following is not an error of principle? Typewriter purchased for office use has been debited to Purchases Accounts. 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 14. The mostly used input devices are keyboard, ______, and ______ CPU and Monitor Mouse and Printer Monitor and Scanner Mouse and Scanner None Hint 15. Goodwill already appears in books at retirement of a partner. It should be: Credited to retiring partner Distributed among all partners Ignored Written off in gaining ratio None Hint 16. Dissolution of firm involves: Closing of business and selling of assets Revaluation of assets only Change in profit sharing Admission of new partner None Hint 17. 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 ₹1,00,000 ₹30,000 ₹1,30,000 None Hint 18. 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 19. Identify the affected accounts in the journal entries for the following transactions: Salaries paid Wages A/c, Cash A/c Capital A/c, Cash A/c Salaries A/c, Cash A/c Salaries A/c, Bank A/c None Hint 20. What does the “Design” tab allow you to do when formatting a chart in Excel? Apply conditional formatting to cells Insert mathematical formulas into the chart Change chart layout, chart style, and switch row/column data Change font style only None Hint 21. 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 All partners bring equal capital Existing partners withdraw their capital Capitals of existing partners are adjusted in the ratio of profit sharing based on new partner’s capital None Hint 22. Calling cells by just their column and row labels is called: Absolute referencing Relative referencing Both (A) and (B) Mixed referencing None Hint 23. Which of the following is treated as unrecorded asset? Bad debts recovered, written off in previous year Goodwill appearing in the Balance Sheet Sale of old Furniture Sale of Investments None Hint 24. Buy back of equity shares is shown as cash outflow from which type of activity? Extraordinary Item Investing Activity Operating Activity Financing Activity None Hint 25. None 26. Life-Membership-fee' received by Not-For-Profit Organisation is shown Payment in 'Receipts and Payments Account' Expenditure in 'Income and Expenditure Account' Capital receipt and added in the capital fund of Balance sheet Income in 'Income and Expenditure Account' None Hint 27. Name the type of accounting error for the following transactions: Purchase of furniture entered in Purchases Book Compensating Error Error of Principle Error of Commission Error of Omission None Hint 28. Choose correct options Transactions, when recorded in Journal, are known as: Invoices Vouchers Ledger Posting Journal Entry None Hint 29. 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 Principle Error of Omission Error of Commission None Hint 30. 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 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: ₹ 30,000 ₹ 1,30,000 ₹ 1,13,000 ₹ 1,00,000 None Hint 32. 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 Omission Error of Commission Compensating Error Error of Principle None Hint 33. 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: ₹ 1 Zero ₹ 3 ₹ 2 None Hint 34. Give one word answers (Choose correct option): When proprietor draws goods from the business for personal use, it is known as: Purchase Drawings Capital Sale None Hint 35. 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 36. Identify the affected accounts in the journal entries for the following transactions: Depreciation charged on furniture Furniture A/c, Depreciation A/c Depreciation A/c, Furniture A/c Depreciation A/c, Asset A/c Expense A/c, Furniture A/c None Hint 37. Complete the following Sentences : In cash flow statement, the amount of interim dividend paid during the year is shown as _____ Cash outflow from financing activity Cash inflow from operating activity Cash outflow from investing activity Not shown in cash flow statement None Hint 38. '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 39. Give one word answers (Choose correct option): Net Purchases = Cash Purchases + Credit Purchases – ? Sales Purchase Returns Closing Stock Drawings None Hint 40. Fill in the blanks: At the time of death of a partner, his/her executor is entitled to all the rights of a _______ to _______. shareholder; dividends creditor; receive dues creditor; the firm partner; liabilities None Hint 41. Which of the following is not a difference between Dissolution of Partnership and Dissolution of Partnership Firm? Accounts are settled with all partners Only change in agreement or partners Business is closed permanently All assets are sold None Hint 42. 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 43. Dissolution of partnership can occur by: Sale of assets Transfer of share Retirement or death of partner Liquidation of company None Hint 44. 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? Promoters' Capital A/c Preliminary Expenses A/c Goodwill A/c Commission A/c None Hint 45. Give one word answer (Choose the correct option): One purpose for which securities premium reserve amount can be utilised: Issue bonus shares Pay dividend Pay salary Buyback of inventory None Hint 46. 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 points The Data Labels The legend The plot area None Hint 47. Which of the following sub-unit of central processing unit stores data before being actually processed? Output Unit Memory Unit Logic Unit Control Unit None Hint 48. 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 1 : 3.75 1 : 3 3.75 : 1 None Hint 49. If a share of ₹10 on which ₹8 called up and ₹5 paid up has been forfeited, the Share Capital Account will be debited by: ₹5 ₹8 ₹6 ₹10 None Hint 50. 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 51. If goodwill already appears in the balance sheet at time of retirement: It is distributed among remaining partners It is shown on asset side It is transferred to goodwill reserve It is written off by all partners in their old ratio None Hint 52. Liabilities of a firm are ₹ 8,000 and total Assets are ₹ 20,000. What is the capital of the proprietor? ₹ 12,000 ₹ 28,000 ₹ 8,000 ₹ 20,000 None Hint 53. Choose correct options Depreciation reduces the value of: Income Expense Liability Asset None Hint 54. In Excel software, Pie chart cannot plot more than: Four Categories Eight Categories Ten Categories Seven Categories None Hint 55. 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 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 56. Debt equity ratio indicates risky financial position from the long-term point of view if it exceeds : 2 : 1 1 : 1 1 : 2 3 : 1 None Hint 57. Identify the affected accounts in the journal entries for the following transactions: Goods purchased on credit Debtor A/c, Purchases A/c Purchases A/c, Bank A/c Purchases A/c, Sales A/c Purchases A/c, Creditor A/c None Hint 58. “Cash from operating activities” will decrease due to : Increase in Current Assets Increase in Current Assets Both (A) and (B) above Increase in Current Liabilities Decrease in Current Liabilities None Hint 59. Gain of a partner is: Sacrificing Ratio - New Ratio Existing (Old) Ratio - New Ratio New Ratio - Existing (Old) Ratio New Ratio - Sacrificing Ratio None Hint 60. Calculation of sacrificing ratio: New Ratio – Old Ratio Old Ratio – New Ratio New Ratio × Old Ratio Old Ratio ÷ New Ratio None Hint 61. Select the correct option for each: After preparation of the realisation account, gain or loss on realisation is transferred to: Partners' Capital Account Revaluation Account Profit and Loss Account Capital Reserve None Hint 62. Data Base Management System overcomes the limitations such as: Data redundancy and inconsistency Data isolation All of the above Data duplicity None Hint 63. State any three limitations of Cash Flow Statement It includes only accrual transactions and cannot be used for analysis It ignores non-cash items, historical nature, and not suitable for short-term analysis It ignores working capital changes and liquidity issues It reflects net worth changes only None Hint 64. 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 Account. Sale of an old car credited to Sales Account. None Hint 65. 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 66. ‘Dividend received’ by other than financial enterprise is shown in cash flow statement under : Investing Activities General Activities Operating Activities Financing Activities None Hint 67. Sale of Machinery on credit is recorded in: Sales Book Bank Pass-Book Cash Book Journal Proper None Hint 68. Journal Entry: 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 Goodwill A/c Dr. To All Partners’ Capital A/c All Partners’ Capital A/c Dr. To Goodwill A/c None Hint 69. Fill in the blanks At the time of death of a partner, his/her executor is entitled to all the rights of a: Employee Manager Partner Debtor None Hint 70. A firm earns profit of ₹1,30,000 on a capital of ₹10,00,000 and normal rate of return in similar business is 10%, super profit will be: ₹1,00,000 ₹30,000 ₹1,30,000 ₹1,13,000 None Hint 71. As per Rules of Accounting, Increase in Asset is ______ and decrease in Asset is ______ Debit, Debit Credit, Debit Debit, Credit Credit, Credit None Hint 72. Meaning of Sacrificing Ratio (Choose the correct option): The ratio of capital The ratio in which partners gain on retirement The ratio in which old partners sacrifice in favor of new partner Equal ratio among partners None Hint 73. Angel Ltd., a stock broker, purchases 5,000 shares of Tata Housing Ltd., it is a : General Activity Operating Activity Investing Activity Financing Activity None Hint 74. Pass necessary Journal Entry when An unrecorded liability has been discharged by the firm No entry required Revaluation A/c Dr. To Liability A/c Liability A/c Dr. To Revaluation A/c Revaluation A/c Dr. To Cash/Bank A/c None Hint 75. In case of profit on re-issue of forfeited share, it is transferred to: Share Capital Account Securities Premium Reserve Account Capital Reserve Account General Reserve Account None Hint 76. 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 77. Gain of a partner: New Ratio - Existing (Old) Ratio Existing (Old) Ratio - New Ratio Sacrificing Ratio - New Ratio New Ratio - Sacrificing Ratio None Hint 78. Journal entry when excess capital is withdrawn by a partner: Bank A/c Dr. To Partner’s Capital A/c Capital Reserve A/c Dr. To Partner’s Capital A/c Revaluation A/c Dr. To Bank A/c Partner’s Capital A/c Dr. To Cash/Bank A/c None Hint 79. Choose the correct one-word answer for the following: Which account will be debited on money withdrawn from Bank for personal use? Bank Account Capital Account Cash Account Drawings Account None Hint 80. 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 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 is the allotment of bonus shares equally to all shareholders. 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 81. Give meaning of: Issued Capital refers to: Total value of shares offered to public for subscription Paid-up capital Capital issued by government Reserve capital None Hint 82. Sale of Machinery on credit is recorded in: Cash Book Sales Book Journal Proper Bank Pass-Book None Hint 83. Give meaning of: Authorised Capital refers to: Capital raised through loans Issued capital subscribed by public Maximum capital a company is authorised to issue Shareholder's contribution None Hint 84. 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. 20% 22.5% 26.67% 24% None Hint 85. Which of the following is a valid use of the Securities Premium Account as per the Companies Act? To write off preliminary expenses To pay dividends to shareholders To buy office furniture To pay directors' commission None Hint 86. 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 : ₹ 800 ₹ 900 ₹ 1,000 ₹ 1,200 None Hint 87. Subscribed Capital refers to: Shares that the public agrees to buy from the issued capital Allotted shares returned Uncalled capital Shares bought by outsiders None Hint 88. 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: ₹9 ₹8 ₹10 ₹7 None Hint 89. When realisation expenses are paid by a partner on behalf of the firm, which of the following account is credited ? Realisation Account Partner's Capital Account Cash Account Expense Account None Hint 90. Which of the following account is prepared by a Not-For-Profit Organisation? Trading Account Profit and Loss Account Total Creditors Account Income and Expenditure Account None Hint 91. 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 ₹3 ₹2 ₹8 None Hint 92. Ideal Current Ratio is : 1:1 2:1 1:2 1:3 None Hint 93. What are the correct steps to copy a chart from Excel to Word? Create chart → Take screenshot → Insert as image Select data → Copy → Paste directly in Word Select chart → Press Delete → Paste in Word Select chart → Right-click → Copy → Open Word → Paste None Hint 94. 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 Retrieval Data Entry Data Storage Data Display None Hint 95. Which of the following account is prepared by a Not-For-Profit Organisation? Income and Expenditure Account Profit and Loss Account Trading Account Total Creditors Account None Hint 96. Give one word answers (Choose correct option): Which account shows surplus or deficit in case of Not-For-Profit organisation? Income and Expenditure Account Trading Account Receipts and Payments Account Profit and Loss Account None Hint 97. 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 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 ₹ 6 ₹ 10 ₹ 8 None Hint 99. Which of the following is treated as unrecorded asset? Sale of old Furniture Goodwill appearing in the Balance Sheet Sale of Investments Bad debts recovered, written off in previous year None Hint 100. When realisation expenses are paid by a partner on behalf of the firm, which of the following account is credited? Partner’s Capital Account Expense Account Realisation Account Cash Account 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
