MIXED QUESTIONS 2
What time would be taken into consideration if equal monthly amount is drawn as drawings at the beginning of each month ?
(a) 7 months
(b) 6 months
(c) 5 months
(d) 6.5 months
a
b
c
d
(a) 7 months
(b) 6 months
(c) 5 months
(d) 6.5 months
a
b
c
d
A draws ₹ 1,000 per month on the last day of every month. If the rate of interest is 5% p.a., then the total interest on drawings will be :
(a) ₹ 325
(b) ₹ 275
(c) ₹ 300
(d) ₹ 350
a
b
c
d
(a) ₹ 325
(b) ₹ 275
(c) ₹ 300
(d) ₹ 350
a
b
c
d
Interest on drawings of the Partners is a :
(a) Loss to business
(b) Profit to business
(c) Profit to partners
(d) Loss to Bank
a
b
c
d
(a) Loss to business
(b) Profit to business
(c) Profit to partners
(d) Loss to Bank
a
b
c
d
In the absence of partnership deed, interest on capital will be given to the partners at:
(a) 6% p.a.
(b) None of these
(c) Real Account
(d) None of these
a
b
c
d
(a) 6% p.a.
(b) None of these
(c) Real Account
(d) None of these
a
b
c
d
Profit & Loss Appropriation Account is prepared to:
(a) Create Reserve Fund
(b) Find out Net Profit
(c) Find out Divisible Profit
(d) None of these
a
b
c
d
(a) Create Reserve Fund
(b) Find out Net Profit
(c) Find out Divisible Profit
(d) None of these
a
b
c
d
Proprietory Ratio indicates the relationship between proprietor’s funds and….
(a) Reserve
(b) Share Capital
(c) Total Assets
(d) Debentures
a
b
c
d
(a) Reserve
(b) Share Capital
(c) Total Assets
(d) Debentures
a
b
c
d
Which of the following non-operating expense?
(a) Rent
(b) Selling Expenses
(c) Wages
(d) Loss on Sale of Machinery
a
b
c
d
(a) Rent
(b) Selling Expenses
(c) Wages
(d) Loss on Sale of Machinery
a
b
c
d
To know the return on investment, by capital employed we mean:
(a) Net Fixed Assets
(b) Current Asset-Current Liabilities
(c) Gross Block
(d) Fixed Assets + Current Assets-Current Liabilities
a
b
c
d
(a) Net Fixed Assets
(b) Current Asset-Current Liabilities
(c) Gross Block
(d) Fixed Assets + Current Assets-Current Liabilities
a
b
c
d
To test the liquidity of a concern which of the following ratios is useful ?
(a) Capital Turnover Ratio
(b) Acid Test Ratio
(c) Stock Turnover Ratio
(d) Net Profit Ratio
a
b
c
d
(a) Capital Turnover Ratio
(b) Acid Test Ratio
(c) Stock Turnover Ratio
(d) Net Profit Ratio
a
b
c
d
B, C and D are partners sharing profit in the ratio 7:5:4. D died on 30th June, 2016 and profits for the year 2015-16 were ₹ 12,000. How much share in profits for the period 1st April, 2016 to 30th June, 2016 will be credited to D’s Account:
(a) ₹ 3,000
(b) ₹ 750
(c) Nil
(d) ₹ 1,000
a
b
c
d
(a) ₹ 3,000
(b) ₹ 750
(c) Nil
(d) ₹ 1,000
a
b
c
d
As per section 37 to the Indian Partnership Act, 1932, the executors would be entitled at their choice to interest calculated from the date of death till the date of payment on the final amount due to the deceased partner at………..percent per annum.
(a) 7
(b) 4
(c) 6
(d) 8
a
b
c
d
(a) 7
(b) 4
(c) 6
(d) 8
a
b
c
d
On the retirement of a partner any accumulated profit should be credited to the capital accounts of:
(a) All partners in old profit-sharing ratio
(b) Remaining partners in new profit-sharing ratio
(c) Retiring partner only in his share
(d) None of these
a
b
c
d
(a) All partners in old profit-sharing ratio
(b) Remaining partners in new profit-sharing ratio
(c) Retiring partner only in his share
(d) None of these
a
b
c
d
How unrecorded assets are treated at the time of retriement of a partner ?
(a) Credited to Revaluation Account
(b) Credited to Capital Account of Retiring Partner
(c) Debited to Revaluation Account
(d) Credited to Partner’s Capital Accounts
a
b
c
d
(a) Credited to Revaluation Account
(b) Credited to Capital Account of Retiring Partner
(c) Debited to Revaluation Account
(d) Credited to Partner’s Capital Accounts
a
b
c
d
X, Y, Z are partners sharing profits in the ratio of 3 : 4 : 4. Y retires and X and Z share their profits in equal ratio. New ratio of X and Z will be :
(a) 1 : 2
(b) 2 : 1
(c) 3 : 1
(d) 1 : 1
a
b
c
d
(a) 1 : 2
(b) 2 : 1
(c) 3 : 1
(d) 1 : 1
a
b
c
d
When full amount is due on any call but it is not received, then the short fall is debited to :
(a) Calls-in-advance
(b) Calls-in-arrear
(c) Share Capital
(d) Suspense Account
a
b
c
d
(a) Calls-in-advance
(b) Calls-in-arrear
(c) Share Capital
(d) Suspense Account
a
b
c
d
When a company issues fully paid shares to promoters
for their services, the journal entry will be:
(a) Bank A/c Dr.
To Share Capital A/c
(b) Good will A/c Dr.
To Share Capital A/c
(c) Promoters Personal A/c Dr.
To Share Capital A/c
(d) Promotion Expenses A/c Dr.
To Share Capital A/c
a
b
c
d
for their services, the journal entry will be:
(a) Bank A/c Dr.
To Share Capital A/c
(b) Good will A/c Dr.
To Share Capital A/c
(c) Promoters Personal A/c Dr.
To Share Capital A/c
(d) Promotion Expenses A/c Dr.
To Share Capital A/c
a
b
c
d
Secrities Premium can not be applied :
(a) For paying dividend to members
(b) For issuing bonus shares to members
(c) For writing off preliminary expenses of company
(d) For writing off discount on issue of debentures
a
b
c
d
(a) For paying dividend to members
(b) For issuing bonus shares to members
(c) For writing off preliminary expenses of company
(d) For writing off discount on issue of debentures
a
b
c
d
If a share of ₹ 10 on which ₹ 8 has been called and ₹ 6 is paid is forfeited, the Share Capital Account should be debited with :
(a) ₹ 8
(b) ₹ 10
(c) ₹ 6
(d) ₹ 2
a
b
c
d
(a) ₹ 8
(b) ₹ 10
(c) ₹ 6
(d) ₹ 2
a
b
c
d
The maximum capital beyond which a company is not allowed to raise funds, by issue of shares is called …………..
(a) Issued capital
(b) Reserve capital
(c) Authorised capital
(d) Subscribed capital
a
b
c
d
(a) Issued capital
(b) Reserve capital
(c) Authorised capital
(d) Subscribed capital
a
b
c
d
At the dime of firm’s dissolution, Balance of General Reserve shown in the Balance Sheet is credited to :
(a) Realisation Account
(b) Creditors’ Account
(c) Partners’ Capital Accounts
(d) Profit & Loss Account
a
b
c
d
(a) Realisation Account
(b) Creditors’ Account
(c) Partners’ Capital Accounts
(d) Profit & Loss Account
a
b
c
d
At the time of dissolution of partnership firm, fictitions assets are transferred to :
(a) Capital Accounts of Partners
(b) Realisation Account
(c) Cash Account
(d) Partners’ Loan Account
a
b
c
d
(a) Capital Accounts of Partners
(b) Realisation Account
(c) Cash Account
(d) Partners’ Loan Account
a
b
c
d
When realisation expenses are paid by the firm on behalf of a partner, such expenses are debited to :
(a) Realisation Account
(b) Partners’ Capital Account
(c) Partner’s Loan Account
(d) None of these
a
b
c
d
(a) Realisation Account
(b) Partners’ Capital Account
(c) Partner’s Loan Account
(d) None of these
a
b
c
d
On dissolution, when a partner takes over an asset……….is debited :
(a) Realisation Account
(b) Partner’s Capital Account
(c) Cash Account
(d) Asset Account
a
b
c
d
(a) Realisation Account
(b) Partner’s Capital Account
(c) Cash Account
(d) Asset Account
a
b
c
d
On dissolution of the firm, Partners’ Capital Accounts are closed through :
(a) Realisation Account
(b) Drawings Account .
(c) Bank Account
(d) Loan Account
a
b
c
d
(a) Realisation Account
(b) Drawings Account .
(c) Bank Account
(d) Loan Account
a
b
c
d
Which of the following is correct profit or loss in case the amount received from the sale of assets is ₹ 50,000, total assets is ₹ 60,000, total liabilities ₹ 20,000 and realisation expenses ₹ 2,000 ?
(a) ₹ 12,000 Loss
(b) ₹ 32,000 Profit
(c) ₹ 30,000 Loss
(d) ₹ 12,000 Profit
a
b
c
d
(a) ₹ 12,000 Loss
(b) ₹ 32,000 Profit
(c) ₹ 30,000 Loss
(d) ₹ 12,000 Profit
a
b
c
d
If net profit is ₹ 35,000 after writing off good will ₹ 6,000 and loss on sale of furniture ₹ 1,000, cash flow from operating activities will be :
(a) ₹ 35,000
(b) ₹ 42,000
(c) ₹ 29,000
(d) ₹ 28,000
a
b
c
d
(a) ₹ 35,000
(b) ₹ 42,000
(c) ₹ 29,000
(d) ₹ 28,000
a
b
c
d
Which of the following is not a Cash in Flow ?
(a) Sale of Fixed Asset
(b) Purchase of Fixed Asset
(c) Issue of Debentures
(d) Sale of Goods for Cash
a
b
c
d
(a) Sale of Fixed Asset
(b) Purchase of Fixed Asset
(c) Issue of Debentures
(d) Sale of Goods for Cash
a
b
c
d
Cash Flow Statement is related to:
(a) AS-3
(b) AS-6
(c) AS-9
(d) AS-12
a
b
c
d
(a) AS-3
(b) AS-6
(c) AS-9
(d) AS-12
a
b
c
d
Following are included in cash equivalent:
(a) Treasury Bill
(b) Trade Bill
(c) Bank Deposits of Short Maturity Period
(d) All of above
a
b
c
d
(a) Treasury Bill
(b) Trade Bill
(c) Bank Deposits of Short Maturity Period
(d) All of above
a
b
c
d
Which one of following is not a non-cash item ?
(a) Cash Sales
(b) Goodwill written off
(c) Depreciation
(d) Provision of Bad Debts
a
b
c
d
(a) Cash Sales
(b) Goodwill written off
(c) Depreciation
(d) Provision of Bad Debts
a
b
c
d
Share of goodwill brought in cash by the new partner is called:
(a) Assets
(b) Profit
(c) Premium
(d) None of these
a
b
c
d
(a) Assets
(b) Profit
(c) Premium
(d) None of these
a
b
c
d
X and Y share profits in the ratio of 3 : 2 Z was admitted as a partner who gets 1/5 share. Z acquires 3/20 from X and 1/20 from Y. The new profit sharing ratio will be :
(a) 9 : 7 : 4
(b) 8 : 8 : 4
(c) 6 : 10 : 4
(d) 10 : 6 :4
a
b
c
d
(a) 9 : 7 : 4
(b) 8 : 8 : 4
(c) 6 : 10 : 4
(d) 10 : 6 :4
a
b
c
d
A, B, C and D are partners sharing their profits and losses equally. They change their profit sharing ratio to 2:2:1:1. How much will C sacrifice ?
(a) 1/6
(b) 1/12
(c) 1/24
(d) None of these
a
b
c
d
(a) 1/6
(b) 1/12
(c) 1/24
(d) None of these
a
b
c
d
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