D. SRINIVAASAN., M. com., M. Ed., P. G. D. C. A., P. G. D. I. T., K.G.S. MATRIC. HR. SEC. SCHOOL, TIRUPUR. CELL - 9047777116 BOOK INSIDE ONE MARKS 12th Standard ACCOUNTANCY Time : 01:00:00 Hrs Total Marks : 272 FILL IN THE BLANKS: 153 x 1 = 153 1) The preparation of... is the last step in Accounting cycle. 2) 3) 4) 5) 6) 7) The unsold goods in stock at the end of the accounting period is called as... Value of closing stock will appear on the... side of Trading Account and on the... side of Balancing Shhet. Outstanding expenses will be shown on the... side of Profit and Loss Account by way of additions to the particular expenses. Expenses which have been paid in advance are called as... Prepaid expenses will be shown on the debit side of the... Account by way of deduction from the particular expense. Income which has been earned but not received during the accounting period is called... 8) Income received in advance will be shown on the... side of the profit and Loss Account by way of deducting from the particular income. 9) Interest on drawings is...for the business and will reduce... of the owner. 10) Amount payable towards interest on loan is... for the business. 11) Interest receivable on investments is... for the business. 12) Accured interest on investments (outstanding & interest receivable) will be shown on the credit side of the... Account by way of addition to the appropriate interest account. 13)... is the reduction in the value of fixed assets due to its use or obsolescence. 14) Depreciation will be shown on the debit side of... 15) Bad debts will be shown on the... side of Profit and Loss Account. 16) Provision for bad and doubtful debts will be shown on the debit side of... 17) To motivate the debtors to make prompt payments... is allowed to them. 18) Final accounts are prepared on the basis of the. 19) Final accounts are the means of conveying the profitability and to management, owners and interested outsiders of the business. 20) All are given outside the Trial Balance. 21) Expenses which have been incurred but not yet paid during the accounting period are called as expenses. 22) Expenses which have been paid in advance are called as expenses. 23) Income received during a particular accounting period for the work to be done in future period is called as.
24) Interest on drawings is an income for the business and will the capital of the owner. 25) Bad debts is a for the business. 26) After providing provision for bad and doubtful debts, the remaining debtors are called as debtors. 27) Trial Balance shows bank loan Rs.4,00,000 @ 10% on 1.4.03, Interest paid Rs.14,000.Interest outstanding is 28) The trial balance as on 31.3.03 shows Capital Rs.4,00,000 and Drawings Rs.30,000. Interest on drawings @ 5% is. 29)... is an incomplete, inaccurate, unscientific and unsystematic system of bookkeeping 30)... system makes use of Double Entry system partially. 31)... system maintains only personal and cash accounts 32)... is a defective double entry system manipulated to meet the needs of small trading concerns. 33) Accounts from incomplete records is an incomplete, inaccurate,... and unsystematic system of book keeping. 34) Tax authorities do not accept accounts prepared according to... for computation of taxes. 35) If adjusted closing capital is more than opening capital, it denotes... 36) For ascertaining the amount of credit sales the...account should be prepared. 37) Statement of affairs method is also called as... method. 38) Closing capital can be ascertained by preparing a statement of affairs at the...of the year. 39) In..., only personal and cash accounts are opened. 40) Credit purchase can be ascertained by preparing... 41) The excess of assets over liabilities is... 42)...can not keep books on incomplete double entry because of legal provisions. 43)...is not based on dual aspect concept. 44) A firm has opening capital Rs.10,000 and closing capital Rs.15,000 profit of the business is... 45) If adjusted closing capital is less than opening capital, it denotes... 46) Accounts from incomplete records ignore...and...accounts. 47) Calculation of profit by preparing Trading and profit and loss account under incomplete double entry is called...method. 48) Long period of time usually means more than ---------------. 49) Reduction in the value of fixed asset, due to wear and tear or lapse of time, is called --------- ---- 50) Depreciation is to be treated as an expense, which is debited to ---------- account. 51) The value of machine deteriorates rapidly because of lack of proper ----------------- 52) When an asset becomes useless due to new inventions, improved techniques and technological advances it is called ---------------
53) ----------------- is otherwise known as scrap value or turn-in-value. 54) ----------- method is otherwise known as Fixed Instament method or original cost method. 55) Under ----------------- method, depreciation is charged at a fixed percentage each year on the reducing balance of an asset. 56) Written Down Value Method is otherwise known as Diminishing Balance Method or -------- ---. 57) The ------------ method considers that the business loosing the original cost of the asset interms of depreciation, also looses interest, on the amount used for buying the asset. 58) Under Annuity method, the annual amount of depreciation is determined with the help of ---------- 59) Under Insurance policy method, a sum equal to the amount of ------- is paid as premium every year. 60) Depreciation is directly charged against the asset by debiting --------- and crediting the ------ ------. 61) Under...method of depreciation the amount of depreciation is calculated on the book value of the asset each year. 62)...method of depreciation is used to calculate depreciation amount on lease. 63) Under method of depreciation, the amount of depreciation is calculated on the book value of the asset each year. 64) method o depreciation is used to calculate depreciation amount on lease. 65) In method of depreciation, amount is invested outside the business. 66) If the book value of an asset is more than the selling price, it is 67) The written down value method of providing depreciation is recognised by the authorities. 68) If asset is sold for profit, such profit is shown in the side of the asset account. 69) If asset is sold for loss, such loss is shown in the side of the asset account. 70) Reduction in the value of fixed assets is called. 71) refers to the physical deterioration by the exhaustion of natural resources. 72) Loss in the value of intangible assets is termed as. 73) Under method the book value of the asset becomes zero or to its scrap value at the end of its estimated life. 74) Loss in the value of an asset due to new invention is termed as. 75) The value expected to be realized on sale of an asset on the expiry of it's useful life is known as. 76) Under method of depreciation, same amount of depreciation is charged every year throughout the life of the asset. 77) Under method of depreciation, the amount of depreciation goes on decreasing every year. 78) Under method of depreciation, the amount of depreciation is determined with the help of annuity table.
79) Under method of depreciation funds are made available for the replacement of asset at the end of its useful life. 80) Under method of depreciation, a sum equal to the amount of depreciation is paid as a premium every year. 81) If the book value of an asset is less than the selling price, it is 82) The period over which an asset is expected to be used is termed as 83) Depreciation account is closed by transferring it to account. 84) All assets whose benefit is derived for a period of time are called as fixed assets. 85) Under method of depreciation the amount of depreciation is calculated on the original cost of assets. 86) Financial statements are final results of... work done during the accounting period. 87)...statements normally include Trading account, Profit and Loss Account and Balance sheet. 88)...is the process of determining and interpreting the numerical relationship between figures of financial statements. 89) Liquid ratio is otherwise called as Quick ratio or... 90) Absolute liquid ratio is also called as... 91) Efficiency of a business is measured by... 92) Operating Profit is...+non-operating expenses - non-operating income. 93)...Ratio shows how best the fixed assets are being utilised in the business concern. 94) All ratio turnover ratios will be expressed in terms of... 95) Accounting ratio helps in... forecasting. 96) The objectives of using ratios are to test the...financial position and the operating efficiency of the concern. 97)... means total sales less sales returns. 98) 100% minus operating profit ratio is equal to...ratio. 99) On the basis of purpose, ratios are classified as liquidity ratios, solvency ratios, profitability ratios and... 100) Financial statements are the...result of accounting work down during the year 101) The relationship between sales and capital employed is known as...ratio. 102) If total sales is Rs.2,00,000, cash sales is Rs.65,5000 then credit sales be... 103) All solvency ratios are expressed as a... 104) Liquid liabilities is Rs.1,00,000. Bank overdraft is Rs.30,000 then current liabilities is Rs... 105)...Explain the relation between operating cost to sales. 106) Liquidity ratios are also called...solvency ratios. 107)... means an estimate relating to future activities of an organisation. 108) Budget means expressing the future course of action of an organisation in... terms.
109) Budget is a means to achieve the... 110) Adjusted profit and loss account method is otherwise known as... 111)... shows the estimate of cash receipts and cash payments from all sources over a specific period. 112)... is a blue print of future course of action and activities. 113) One of the main budgets prepared by a business concern is... 114) A budget is expressed in terms of... or...units. 115) A transaction of a fim directly or indirectly deals with... 116) The... cash balance of current month will be the opening cash balance of next month. 117) Old share minus new share will give us... 118) If goodwill increases at the time of admission of a new partner, it results in... 119) If goodwill decreases at the time of admission of a new partner, it results in... 120)...is the valuation of assets and liabilities at the time of reconstitution of the partnership firm. 121) Generally 'capital' means a particular amount of money used in the business for the purpose of... 122)... represents part of the authorised capital, which is issued to public for subscription. 123)... refers to that part of the issued capital which has been subscribed by the public. 124) The difference between the issued capital and subscribed capital represents... 125) That part of the subscribed capital which has been called up by the company for payment is called... 126) The difference between... and called - up capital is called uncalled capital. 127) Holders of the shares are called... 128) Normally,... shareholders control the affairs of the business. 129) Every public issue of shares must be accompanied by an issue of... 130) The public issue of shares must be kept open for at least... working days and not more than... working days. 131) While... is an offer to buy shares,... of shares by the company constitutes an acceptance of such offer. 132) "Call' is an instalment due on... 133) When the applications received for allotment of shares are more than has been issued to the public, it is called as... 134) The amount of premium, on issue of shares, is credited to... 135) A... is an association of persons who contribute money or moneys worth to a common stock for carrying on business for the purpose of profit. 136)...capital represents part of the authorised capital,which is issued to public for subscription. 137) When shares are over subscribed the directors may allot the shares on...basis 138)...means the company to take back the shares for nonpayment of any call money.
139) The capital of the company is divided into different units of fixed amount.each unit is called... 140) Premium is normally collected along with...money. 141)...capital is not disclosed in the companies balance sheet. 142) Forfeiture of shares will...the shares capital. 143) If the number of shares applied for is more than the number of shares issued, it is called... 144) In...allotment the excess application money is adjusted to allotment and cells. 145) The amount of discount on issue of share not yet written off will appear in the...side of balance sheet. 146) The unpaid balance in the called-up capital is known as... 147) When an applicant sends more money than what is called by the company,the excess money is called... 148) Nominal capital is the maximum amount of capital which a company is...to raise. 149) Pro-rata allotment will arise only when there is...of shares. 150) The difference between subscribed and called up capital is called... 151) The profits on forfeiture is credited to...acount 152) The loss on reissue of shares is...to forfeited shares account. 153) After reissuing all the forfeited shares the balance in share forfeited account is transferred to...account. CHOOSE THE BEST ANSWER: 119 x 1 = 119 154) Financial performance of a business can be ascertained by preparing... (a) Final Accounts (b) Trial Balance (c) Capital Accounts 155) Final accounts is prepared on the basis of... (a) Capital Accounts (b) Assets (c) trial Balance 156) Outstanding expenses will be shown on the debit side of... by way of additions to the particular expense. (a) Trading Account (b) Trial Balance (c) Profit and Loss Account 157) Prepaid expenses will be shown on the... side of the Balance Sheet. (a) Assets (b) Debit (c) Liabilities 158) Accured income will be shown on the... side of Profit and Loss account by way of addition to particular income. (a) Assets (b) Credit (c) Liabilities 159) Income received during a particular accounting period for the work to be done in future period is called as... (a) Accrued Income (b) Outstanding Income (c) Income received in advance 160) Amount withdrawn by the owner for his personal use is called as... (a) Capital (b) Drawings (c) Profit 161) Borrowings from banks, financial institutions and outsiders for business are called (a) Capital (b) Loans (c) Drawings
162) Accured interest on investments will be shown on the assets side of the... by way of addition to the investment account. (a) Trial Balance (b) Balance Sheet (c) Profit and Loss Account 163) Bad debts will be shown on the assets side of the... by way of deduction from sundry debtors. (a) Balance Sheet (b) Trial Balance (c) Profit and Loss Account 164) Final accounts refer the preparation of (a) trading, profit, and loss account only (b) balance sheet only (c) trading, profit and loss account and balance sheet 165) If provision for bad and doubtful debts is maintained, the loss on account of bad debts is taken to profit and loss account not directly but via (a) provision for discount on debtors account (b) provision for bad and doubtful debts account (c) provision for discount on creditors account 166) The object of preparing trading, profit and loss account is to know the of the business. (a) financial position of the concern (b) net profit or net loss (c) gross profit or gross loss 167) All the items given in adjustment will appear at in the final accounts (a) three places (b) two places (c) one place 168) Depreciation @ 10% p.a. on furniture Rs. 25,000 as on 31.3.2000 for one year is (a) Rs.2,500 (b) Rs.2,800 (c) Rs.250 169) Provision for discount on creditors is calculated at a certain percentage on (a) bills payable (b) cash purchases (c) sundry creditors 170) To motivate the debtors to make prompt payments are given. (a) free samples (b) incentives (c) cash discounts 171) Income received in advance is shown in the side of the balance sheet (a) debit (b) assets (c) liabilities 172) As per trial balance debtors is Rs.10,500. In the adjustment, bad debts written off Rs.500 is given. The amount to be shown in the assets side is (a) Rs.11,000 (b) Rs.10,000 (c) Rs.500 173) Prepaid expenses will be shown on the (a) debit side of the profit and loss account by deducting from the particular expenses. (b) credit side of the profit and loss account by adding with the particular item. (c) liability side of the balance sheet 174) An amount received in respect of which full service has not been rendered is called (a) prepaid expenses (b) income received in advance (c) accured income
175) Income for which services are rendered but remuneration not received are called (a) income received in advance (b) prepaid expenses (c) accured income 176) Single entry system maintains... (a) All kinds of accounts (b) Only cash acounts (c) Only personal and cash accounts 177) Single entry system actually refers to... (a) Incomplete double entry system (b) both a & c (c) The defective double entry system 178) Statement of affairs is prepared to find out... (a) capital (b) profit (c) drawings 179) Incomplete double entry is... (a) a scientific method (b) an unscientific method (c) a systematic method. 180) Total creditors account is prepared to find out... (a) cash and credit purchases (b) cash purchases (c) credit purchases 181) If cash sales and credit sales are added we get... (a) total sales (b) total purchases (c) total debtors 182) A trader's closing capital is Rs.20,000, his drawings Rs.3,000 his opening capital Rs.14,000.His profit for the year is... (a) Rs.8,000 (b) Rs.9,000 (c) Rs.10,000 183) Total sales of a concern is RS 60,000. Of this credit, sales is Rs.38,000.Cash sales is... (a) Rs.33,000 (b) Rs.22,000 (c) Rs.11,000 184) Debtors on 1st April 2004, Rs.20,000 and 31st March 2005 Rs.30,000.Cash received from debtors during the year Rs.60,000.Credit sales made during the year is... (a) Rs.70,000 (b) Rs.90,000 (c) Rs.50,000 185) The reduction in the production capacity or earning capacity of a fixed asset is termed as -------------- (a) Depreciation (b) Appriciation (c) an improvement 186) The cause of depreciation due to use of tangible asset is -------------- (a) Maintenance (b) Depletion (c) Wear and tear 187) When assets are exposed to forces of nature, it is -------------. (a) Obsolescence (b) Effluxion of time (c) Time factor 188) The same amount of depreciation is charged every year throughout the life of the asset, under -----------. (a) Fixed Instalment method (b) Annuity method (c) Insurance Policy method 189) This method is recognised by the Income Tax authorities. (a) Annuity method (b) Revaluation method (c) Written down value method 190) Under this method, funds are made available for the replacement of asset at the end of its useful life (a) Fixed Instalment Method (b) Annuity Method (c) Sinking fund method 191) Depreciation account is closed by transferring to ----------- at the end of the year. (a) Profit and loss A/c (b) Trading A/c (c) Fixed Asset A/c
192) Internal cause of depreciation is (a) time factor (b) deplection (c) effluxion of time 193) The amount of depreciation provided on the straight-line method @ 10% p.a. on Rs.1,00,000 will be (a) Rs.100 (b) Rs.1,000 (c) Rs.10,000 194) The value of machinery purchased is Rs.2,00,000. Installation charges are Rs. 10,000. Depreciation amount on straight line method @ 10% per annum is (a) Rs.20,000 (b) Rs.21,000 (c) Rs.19,000 195) The cost of an asset is Rs.1,00,000. Depreciation is calculated @ 10% p.a. under straight line method. Book value of asset at the end of the second year is (a) Rs.90,000 (b) Rs.80,000 (c) Rs.70,000 196) Depreciation is provided to ascertain the (a) the real cost of production (b) market value (c) residual value 197) Cost of an asset is Rs.45,000. It's estimated life is 10 years. Amount of depreciation is (a) Rs.45 (b) Rs.450 (c) Rs.4,500 198) Cost of an asset is Rs.5,00,000. It's estimated life is 10 years. Amount of depreciation is (a) 50% (b) 10% (c) 5% 199) Installation cost of a machinery is included in for determining depreciation. (a) original cost (b) written down value (c) scrap value 200) Residual value is otherwise known as. (a) scrap value (b) cost value (c) selling price 201) Cost price of an asset is Rs.10,000. Selling price of the asset is Rs.9,000.Book value of asset on the date of sale is Rs.8,500. It denotes (a) profit Rs.500 (b) loss Rs.500 (c) profit Rs.1,000 202)... is an expression of one number in relation to another. (a) Profit (b) Loss (c) Ratio 203) Ratios are expressed in... (a) Times and Percentage (b) Time and Pure (c) Times, Percentage and Pure 204) The objectives of using ratios are to test... (a) the profitability, financial position (liquidity and solvency) and the operating efficiency of a concern (b) the operating efficiency of a concren (c) the profitability of a concern 205) Liquidity ratios are otherwise called as... (a) Short Term Solvency Ratios (b) Profitability Ratios (c) Turnover Ratios 206) The relationship of current assets to current liabilities is known as... (a) Net Profit Ratio (b) Current Ratio (c) Proprietory Ratio
207) The relationship of liquid assets to current liabilities is known as... (a) Current Ratio (b) Operating Ratio (c) Liquid ratio 208) All liquidity ratios are expressed as a... (a) Proportion (b) Time (c) Percentage 209)...ratio studies the firm's ability to meet its long term obligations. (a) Solvency (b) Liquidity (c) Turnover 210) Dept Equity Ratio indicates the proportion between total long term debts and... (a) Loans (b) Shareholders funds (c) Bank overdraft 211) Total long term debt includes... (a) Debentures, long term loans from banks and financial institutions (b) Shareholders funds (c) Fixed Assets 212)... measures the profit earning capacity of the business concern. (a) Solvency Ratio (b) Liquidity Ratio (c) Profitability Ratio 213) The relationship of Gross profit to sales is known as... (a) Gross Profit Ratio (b) Net Profit Ratio (c) Operating Ratio 214) The relationship of Net profit to... is known as Net profit ratio. (a) Stock (b) Sales (c) Purchases 215) Operating expenses include... (a) Administration and selling expenses (b) Selling and distribution expenses (c) administration, selling and distribution expenses 216) All profitability ratios will be expressed in term of... (a) Proportion (b) Times (c) percentage 217)... indicate the performance of the business. (a) Activity Ratios (b) Solvency Ratios (c) Liquidity Ratios 218) The relationship... and capital employed is known as capital Turnover Ratio. (a) Purchases (b) Sales (c) Drawings 219) The relationship between... and Fixed Assets is known as Fixed Assets Turnover ratio. (a) Purchases (b) Sales (c) Total sales 220) Debtors Turnover Ratio establishes the relationship between...and average accounts receivable. (a) Credit Sales (b) Cash Sales (c) Total Sales 221) Accounts Receivable includes... and bills receivable. (a) Sundry Debtors (b) Sundry Creditors (c) Bills Payable 222)... Ratio establishes the relationship between credit purchases and average accounts payable. (a) Net Profit Ratio (b) Operating Ratio (c) Creditors Turnover Ratio
223) Cost of gold is Rs.4,00,000 and average stock is Rs.80,000. Stock turnover ratio will be... (a) 5 times (b) 4 times (c) 7 times 224) Net profit ratio establish the relationhip between... (a) net profit and net sales (b) gross profit and credit sales (c) gross profit and cash sales 225) Debtors turnover ratio is the relationship between...,... (a) Credit sales and average accounts payable (b) Credit sales and average accounts receivable. (c) credit sales and cash sales. 226) Liquidity ratio measures the firms ability to pay off... (a) Current liabilities (b) Long term liablilities (c) Fixed liabilities 227) Solvency ratio measures the firms ability to meet its... (a) current liabilities (b) long term liabilities (c) fixed liabilities 228) Current assets are those assets which are convertible into cash within... (a) two years (b) one year (c) three years 229) A firm has cash at bank Rs.1,10,000, stock Rs.36,500, Sudry debtors Rs.63,500 and prepaid expenses Rs.1,000. Value of current assets is... (a) 1,01,000 (b) 1,10,000 (c) 1,11,000 230) Liquid assets means... (a) current assets less stock and prepaid expenses (b) current assets plus stock and prepaid expenses (c) current assets minus bank overdraft 231) Balance sheet shows equity share capital Rs.2,00,000. Reserves and surplus Rs. 50,000. Preference share capital Rs. 1,00,000. Long term loans Rs.75,000 and Debentures Rs.50,000. Shareholders funds will be... (a) Rs.4,25,000 (b) Rs.4,75,000 (c) Rs.3,50,000 232) Gross profit is the difference between net sales and... (a) cost of goods sold (b) credit sales (c) total sales 233) A firm has current assets Rs.60,000 and current liabilities Rs.30,000 then current ratio will be... (a) 1 : 2 (b) 1 : 1 (c) 2 : 1 234) Cash Budget is a component of two words (a) cash and Budget (b) Cash and Bank (c) Cash and Credit 235)... is an account of probable future income and expenditure. (a) Balance sheet (b) Budget (c) Income and Expenditure A/c 236) The two basic components of Receipts and payments method are (a) Cash and credit purchases (b) Debtors & Creditors (c) estimate of cash receipts and payments 237) Sale of asset is an example for... (a) cash payment (b) cash receipt (c) revenue receipt
238) Closing balance of cash for the month of March, April and May are Rs.38,000, Rs.60,000 and Rs.93,000 respectively. Opening Cash Balance of April is... (a) Rs.99,000 (b) Rs.38,000 (c) Rs.69,500 239) Purchase of computer is an example for... (a) cash payment (b) cash receipt (c) income 240) The opening balance of cash in March is Rs.18,000. The estimated receipts are Rs.28,000 and the estimated payments are Rs.20,000.The opening balance of cash in April will be... (a) Rs.42,000 (b) Rs.22,000 (c) Rs.26,000 241)...shows the estimate of cash receipts and cash payments from sources over a specific period. (a) Cash sales (b) Cash receipt (c) Cash received from customers 242) Cash budget is otherwise known as... (a) Finance budget (b) Sales budget (c) Purchase budget 243) The closing cash balance in July is Rs.16,000 the estimated receipts is Rs.18,000 and estimated payments is Rs.12,000. The opening balance of cash in July will be... (a) Rs.10,000 (b) Rs.30,000 (c) Rs.17,000 244) The opening balance of cash in April is Rs.18,000, the estimated receipts is Rs.25,000, estimated payments is Rs.28,000. Then the opening balance of cash in May will be... (a) Rs.15,000 (b) Rs.42,000 (c) Rs.12,000 245) The maximum number of partners in banking business is... (a) 20 (b) 10 (c) 5 246) Amount drawn regularly at the end of every month during the year, interest is calculated for... (a) 13/24 months (b) 11/24 months (c) 12/24 months 247) Goodwill is... (a) a Tangible Asset (b) an intangible Asset (c) a Fictitious Asset 248) The excess of average profit over normal profit is... (a) Goodwill (b) Average Profit (c) Super Profit 249) The liability of a shareholder in a company is... (a) Unlimited (b) limited (c) Joint and several 250) The difference between the authorised capital and the issued capital represents... (a) Nominal capital (b) Subscribed capital (c) Unissued capital 251) That part of the called - up capital, which has been actually paid up by the shareholders is... (a) Authorised capital (b) Subscribed capital (c) Paid up capital 252) The capital of the company divided into units of small denomination is called... (a) Shares (b) Dividend (c) Debentures 253) If the issue price of share is equal to the face value, it is said to be issued... (a) at par (b) at premium (c) at discount
254) When a company issues its shares at a price more than the face value, it is said to be issued... (a) par (b) premium (c) discount 255) When a company issues its shares at a price less than the face value, it is said to be issued... (a) at par (b) at premium (c) at discount 256) Forfeiture of shares will...the share capital. (a) remain same (b) reduce (c) increase 257) The application money should be...of the face value (a) more than 5% (b) less than 5% (c) atleast 5% 258) The company has no powers to forfeit the shares unless it is provided by the... (a) Memorandum of association (b) Articles of association (c) Certificate of incorporation 259) The company should send a notice to the share holder before forfeiture,not less than...days. (a) 20 (b) 15 (c) 14 260) The profit on forfeited shares is transferred to...account. (a) General reserve (b) Capital reserve (c) Sundry reserve 261) JK Ltd, issued 75,000 shares of Rs.10 each fully subscribed by public Rs.7 per share has been called up.then...will present uncalled capital. (a) 2,25,000 (b) 5,25,000 (c) 7,50,000 262) Discount on issues of shares should not be more than...of the face value of shares. (a) 5% (b) 10% (c) 15% 263)...interest is allowed on calls in advance from the date of receipt till due date. (a) 6% (b) 9% (c) 10.5% 264)...can be issued only at the time of winding up. (a) Authorised capital (b) Issued capital (c) Reserve capital 265) A call money can't exceed...% of the nominal value of share. (a) 6% (b) 25% (c) 10% 266)...is the maximum amount of share capital which a company is authorised to raise. (a) authorised capital (b) subscribed capital (c) issued capital 267) The amount of calls in arrears is deduced from... (a) called up capital (b) paid up capital (c) subscribed capital 268) Shares which cannot be converted into equity shares are called... (a) non convertible preference shares (b) non participating shares (c) participating preference shares 269) The part of authorised capital which is issued to the public for subscription is called...capital. (a) issued (b) subscribed (c) called up 270) A company is a voluntary association of... (a) workers (b) merchants (c) persons
271) If a share of Rs.10 is issued for Rs.11, then...is the premium on share. (a) Re.1 (b) Rs.2 (c) Rs.10 272) If 50,000 shares of Rs.10 each subscribed by public of which Rs.6 per share has been called up, then total amount of uncalled capital is... (a) 3,00,000 (b) 2,00,000 (c) 5,00,000 ***************************************** FILL IN THE BLANKS: 153 x 1 = 153 1) Final Accounts 2) Closing stock 3) Credit, Assets 4) Debit side 5) Prepaid or unexpired expenses 6) Profit and Loss 7) Accured Income or Outstanding Income 8) Credit 9) an Income, the Capital 10) 11) an Income 12) Profit and Loss 13) Depreciation 14) Profit and Loss Account 15) debit 16) Profit and Loss Account 17) Cash discount 18) trial balance 19) financial position 20) adjustments 21) outstanding 22) prepaid 23) income received in advance 24) reduce 25) loss 26) good 27) Rs.26,000 28) Rs.1,500 29) single entry system
30) Single Entry 31) Single entry 32) Single Entry System 33) unscientific 34) incomplete double entry 35) profit 36) total debtors account 37) networth or capital comparison. 38) end 39) incomplete double entry. 40) total creditors account 41) capital 42) Companies 43) incomplete double entry 44) Rs.5000 45) loss 46) Nominal, Real 47) conversion. 48) One year 49) Depreciation 50) Profit or Loss 51) Maintenance 52) Obsolescence 53) Residual value 54) Straight Line Method 55) Written Down Value 56) Reducing Balance Method 57) Annuity method 58) Annuity Table 59) Depreciation 60) Depreciation account, Asset account 61) written down value 62) annuity 63) Written down value 64) annuity 65) sinking fund 66) loss
67) tax 68) debit 69) credit 70) Depreciation 71) depletion 72) Amortization 73) straight line 74) obsolescence 75) residual value 76) straight line 77) written down value 78) annuity 79) depreciation fund 80) insurance policy 81) profit 82) estimated life 83) profit and loss 84) long 85) straight line 86) Accounting 87) Financial 88) Ratio Analysis 89) Acid Test Ratio 90) Super quick Ratio 91) Profitability 92) Net Profit 93) Fixed assets Turnover Ratio 94) Times 95) Financial 96) Profitability 97) Net sales 98) Operating ratio 99) Active ratios(turn over ratio) 100) Final 101) Capital turnover 102) Rs.1,35,000 103) Proportion
104) Rs. 1,30,000 105) Operating ratio 106) Short term 107) Budget 108) Quantitative. 109) Planned objective 110) Cash flow method 111) Cash budget 112) Budget 113) Cash budget 114) money, physical 115) Cash 116) Closing 117) Sacrifice 118) Profit 119) Loss 120) Revaluation 121) Earning Revenue 122) Issued capital 123) Subscribed capital 124) Unsubscribed capital 125) Called up capital 126) Subscribed capital 127) Shareholders 128) Equity 129) Prospectus 130) 3, 10 131) Application, Allotment 132) Shares 133) Over - subscription 134) Securities Premium Account 135) company 136) issued 137) pro-rata 138) forfeited(or)forfeiture 139) shares 140) allotment
141) reserve 142) reduce 143) over subscription 144) pro-rata 145) assets 146) calls in arrears 147) calls in advance 148) authorised 149) over subscription 150) uncalled capital 151) forfeited share 152) debited 153) capital reserve CHOOSE THE BEST ANSWER: 119 x 1 = 119 154) (a) Final Accounts 155) (c) trial Balance 156) (c) Profit and Loss Account 157) (a) Assets 158) (b) Credit 159) (c) Income received in advance 160) (b) Drawings 161) (b) Loans 162) (b) Balance Sheet 163) (a) Balance Sheet 164) (c) trading, profit and loss account and balance sheet 165) (b) provision for bad and doubtful debts account 166) (b) net profit or net loss 167) (b) two places 168) (a) Rs.2,500 169) (c) sundry creditors 170) (c) cash discounts 171) (c) liabilities 172) (b) Rs.10,000 173) (a) debit side of the profit and loss account by deducting from the particular expenses. 174) (b) income received in advance 175) (c) accured income 176) (c) Only personal and cash accounts
177) (a) Incomplete double entry system 178) (a) capital 179) (b) an unscientific method 180) (c) credit purchases 181) (a) total sales 182) (b) Rs.9,000 183) (b) Rs.22,000 184) (a) Rs.70,000 185) (a) Depreciation 186) (c) Wear and tear 187) (b) Effluxion of time 188) (a) Fixed Instalment method 189) (c) Written down value method 190) (c) Sinking fund method 191) (a) Profit and loss A/c 192) (b) deplection 193) (c) Rs.10,000 194) (b) Rs.21,000 195) (b) Rs.80,000 196) (a) the real cost of production 197) (c) Rs.4,500 198) (b) 10% 199) (a) original cost 200) (a) scrap value 201) (a) profit Rs.500 202) (c) Ratio 203) (c) Times, Percentage and Pure 204) (a) the profitability, financial position (liquidity and solvency) and the operating efficiency of a concern 205) (a) Short Term Solvency Ratios 206) (b) Current Ratio 207) (c) Liquid ratio 208) (a) Proportion 209) (a) Solvency 210) (b) Shareholders funds 211) (a) Debentures, long term loans from banks and financial institutions
212) (c) Profitability Ratio 213) (a) Gross Profit Ratio 214) (b) Sales 215) (c) administration, selling and distribution expenses 216) (c) percentage 217) (b) Solvency Ratios 218) (b) Sales 219) (b) Sales 220) (a) Credit Sales 221) (a) Sundry Debtors 222) (c) Creditors Turnover Ratio 223) (a) 5 times 224) (a) net profit and net sales 225) (b) Credit sales and average accounts receivable. 226) (a) Current liabilities 227) (b) long term liabilities 228) (b) one year 229) (b) 1,10,000 230) (a) current assets less stock and prepaid expenses 231) (c) Rs.3,50,000 232) (a) cost of goods sold 233) (c) 2 : 1 234) (a) cash and Budget 235) (b) Budget 236) (c) estimate of cash receipts and payments 237) (b) cash receipt 238) (b) Rs.38,000 239) (a) cash payment 240) (c) Rs.26,000 241) (a) Cash sales 242) (a) Finance budget 243) (a) Rs.10,000 244) (a) Rs.15,000 245) (b) 10 246) (b) 11/24 months 247) (b) an intangible Asset 248) (c) Super Profit
249) (b) limited 250) (c) Unissued capital 251) (c) Paid up capital 252) (a) Shares 253) (a) at par 254) (b) premium 255) (c) at discount 256) (b) reduce 257) (c) atleast 5% 258) (b) Articles of association 259) (c) 14 260) (b) Capital reserve 261) (a) 2,25,000 262) (b) 10% 263) (a) 6% 264) (c) Reserve capital 265) (b) 25% 266) (a) authorised capital 267) (a) called up capital 268) (a) non convertible preference shares 269) (a) issued 270) (c) persons 271) (a) Re.1 272) (a) 3,00,000