Bihar Board 12th Accountancy Objective Important Questions Part 1 in English
Bihar Board 12th Accountancy Objective Important Questions Part 1 in English
Question 1.
Receipts and Payments Account usually indicates
(a) Surplus
(b) Capital fund
(c) Debit Balance
(d) Credit Balance
Answer:
(c) Debit Balance
Question 2.
Receipts and Payments Account is a
(a) Personal Account
(b) Real Account
(c) Nominal Account
(d) None of these
Answer:
(b) Real Account
Question 3.
Outstanding subscription is a
(a) Income
(b) Asset
(c) Both ‘a’ and ‘b’
(d) None of these
Answer:
(c) Both ‘a’ and ‘b’
Question 4.
Income and Expenses related to the prize fund is shown in
(a) Income and Expenditure Account
(b) Asset side of the Balance sheet
(c) Liabilities side of the Balance sheet
(d) Cash Account
Answer:
(a) Income and Expenditure Account
Question 5.
Income and Expenditure Account records
(a) All cash receipts and payments
(b) All credit receipts and payments
(c) All cash and credit receipts and payments
(d) None of these
Answer:
(c) All cash and credit receipts and payments
Question 6.
Which sequence is correct and appropriate?
(a) Cash book, Receipts & Payment Account, Income & Expenditure Account and Balance sheet
(b) Receipts and Payments Account, Cash Book, Income and Expenditure Account and Balance sheet
(c) Income and Expenditure account, Receipts and Payments account, cash book and Balance sheet
(d) None of these
Answer:
(b) Receipts and Payments Account, Cash Book, Income and Expenditure Account and Balance sheet
Question 7.
The main aim of Not-for-Profit organisation is
(a) To earn profit
(b) To serve the society
(c) To earn profit and serve the society
(d) All the above
Answer:
(b) To serve the society
Question 8.
Payment of Honorarium to secretary is a
(a) Revenue Expenditure
(b) Capital Expenditure
(c) Both
(d) None of these
Answer:
(a) Revenue Expenditure
Question 9.
Which of the follow ing st atements is correct?
(a) There is no difference between Cash Book and Receipts and Payments Account
(b) Receipts and Payments Account is prepared after Cashbook
(c) Receipts and Payments Account is maintained by Non-trading concern where as Cash Book is maintained by Trading concern
(d) Receipts and Payment Account is prepared before Cash book
Answer:
(c) Receipts and Payments Account is maintained by Non-trading concern whereas Cash Book is maintained by Trading concern
Question 10.
Logacies should be treated as
(a) A liability
(b) A revenue receipts
(c) An income
(d) None of these
Answer:
(a) A liability
Question 11.
Which of the following is not a net profit organization?
(a) College
(b) Sports club
(c) Maruti Udyog
(d) Hospital
Answer:
(c) Maruti Udyog
Question 12.
In Non-trading concerns excess of income over expenditure is called
(a) Profit
(b) Surplus
(c) Loss
(d) Deficit
Answer:
(b) Surplus
Question 13.
Partnership agreement can be
(a) Oral
(b) Written
(c) Both
(d) None of these
Answer:
(c) Both
Question 14.
Current A/C is
(a) Personal A/C
(b) Read A/C
(c) Nominal A/C
(d) None of these
Answer:
(a) Personal A/C
Question 15.
Legacies should be treated as
(a) A Liability
(b) A Revenue Receipts
(c) Income
(d) None of these
Answer:
(a) A Liability
Question 16.
Life membership fees received by club is shown in :
(a) Income & Expenditure A/c
(b) Balance Sheet
(c) Receipts and Payments A/c
(d) None of these
Answer:
(b) Balance Sheet
Question 17.
For non-trading organisation honorarium is :
(a) A Capital Expenditure
(b) A Revenue Expenditure
(c) An Income
(d) None of these
Answer:
(b) A Revenue Expenditure
Question 18.
Receipts and Payments A/c is a :
(a) Personal A/c
(b) Real A/c
(c) Nominal A/c
(d) None of these
Answer:
(b) Real A/c
Question 19.
Income and Expenditure A/c is a:
(a) Personal A/c
(b) Real A/c
(c) Nominal A/c
(d) None of these
Answer:
(c) Nominal A/c
Question 20.
Receipts and Payments A/c usually indicates :
(a) Surplus
(b) Capital Fund
(c) Debit Balance
(d) Credit Balance
Answer:
(c) Debit Balance
Question 21.
The excess of assets over liabilities in non-trading concerns is treated as :
(a) Capital Fund
(b) Capital
(c) Profit
(d) Net Profit
Answer:
(a) Capital Fund
Question 22.
In non-trading concerns excess of income over expenditure is called :
(a) Profit
(b) Surplus
(c) Loss
(d) Deficit
Answer:
(b) Surplus
Question 23.
In the absence of partnership agreement interest on partner’s loan is paid:
(a) 5% p.a.
(b) 6% p.a.
(c) 8% p.a.
(d) 4% p.a.
Answer:
(b) 6% p.a.
Question 24.
The interest on partner’s capital A/c is to be credited to :
(a) P/L A/c
(b) Interest A/c
(c) Partner’s Capital A/c
(d) None of these
Answer:
(c) Partner’s Capital A/c
Question 25.
The interest on partner’s drawing is debited to :
(a) Partner’s Capital A/c
(b) P/L A/c
(c) Drawing A/c
(d) P/L App. A/c
Answer:
(a) Partner’s Capital A/c
Question 26.
For the firm interest on partner’s drawing is a :
(a) Expenses
(b) Income
(c) Loss
(d) None of these
Answer:
(b) Income
Question 27.
Interest payable on the capitals of partners is charged to :
(a) P/L A/c
(b) P/L App. A/c
(c) P/L Adj. A/c
(d) None of these
Answer:
(b) P/L App. A/c
Question 28.
In an ordinary partnership maximum number of partner’s can be :
(a) 10
(b) 20
(c) 50
(d) 30
Answer:
(b) 20
Question 29.
The current A/c of the partner’s will always have :
(a) Debit Balance
(b) Credit Balance
(c) Either of the two
(d) None of these
Answer:
(c) Either of the two
Question 30.
Interest on partner’s capital is calculated on :
(a) Capital in the beginning
(b) Capital at the end
(c) Average Capital
(d) None of these
Answer:
(a) Capital in the beginning
Question 31.
Preparation of partnership deed is :
(a) Compulsory
(b) Voluntary
(c) Partly Compulsory
(d) None of these
Answer:
(b) Voluntary
Question 32.
Increase in the value of assets on reconstitution of the partnership firm results into:
(a) Gain to existing partners
(b) Loss to existing partners
(c) Neither a gain nor a loss to the existing partners
(d) None of these
Answer:
(a) Gain to existing partners
Question 33.
Recording of an unrecorded asset on the reconstitution of partnership firm will be:
(a) A gain to the existing partners
(b) A loss to the existing partners
(c) Neither a gain nor a loss to the existing partners
(d) None of these
Answer:
(a) A gain to the existing partners
Question 34.
Revocation A/c or Profit and Loss Adjustment A/c is a :
(a) Personal A/c
(b) Real A/c
(c) Nominal A/c
(d) None of these
Answer:
(c) Nominal A/c
Question 35.
X and Y share profit in the ratio of 2 : 3. In future they have decided to share profits in equal ratio which partner will sacrifice in which ratio?
(a) X sacrifice
(b) Y sacrifice
(c) Y sacrifice
(d) None of these
Answer:
(c) Y sacrifice
Question 36.
Goodwill is :
(a) Tangible Assets
(b) Intangible Assets
(c) Current Assets
(d) None of these
Answer:
(b) Intangible Assets
Question 37.
A, B and C are partners in a firm. D is admitted as a new partner :
(a) Old firm is dissolved
(b) Old firm and old partnership is dissolved
(c) Old partnership is reconstituted
(d) None of these
Answer:
(c) Old partnership is reconstituted
Question 38.
On the admission of a new partners increase in the value of assets is debited to:
(a) Revaluation A/c
(b) Assets A/c
(c) Old Partner’s Capital A/c
(d) None of these
Answer:
(b) Assets A/c
Question 39.
A, B and C are three partners sharing profits and tosses in the ratio of 4 : 3 : 2. D is admitted for
(a) 10 : 7 : 7 : 4
(b) 5 : 3 : 2 : 1
(c) 4 : 3 : 2 : 1
(d) None of these
Answer:
(c) 4 : 3 : 2 : 1
Question 40.
Share of goodwill brought in cash by the new partner is called :
(a) Asset
(b) Profit
(c) Premium
(d) Loss
Answer:
(c) Premium
Question 41.
Recording of an unrecorded liability on the reconstitution of a partnership firm will be:
(a) A gain to the existing partners
(b) A loss to the existing partners
(c) Neither gain nor loss to the existing partners
(d) None of these
Answer:
(b) A loss to the existing partners
Question 42.
In the event of death of a partner, the accumulated profits and losses are shared by partner in their:
(a) Old Profit Sharing Ratio
(b) New Profit Sharing Ratio
(c) Capital Ratio
(d) None of these
Answer:
(a) Old Profit Sharing Ratio
Question 43.
On the death of a partner, the amount of Joint Life Insurance Policy is credited to the Capital A/c’s of :
(a) Only the deceased partner
(b) All partners including the deceased partner
(c) Remaining partners in the new profit sharing ratio
(d) Remaining partners, in their old profit sharing ratio
Answer:
(b) All partners including the deceased partner
Question 44.
The executors will be paid interest on the amount due from the date of death of the partner @ :
(a) 4% p.a.
(b) 5% p.a.
(c) 6% p.a.
(d) 7% p.a.
Answer:
(c) 6% p.a.
Question 45.
On retirement/death of a partner, the retiring/deceased partner’s capital A/c will be credited with :
(a) His/her share of goodwill
(b) Goodwill of the firm
(c) Share of goodwill of remaining partners
(d) None of these
Answer:
(a) His/her share of goodwill
Question 46.
On dissolution of a firm, partner’s loan account is transferred to :
(a) Realisation A/c
(b) Partner’s Capital A/c
(c) Partner’s Current A/c
(d) None of these
Answer:
(d) None of these