Bihar Board 12th Accountancy VVI Objective Questions Model Set 2 in English
Bihar Board 12th Accountancy VVI Objective Questions Model Set 2 in English
Question 1.
Realisation Account is a :
(A) Personal A/c
(B) Nominal A/c
(C) Real A/c
(D) None of these
Answer:
(B) Nominal A/c
Question 2.
Expenses on dissolution of firm is called :
(A) Realisation Expenses
(B) Legal Expenses
(C) Loss Expenses
(D) None of these
Answer:
(A) Realisation Expenses
Question 3.
X,Y and Z share profits in the ratio of
(A) 3 : 2
(B) 2 : 3
(C) 2 : 1
(D) None of these
Answer:
(A) 3 : 2
Question 4.
The executors of deceased partner will be paid interest on the amount due from the date of death of the partner at:
(A) 5% p.a.
(B) 6% p.a.
(C) 7% p.a.
(D) 8% p.a.
Answer:
(B) 6% p.a.
Question 5.
Decrease in the value of fixed assets due to wear and tear is termed as :
(A) Depreciation
(B) Loss
(C) Profit
(D) Expense
Answer:
(A) Depreciation
Question 6.
The excess of average profits over the normal profits is called:
(A) Super profits
(B) Fixed profits
(C) Abnormal profits
(D) Normal profits
Answer:
(A) Super profits
Question 7.
Legacies should be treated as a/an :
(A) Asset
(B) Capital Receipt
(C) Revenue Receipt
(D) None of these
Answer:
(B) Capital Receipt
Question 8.
On reconstitution of a partnership firm, recording of an unrcorded liability will result in :
(A) Gain to the existing partners
(B) Loss to the existing partners
(C) Neither gain nor loss to the existing partners
(D) None of these
Answer:
(B) Loss to the existing partners
Question 9.
Following are the factors affecting goodwill except:
(A) Nature of business
(B) Effeciency of Management
(C) Technical Knowledge
(D) Location of the Customers
Answer:
(D) Location of the Customers
Question 10.
The monetary value of reputation of the business is called:
(A) Goodwill
(B) Super Profit
(C) Surplus
(D) Abnormal Profit
Answer:
(A) Goodwill
Question 11.
On the death of a partner, the amount of Joint Life Insurance Policy is credited to the Capital Accounts 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 12.
Weighted average method of calculating goodwill is used when:
(A) Profit are unequal
(B) Profit has increasing trend
(C) Profit has decreasing trend
(D) Either (B) on (C)
Answer:
(D) Either (B) on (C)
Question 13.
On dissolution of a firm, realisation account is debited with:
(A) All assets to be realised
(B) All outside liabilities of the firm
(C) Cash received on sale of assets
(D) Any asset taken over by one of the partners
Answer:
(A) All assets to be realised
Question 14.
Recording of an unrecorded asset on the reconstitution of a partneship firm will be :
(A) Gain to old Partners
(B) Gain to Existing Partners
(C) Loss of Existing Partners
(D) Neither gain nor loss to the Existing Partners
Answer:
(B) Gain to Existing Partners
Question 15.
For the firm, interest on partner’s drawings is a/an :
(A) Expenses
(B) Income
(C) Loss
(D) None of these
Answer:
(B) Income
Question 16.
Life Membership Fees received by a Club is shown in :
(A) Income and Expenditure A/c
(B) Balance Sheet
(C) Profit and Loss A/c
(D) None of these
Answer:
(B) Balance Sheet
Question 17.
Realisation expenses are recorded in which side of Realisation A/c ?
(A) Liabilities
(B) Assets
(C) Debit
(D) Credit
Answer:
(C) Debit
Question 18.
For a non-trading concern, honorarium is :
(A) An Income
(B) An Asset
(C) An Expense
(D) None of these
Answer:
(C) An Expense
Question 19.
At the time of Dissolution of a firm book value of assets is recorded in which side of the Realisation Account ?
(A) Debit side
(B) Credit side
(C) Liabilities
(D) All of above
Answer:
(A) Debit side
Question 20.
On dissolution of a firm, bank overdraft in transferred to:
(A) Cash A/c
(B) Bank A/c
(C) Realisation A/c
(D) Partner’s CapitalA/cs
Answer:
(B) Bank A/c
Question 21.
On retriement of a partner, retiring partner’s capital account 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 22.
On dissolution of the firm, Partner’s Capital Accounts are closed through:
(A) Realisation Account
(B) Drawings Account
(C) Bank/Cash Account
(D) Loan Account
Answer:
(C) Bank/Cash Account
Question 23.
Revaluation Account or Profit & Loss Adjustment Account is a :
(A) Personal A/c
(B) Real A/c
(C) Nominal A/c
(D) None of these
Answer:
(C) Nominal A/c
Question 24.
Sacrifice Ratio has to be calculated :
(A) At the time of Admission of a Partner
(B) At the time of Retirement of a Partner
(C) At the timer of a Partner
(D) At the time of Marriage of a Partner
Answer:
(A) At the time of Admission of a Partner
Question 25.
On retirement of a partner, profit on file adjustment in the value of assets and liabilities should be credited to the Capital Account of:
(A) The remaining partners in their new Profit-sharing . ratio
(B) The remaining partners in their old Profit-sharing ratio
(C) All Partners in the old Profit-sharing ratio
(D) None of these
Answer:
(C) All Partners in the old Profit-sharing ratio
Question 26.
Profit and loss on revaluation at the time of i*etirement must be shared by :
(A) Commuting Partner
(B) All Partners
(C) Only by Ram
(D) None of these
Answer:
(B) All Partners
Question 27.
In which ratio, the cash brought in for goodwill by new partner is shared by the existing partners in which ratio ?
(A) Profit-sharing Ratio
(B) Capital Ratio
(C) Sacrificing Ratio
(D) None of these
Answer:
(C) Sacrificing Ratio
Question 28.
account ?
(A) Balance of Cash account
(B) Reserve Funds
(C) Balance of Profit & Loss A/c
(D) All of the above
Answer:
(D) All of the above
Question 29.
M, L and A are partners sharing profits in the ratio of 9:3. They have taken a joint life policy of ₹ 96,000 A dies. What is the share of A in the JLP amount ?
(A) 18,000 Rs
(B) 24,000 Rs
(C) 54,000 Rs
(D) 20,000 Rs
Answer:
(A) 18,000 Rs
Question 30.
Premium on issue of shares in called :
(A) Capital Gain
(B) Capital Loss
(C) Normal Profit
(D) Normal Loss
Answer:
(A) Capital Gain
Question 31.
Share Application A/c is:
(A) Personal A/c
(B) Real A/c
(C) Nominal A/c
(D) None of these
Answer:
(A) Personal A/c
Question 32.
Under the provisions of Companies Act, a company can issue:
(A) Ofily Equity Shares
(B) Only Preference Shares
(C) Both (A) and (B)
(D) None of these
Answer:
(C) Both (A) and (B)
Question 33.
Balance of share foreiture account, after re-issue, is transferred to:
(A) Reserve Fund
(B) Capital Reserve A/c
(C) Profit & Loss A/c
(D) None of these
Answer:
(B) Capital Reserve A/c
Question 34.
Debentureholder receive:
(A) Dividend
(B) Profit
(C) Interest
(D) Bonus
Answer:
(C) Interest
Question 35.
Debentureholders are called….— of the company.
(A) Creditors
(B) Debtors
(C) Owners
(D) None of these
Answer:
(A) Creditors
Question 36.
If Table ‘F’ of the Companies Act, 2013 has been adopted, the Company will pay interest on calls paid in advance upto:
(A) 6%
(B) 12%
(C) 8%
(D) 10%
Answer:
(B) 12%
Question 37.
A company cannot issue its shares at discount under which of Companies Act, 2013 ?
(A) 78
(B) 52
(C) 53
(D) 79
Answer:
(C) 53
Question 38.
Shares may not be issued :
(A) At Par value
(B) At Premimum
(C) At Discount
(D) All of these
Answer:
(C) At Discount
Question 39.
debentures may be issued :
(A) At Par
(B) At Premium
(C) At Discount
(D) All of these
Answer:
(D) All of these
Question 40.
Debentures can be redeemed out of:
(A) Profit
(B) Capital
(C) Provision
(D) All of these
Answer:
(D) All of these
Question 41.
Financial Statements are :
(A) Anticipated facts
(B) Recorded facts
(C) Estimated facts
(D) None of these
Answer:
(B) Recorded facts
Question 42.
On the basis of process, which of the following is the type of financial analysis ?
(A) Horizontal Analysis
(B) Vertical Analysis
(C) Ratio Analysis
(D) (A) and (B) both
Answer:
(D) (A) and (B) both
Question 43.
Most transactions in non-trading concerns are :
(A) Cash
(B) Credit
(C) (A) and (B)
(D) None of these
Answer:
(A) Cash
Question 44.
Which of the following transactions will improve the current ratio ?
(A) Purchase of goods for cash
(B) Cash received from customers
(C) Payment of creditors
(D) Credit purchase of goods
Answer:
(C) Payment of creditors
Question 45.
The Liability of members in a company is :
(A) Limited
(B) Unlimited
(C) Stable
(D) Fluctuating
Answer:
(A) Limited
Question 46.
Debenture is the part of:
(A) Share Capital
(B) Long-term Borrowings
(C) Owned Capital
(D) None of these
Answer:
(B) Long-term Borrowings
Question 47.
Comparative Statements are also known as :
(A) Dynamic Analysis
(B) HorizontaljAnalysis
(C) Vertical Analysis
(D) External Analysis
Answer:
(B) HorizontaljAnalysis
Question 48.
Own debentures are those debentures of the company which:
(A) Tne company allots to its own promotors
(B) The company allots to its directors
(C) The company purchases from the markets and hold them as investments
(D) None of these
Answer:
(C) The company purchases from the markets and hold them as investments
Question 49.
Break-even Analysis shows:
(A) Relationship between cost and sales
(B) Relationship between production and purchases
(C) Relationship between cost and revenue
(D) None of these
Answer:
(A) Relationship between cost and sales
Question 50.
Fluctuating capital account is credited with :
(A) Interest on capital
(B) Profit of the year
(C) Remuneration of partners
(D) AM of these
Answer:
(D) AM of these