S.Y.J.C Accounting MOST IMPORTANT MCQ PDF

bysuraj patel education -June 23, 2021

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HSC Account MCQ PDF

S.Y.J.C Accounting MOST IMPORTANT MCQ PDF

1) There are _____________ parties to bill of exchange.
a) five
b) four
c) three
d) two
ANS: C

2) Nothing charges are borne by _____________.
a) Notary Public
b) Drawee
c) Drawer
d) Endorsee
ANS: B

3) in case of dissolution, assets and liabilities are transferred to ____________ account.
a) Bank Account
b) Partner’s Capital Account
c) Realisation Account
d) Partner’s Current Account
ANS: C

4) When there is no partnership agreement between partners, the division of profits take place in___________ratio.
a) Equal
b) Capital ratio
c) initial contribution
d) experience and tenure of Partners.
ANS: A

5) To find out Net Profit or Net Loss of the business _________ account is prepared.
a) Trading
b) capital
c) Current
d) Profit & Loss
ANS: D

6) Liability of partners in a partnership business is _________ .
a) Limited
b) Unlimited
c) Limited and Unlimited
d) None of the above
ANS: B

7) There must be provision in ___________ for forfeiture of shares,
a) Articles of Association
b) Memorandum of Association
c) Prospectus
d) Balance Sheet
ANS: A

8) The unpaid amount on allotment and calls may be transferred to ____________ account.
a) calls in advance
b) calls
c) calls in arrears
d) allotment
ANS: C

9) Premium received on issue of shares is shown to
a) Liability side of Balance Sheet
b) Asset side of Balance Sheet
c) Profit & Loss Account debit side
d) Profit & Loss A/c credit side
ANS: A

10) Current Ratio = ___________/Current Liabilities.
a) Quick Assets
b) Quick Liabilities
c) Current Assets
d) None of these
ANS: C

11) Fixed Deposit A/c comes under ___________ group.
a) Investments
b) Current Liability
c) Bank A/c
d) Current Asset
ANS: A

12) The closing balance of Receipts and Payments account usually represent _____________.
a) Closing stock
b) Cash and Bank balance
c) Surplus
d) Deficit
ANS: B

13) Excess of proportionate capital over actual capital represents __________ .
a) Equal capital
b) Surplus Capital
c) Deficit Capital
d) Gain
ANS: B

14) The Profit or Loss from revaluation on retirement of partner is shared by __________ .
a) The remaining partners
b) All the partners
c) Only retiring partner
d) Bank
ANS: B

15) Dissolution expenses are credited to __________ Account.
a) Realisaton Account
b) Cash / Bank Account
c) Partner’s Capital Account
d) Partner’s Loan Account
ANS: B

16) Donation for Scholarship Fund is _____________.
a) Capital Receipt
b) Revenue Receipt
c) Capital Expenditure
d) Revenue Expenditure
ANS: A

17) If any asset is taken over by partner from firm his capital account will be __________.
a) Credited
b) Debited
c) Added
d) Divided
ANS: B

18) Benefit Ratio is the Ratio in which ____________.
a) The old partner gain on admission of a new partner
b) The Goodwill of a new partner on admission is credited to old partners
c) The continuing partners benefits on retirement or death of a partner
d) All partners are benefited.
ANS: C

19) Notary Public is _____________.
a) Govt. Officer
b) Drawer
c) Payee
d) Endorsee
ANS: A

20) The document inviting to subscribe the shares of a company is ____________ .
a) Prospectus
b) Memorandum of Association
c) Articles of Association
d) Share certificate
ANS: A

21) Assets and liabilities are transferred to Realisation account at their __________ values.
a) Market
b) Purchases
c) Sale
d) Book
ANS: D

22) Before acceptance the bill is called a _____________.
a) Order
b) Request
c) Draft
d) Instrument
ANS: C

23) The Common Size Statement requires ____________.
a) Common base
b) Journal Entries
c) Cash Flow
d) Current Ratio
ANS: A

24) In the absence of an agreement, interest on loan advanced by the partner to the firm is allowed at the rate of __________ .
a) 5%
b) 6%
c) 10%
d) 9%
ANS: B

25) Net-Profit Ratio is equal to ____________.
a) Operating ratio
b) Operating net-profit ratio
c) Gross Profit Ratio
d) Current Ratio
ANS: A

Practice Paper & IMP Questions

MORE IMPORTANCE BOARD QUESTION PAPER O.C SET LINK IN BELOW

Paper 1 ) https://www.surajpateleducation.com/2021/03/organization-of-commerce-and-management.html

Paper 2 ) https://www.surajpateleducation.com/2021/03/12th-oc-important-question-in-exam.html

MORE IMPORTANCE BOARD QUESTION PAPER ACCOUNTANCY SET LINK IN BELOW

Paper 1 ) https://www.surajpateleducation.com/2021/03/book-keeping-and-accountancy-12th.html

Paper 2 )

https://www.surajpateleducation.com/2021/03/hsc-account-importance-question-2021.html

MORE IMPORTANCE BOARD QUESTION PAPER ECONOMICS SET LINK IN BELOW

Paper 1) https://www.surajpateleducation.com/2021/03/12th-board-exam-2021-important-questions.html

Paper 2) https://www.surajpateleducation.com/2021/03/12th-board-question-paper-2021.html

Paper 3) https://www.surajpateleducation.com/2021/03/important-questions-12th-board-exam.html