Book-Keeping and Accountancy,Std-12th,Commerce,GIVE ONE WORD/TERM/PHRASE for all topics IMP Objective Questions
1 : Introduction to Partnership and Partnership Final Accounts
(1) Persons who form the partnership firm.
(2) An association oftwo or more persons
according to Indian Partnership Act, 1932.
(3) Act under which partnership firms are
regulated.
(4) Process of entering the name of
partnership firm in the register Registrar.
5) Partnership agreement in written form.
(6) Under this method capital balances of
partners remains constant.
(7) Proportion in which partners share
profit.
8) Such capital method in which only
Capital Account is maintained each partner.
9)The account to which all adjustment are
made when capital is fixed.
Ans.
(1) Partners (2) Partnership firm (3) Indian Partnership Ac (4) Registration (5) Partnership Deed (6) Fixed Capital Method (7) Profi Sharing Ratio (8) Fluctuating Capital Method (9) Current Account.
2 (1) Expenses which are paid before they are
due.
(2) The accounts that are prepared at the
end of each accounting year.
(3) An asset which can be converted into
cash easily.
(4) Order in which fixed assets are
recorded first in Balance Sheet.
(5) The account in which selling expenses
of business are recorded.
(6) Debit balance of Trading Account.
(7) Credit balance of Profit and Loss
Account.
(8)
Capital method in which partner’s Current Account is opened.
(9) Stock which is valued at cost price or
market price whichever is less.
(10) Reduction in the value of fixed assets
due to its continuous use.
(11) Income due but not received.
(12) The transport expenses paid to
Railways, Airways company or Shipping company.
Ans.
(1) Prepaid expenses (2) Final Accounts (3) Current Assets or Liquid Assets (4) Order of liquidation (5) Profit and Loss Account (6) Gross loss (7) Net profit (8) Fixed Capital Method (9) Closing stock (10) Depreciation (11) Accrued income/Receivable income (12) Freight.
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Ch. 2: Accounts of Not For Profit' Concerns
1. (1) The Form of Organization providing
services to the society only.
(2) An account which is prepared by Not for
Profit concern instead of Profit and Loss Account.
(3) Donation received for a specific
purpose.
(4) The Receipts which are not recurring in
nature.
(5) An Account which records only revenue
items in case of 'Not for Profit' concern.
(6) Accounts which records only cash
transactions in case of 'Not for Profit' concern.
(7) The income which is earned during the
year but not received during the year.
(8) The credit balance of Income and
Expenditure Account.
Ans.
(1) Not for Profit concern (2) Income and
Expenditure Account (3) Specific Donation/ Capital Receipt (4) Capital Receipt
(5) Income and Expenditure Account (6) Receipts and Payments Account (7)
Outstanding income (8) Surplus.
2. (1) Excess of total assets over total liabilities of a 'Not for Profit concern.
(2)
All such receipts which are non-recurring in nature and not forming a part of
regular flow of income.
(3) Fees paid by persons to become members
of a ‘Not for Profit concern.
(4) Fees received from the member only once
at the time of his entry into the 'Not for Profit concern.
(5) Specific amount paid by the members
annually to non-trading organisation to get certain services or benefits.
(6) The gifts received from legal
representatives as per the will of a deceased person.
(7) The expenditure which is non-recurring
in nature.
Ans.
(1) Capital Fund (2) Capital
Receipts (3) Entrance fees or Admission fees (4) Life membership fees (5)
Subscription (6) Legacies (7) Capital expenditure.
Ch. 3 : Reconstitution of Partnership (Admission of Partner)
(1) Method under which calculation of
goodwill is done on the basis of extra profit earned above the normal profit.
(2) An account opened to adjust the value
of assets and liabilities at the time of admission of a partner.
(3) Reputation of business measured in
terms of money.
(4) The Ratio in which general reserve is
distributed to the old partners.
(5) Name the method of the treatment of
goodwill where new partner will bring his share of goodwill in cash.
(6) The proportion in which old partners
make a sacrifice.
(7) Capital employed = NRR/100
Ans.
(1) Super Profit Method (2)
Revaluation A/c or Profit and Loss Adjustment A/C (3) Goodwill (4) Old Ratio
(5) Premium Method (6) Sacrifice Ratio (7) Normal Profit.
(1) An Account which is debited when the
partner takes over the asset.
(2) Profit and Loss Account balance
appearing on Liabilities side of Balance sheet.
(3) Excess of actual capital over
proportionate capital.
(4) Profit and Loss Account balance
appearing on the Assets side of a Balance Sheet.
(5) Change in the relationship between the
partners.
(6) A fund created by the partnership firm
out of profit as a precautionary measure.
(7) An account opened for Revaluation of
Assets and Liabilities.
Ans.
(1) Partner’s Capital A/c or Partner’s
Current A/c(2) Undistributed Profit or Accumulated Profit (3) Surplus Capital
(4) Undistributed Loss (5) Reconstitution of a Partnership (6) General
Reserve/Reserve Fund (7) Profit and Loss Adjustment A/c or Revaluation A/c.
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Ch.4 : Reconstitution of Partnership (Retirement of Partner)
(1) Credit balance of Profit and Loss
Adjustment Account.
(2) The ratio in which the continuing
partners are benefited due to retirement of partner.
(3) Debit balance of Revaluation Account.
(4) Money value of business reputation
earned by the firm over a number of years.
(5) Partner's Account where Loss or Profit
on revaluation is transferred.
(6) The account which shows revaluation of
assets and liabilities.
(7) Process in which a partner leaves the
firm permanently on account of old age, continued sickness or loss of interest
in the firm.
(8) An account to which the amount due to a partner on his retirement is transferred.
Ans.
(1) Profit on Revaluation Account (2) Gain
Ratio (3) Loss on Revaluation (4) Goodwill (5) Capital/Current Account (6)
Revaluation Account or Profit and Loss Adjustment Account (7) Retirement of a
Partner (8) Retiring Partner's Loan A/c.
Ch. 5 : Reconstitution of Partnership (Death of Partner)
(1) Excess of credit side over debit side
of Profit and Loss Adjustment Account.
(2) A person who represents the deceased
partner on the death of the partner.
(3) Accumulated past profit kept in the
form of reserve.
(4) The partner who died.
(5) The proportion in which the continuing
partners are benefited due to death of a partner.
(6) The account which shows revaluation of
asset and liabilities.
(7) Excess of proportionate capital over
actual capital.
(8) The account to which deceased partners'
capital balance is transferred.
(9) A person entitled to receive the amount
due to a deceased partner.
Ans.
(1) Profit (2) Legal Heir's or Executor (3)
Reserve fund or General reserve (4) Deceased partner (5) Gain/Benefit ratio (6)
Revaluation A/c or Profit and Loss Adjustment A/c(7) Deficit (8) Deceased
Partner's Executor's Loan Account (9) Legal Heir/Executor/Legal Representative
of deceased partner.
Ch. 6 : Dissolution of Partnership Firm
(1) Debit balance of Realisation Account.
(2) An account opened to find out the
profit or loss on sale of assets and settlement of liabilities.
(3) Debit balance of an Insolvent Partner's
Capital Account.
(4) Conversion of asset into cash on
dissolution of firm.
(5) Liability likely to arise in future on
happening of certain events.
(6) Assets which are not recorded in the
books of accounts.
(7) The account which shows realisation of
assets and discharge of liabilities.
(8) Expenses incurred on dissolution of
firm.
(9) The account which records all
realisable assets and external liabilities of the firm on dissolution.
(10) The partner who bears capital deficiency
of an insolvent partner. OR The person who bears insolvency loss of an
insolvent partner.
(11) Account to which the ultimate unpaid balances on the outside liability accounts are transferred on dissolution.
Ans.
(1) Realisation Loss (2) Realisation A/c (3) Capital Deficiency (4) Realisation (5) Contingent Liabilities (6) Unrecorded Assets (7) Realisation A/C (8) Dissolution/Realisation Expenses (9) Realisation Account (10) Solvent Partner (11) Deficiency Account.
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Ch. 7: Bills of Exchange
1. (1) Three extra days which are allowed over
and above the term of bill.
(2) Fees charged by Notary Public for getting
the fact of dishonour noted.
(3) A person who is entitled to receive the
amount of bill of exchange.
(4) A person in whose favour a bill
endorsed.
(5) Officer appointed by government for
noting of dishonour of bill.
(6) Cancellation of bill on maturity in
return of a new bill for extended period of credit.
(7) Bill of exchange drawn and accepted
without any valuable consideration.
(8) Conversion of Bill of Exchange into its
present value.
(9) Amount which is not recoverable from
Drawee on account of insolvency.
Ans.
(1) Grace days (2) Noting
Charges (3) Payee (4) Endorsee (5) Notary Public (6) Renewal of Bill (7)
Accommodation Bill (8) Discounting of the Bill (9) Bad debts.
2. (1) A Bill of Exchange drawn and accepted for the value received.
(2) Acceptance without making any change in
the terms of a bill.
(3) Acceptance with some changes as regards
the terms of a bill.
(4) The bill which is drawn in one country
and payable in other country
5) Payment of the bill before due date.
(6) The period for which a bill drawn.
(7) A bill of exchange that does not
contain the period for its payment.
(8) A bill drawn, accepted and made payable
within the territory of one and the same country.
(9) Act of signing the bill on its back by
its holder to transfer its title to a third person.
(10) Drafting a new bill in cancellation of
old bill at the request of drawee.
(11) Certificate given by Notary Public for
the fact of dishonour of the bill.
Ans.
(1)
Trade Bill (2) General acceptance (3) Qualified acceptance (4) Foreign Bill (5)
Retirement of Bill (6) Term / Tenure of a bill of exchange (7) Demand Bill /
Bill at sight (8) Inland bill of exchange (9) Endorsement of a bill of exchange
(10) Renewal of the bill of exchange (11) Certificate of protest.
Ch.8 : Company Accounts : Issue of Shares
1. (1) Amount called-up on shares by the
company but not received.
(2) Issue of share at its face value.
(3) The person who purchase the shares of a
company.
(4) The form of business organisation where
huge amount of capital can be raised.
(5) The capital which is subscribed by the
public.
(6) The part of subscribed capital which is not called-up by the company.
Ans.
(1) Calls-in-Arrears (2) Issue
at par (3) Shareholder (4) Joint Stock Company (5) Subscribed capital (6)
Uncalled capital.
2. (1) The capital which is not disclosed
in the Balance Sheet.
(2) The maximum amount beyond which a
company is not allowed to raise its share capital.
3) The capital on which dividend is paid
(4) Shares having voting right.
(5) The direct sale of shares by a company
to a limited number of sophisticated investors.
(6) A demand made by the company after
allotment of shares to pay remaining amount of shares.
Ans.
(1) Reserve capital (2) Authorised/Nominal
capital (3) Paid-up share capital (4) Equity shares (5) Private placement of
shares (6) Call on share.
Ch. 9: Analysis of Financial Statements
1. (1) The statement showing profitability
of two different periods.
(2) The ratio measures the relationship
between gross profit and net sales.
(3) Critical evaluation of financial
statement to measure profitability.
(4) A particular mathematical number
showing relationship between two accounting figures.
(5) The ratio measuring the relationship
between net profit and ownership capital employed.
(6) The statement showing financial
position for different periods of previous year and current year.
(7) Statement showing changes in cash and
cash equivalent during a particular period.
(8) Activity related to acquisition of long-term assets and investments. (9) The ratio that establishes relationship between Quick Assets and Current Liabilities.
Ans.
(1) Comparative Income Statement (2) Gross
Profit Ratio (3) Analysis of Financial Statement (4) Ratio (5) ROCE (6) Comparative
Balance Sheet (7) Cash Flow Statement (8) Financing Activities (9) Liquid
Ratio.
(1) The tool for analysis of financial
statement where individual figures of Balance Sheet are converted into
percentage.
(2) The type of activity in cash flow analysis,
involving purchase of fixed asset.
(3) Ratio which measures the efficiency of
production department. (4) Ratio which measures overall efficiency of business.
(5) Ratio which shows operational
efficiency of business.
(6) Ratio which is computed to measure
overall efficiency or profitability of business.
Ans.
(1)
Common Size Balance Sheet (2) Investing Activity (3) Gross Profit Ratio (4) Net
Profit Ratio (5) Operating Profit Ratio (6) Return On Investment (ROI).
Ch. 10 : Computer in Accounting
1. (1) The details of Bills receivable are
maintained in this record.
(2) Tally software is classified into this
category.
(3) The short key used to save or accept
the information.
(4) It is a damaged software, cracked,
nearly fully functional.
(5) The process by which all the calculations are automatically done by the accounting software.
Ans.
(1) Sundry Debtors (2) Mercantile (3) Ctrl
+ A (4) Pirated Software (5) Automation.
2. (1) Software which is useful for small
scale firms/business.
(2) Software prepared for multi-users and
geographically scattered locations.
(3) Details of bank transactions are
maintained in this book.
(4) Software which is prepared for the
business transactions automation.
(5) Software used for demo purpose with all
major features.
(6) Full functional, safe and legal
software.
Ans.
(1) Ready to use Software (2) Tailored
Software (3) Bank book (4) Accounting Software (5) Demo Software (6) Legal
Software.
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