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For the following multiple choice questions select correct alternative from given choices and put its

order in the bracket.


1.

How many maximum partners can be admitted in non-banking partnership firm?

(a) 2
(b) 7
(c) 10
(d) 20
2. At what rate annual interest to be calculated on loan given by partner to the firm, in absence
any provision in this regard in partnership deed?
(a) 0%
(b) 6%
(c) 10%
(d) 12%
3. In case of uniform withdrawal by the partner in the beginning of the each month, for how
many months interest will be calculated?
(a) 78
(b) 72
(c) 66
(d) 12
4. In case of uniform withdrawal by the partner at the end of each month, for how many months
interest will be calculated?
(a) 12
(b) 66
(c) 72
(d) 78
5. Under fluctuating capital account method, in which account and what side, the profit share of partner will be
recorded?
(a) Debit side of Capital account
(b) Credit side of Capital account
(c) Debit side of Current account
(d) Credit side of Current account
6. Under fixed capital accounts method, to which account the drawings of a partner is to be transferred?
(a) Capital account
(b) Current account
(c) Profit and loss account
(d) Profit and Loss appropriate account
7. What kind of liability partner has in the partnership firm?
(a) Limited
(b) Unlimited
(c) Confined to Capital (d) None of above
8. In case of fixed capital accounts method salary payable to partners will be credited to which account?
(a) Capital account
(b) Current account
(c) Profit and Loss account
(d) Profit and Loss appropriation account
9. For the partnership firm interest on debit balance of partner's current account is treated as
(a) Expenses
(b) Income
(c) Loss
(d) Liability
10. In case of calender year if partner withdraws, Rs. 900 each month from 1s' May uniformly, what will be amount
of interest on total withdrawal @ 12% p.a.?
(a) Rs. 864.00
(b) Rs. 108.00
(c) Rs. 216.00
(d) Rs. 324.00
11. How many maximum partners can be admitted in banking partnership firm?
(a) Two
(b) Seven
(c) Ten
(d) Twenty
12. Under fluctuating capital account method interest on withdrawal will be debited to which account?
(a) Capital account
(b) Trade account
(c) Current account
(dj Profit and Loss appropriation account
13. In case of uniform monthly withdrawal of Rs.400 by the partner at the end of each month, what will be the amount of
interest @ 12% p.a ?
(a) Rs. 264.00
(b) Rs. 288.00
(c) Rs. 312
(d) Rs. 48.00
14. What do you mean by credit balance of profit and loss appropriation account?
(a) Divisible Loss
(b) Net Profit
(c) Net Loss
(d) Divisible profit
15. How would you distribute divisible profit among partners in absence of any agreement in deed?
(a) In proportion of Capital
(b) In proportion of interest on Capital
(c) In proportion of drawing
(d) In equal proportion
16. The proportion of capital of X. Y & Z is 3 : 2 : 1 and current year's annual divisible profit is Rs, 66,000, what
share in profit will be received by Z?
(a) Rs. 66,000
(b) Rs. 22,000
(c) Rs. 11.000
(d) Rs. 33.000
17. For partner, interest on his capital is
(a) Expenses
(b) Loss
(c) Income
(d) Liability
18. How many methods are there to maintain the capital accounts of partners in a partnership firm?
(a) Two
(b) Three
(c) Four
(d) Six
19. In trial balance of a firm carriage expenses shows a debit balance of Rs. 4500. In adjustment it is
mentioned that 10% carriage expense is outstanding. What is the amount of outstanding carriage?
(a) Rs. 450
(b) Rs. 500
(c) Rs. 540
(d) Rs. 405
20. Where would you disclose dead stock of Rs. 300 in final accounts, which is given in trial balance.
(a) Debit to Trading account
(b) Credit to Trading account

21.

(c) Debit to Profit and Loss account


(d) Assets Side
Total of credit note book is under cast by Rs. 2000. What will be accounting effect of this adjustment?

(a) To be added to purchases.


(b) To be added to purchases and creditors both,
(c) To be added to sales
(d) To be added to sales and debtors both
22 The cost price of closing stock is Rs. 20,000. Out of which market value of 10% stock is 20% less. While
market value of 20% stock is 10% more? What will be the value of closing stock?
(a) Rs. 20,000 (b) Rs. 19600
(c) Rs. 22,000
(d) Rs. 18,000
23. The balance of lease hold building on 31/12/06 is Rs. 70000 (Acquired on 1-7-2004 for 5years) What amount
will be written of during the year
(a) Rs. 14,000
(b) Rs. 7000
(c) Rs. 3500
(d) Rs. 20000
24. Where would you disclose the amount of depreciation on factory b ui l d i n g whic happears the trial
balance?
(a) Debited to Profit and Loss account
(b) Debited to Trading account
(c) Subtracted from building account in the balance sheet, (d) Debited to profit and loss appropriation account
25. Carriage expense paid is Rs. 900. carriage expense is outstanding. The proportion of carriage inward and
outward is 2 : 3. what will be total carriage inward?
(a) Rs. 400
(b) Rs. 540
(c) Rs. 810
(d) Rs. 300
26. The accounting year of the firm ends of 31-3-2006 and firm has received Rs. 10000 as candidates
premium on 1-10-2005 for 2years. What amount will be shown at liability -side of B/s. as advance
premium ?
(a) Rs. 10,000
(b) Rs. 4000
(c) Rs. 8000
(d) Rs. 2000
27.

In trial balance of a firm furniture of Rs. 9000 and depreciation on furniture of Rs. 1000 are
shown, What will be the total amount of depreciation if depreciation rate is increased by 2%?
(a) Rs. 1000
(b) Rs. 1200
(c) Rs. 1020
(d) Rs. 180
28. The accounting year of the firm is ending on 31 -03-2006. Insurance premium Rs. 1800 is paid for
the year ending on 30-06-2006, What amount of prepaid insurance will be shown on the assets
side of Balance sheet?
(a) Rs. 600 (b) Rs. 450 (c) Rs. 1350 (d) Rs. 1200
29. Which of the following expenses is the financial expense of a firm?
(a) Rent and taxes (b) Salary (c) Interest on Capital (d) Interest on drawings.
30. Which of the following expense is not selling and distribution expense?
(a) Carriage inward (b) Carriage outward (c) Packing Expenses (d) Salary of Salesman
31. Which of the following assets is a current asset?
(a) Building (b) Machine (c) Patent (d) Bills Receivable.
32. Which of the following assets is not a fixed assets?
(a) Vehicles (b) Goodwill (c) Lease hold building (d) Stock of goods