This quiz works best with JavaScript enabled. Home > Accounting > Accountancy > Accountancy – Quiz 34 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Accountancy Quiz 34 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Current Liabilities include: A) Bills Payable. B) Creditors. C) Outstanding Expenses. D) All of the above. Show Answer Correct Answer: D) All of the above. 2. While preparing the Balance Sheet of a company 'Securities Premium' is shown under: A) CURRENT LIABILITY. B) SHARE CAPITAL. C) LONG TERM BORROWINGS. D) NONE OF THE ABOVE. Show Answer Correct Answer: D) NONE OF THE ABOVE. 3. X, Y & Z are partners in the ratio of 4:3:2. Salary to X ₹ 15, 000 and to Z ₹ 3, 000 omitted and profits distributed. For rectification, now X will be credited: A) ₹ 15, 000. B) ₹ 1, 000. C) ₹ 12, 000. D) ₹ 7, 000. Show Answer Correct Answer: D) ₹ 7, 000. 4. On a share of Rs. 10 issued at a premium of Rs. 2, whole amount is called-up and Rs. 7 is received, share capital account will be credited by A) Rs. 10. B) Rs. 12. C) Rs. 10. D) Rs. 16. Show Answer Correct Answer: A) Rs. 10. 5. Calls-in-advance and interest thereon is shown as A) Shareholders' funds. B) Other non-current liabilities. C) Other current liabilities. D) Trade payables. Show Answer Correct Answer: C) Other current liabilities. 6. X and Y are partners sharing profits and losses in the ratio of 3:2. Z is admitted for 1/5th share in profits which he gets from X. New profit sharing ratio will be A) 12:8:5. B) 8:12:5. C) 2:2:1. D) 2:2:2. Show Answer Correct Answer: C) 2:2:1. 7. As per Companies Act, the Balance Sheet of a company is required to be presented in ..... A) Horizontal Form. B) Vertical Form. C) Either Horizontal or Vertical Form. D) Neither of the above. Show Answer Correct Answer: B) Vertical Form. 8. Zee ltd. purchased its own 5, 000 7% debenturesof Rs.100 each from open market at Rs.96 each for immediate cancellation.Profit on redemption will be A) 5, 00, 000. B) 4, 80, 000. C) 20, 000. D) 35, 000. Show Answer Correct Answer: C) 20, 000. 9. Which of the following items is a charge against profit? A) Interest on Capital. B) Interest on loan. C) Interest on drawings. D) Partners' salaries. Show Answer Correct Answer: B) Interest on loan. 10. What will be journal entry when cash is withdrawn from bank for personal use? A) Drawing A/c debit, Bank A/c credit. B) Cash A/c debit, Bank A/c credit. C) Bank A/c debit, Drawing A/c credit. D) Bank A/c debit, Capital A/c credit. Show Answer Correct Answer: A) Drawing A/c debit, Bank A/c credit. 11. Debit what comes in, Credit what goes out is rule of which account A) Real Account. B) Nominal Account. C) Personal Account. D) None. Show Answer Correct Answer: A) Real Account. 12. Debts whose repayment obligations are more than one year are referred to as A) Notes payable. B) Long-term debt. C) Current debt. D) Accounts payable. Show Answer Correct Answer: B) Long-term debt. 13. In the absence of partnership deed, interest on capital is allowed at the rate of: A) 6% p.a. simple interest. B) 6% p.a. compound interest. C) 12% simple interest. D) None of the above. Show Answer Correct Answer: B) 6% p.a. compound interest. 14. Bills payable is shown as A) Long-term borrowings. B) Short-term borrowings. C) Other current liabilities. D) Trade payables. Show Answer Correct Answer: D) Trade payables. 15. X and Y are partners in a firm sharing profits and losses in the ratio of 3:2. They take C as a new partner. Goodwill of the firm is valued at Rs. 3, 00, 000 and C brings Rs. 30, 000 as his share of goodwill in cash which is entirely credited to the Capital Account of A. New profit-sharing ratio will be: A) 3:2:1. B) 6:3:1. C) 5:4:1. D) 4:5:1. Show Answer Correct Answer: C) 5:4:1. 16. X & Y are partners sharing profits in the ratio of 3:2. Z is admitted as a partner. Calculate sacrificing ratio if new profit sharing ratio is 9:7:4 A) 3:1. B) 3:2. C) 1:3. D) 9:7. Show Answer Correct Answer: A) 3:1. 17. Which account is classified as an Expense? A) Concert Tickets. B) College Fund. C) Bank Account. D) Cash. Show Answer Correct Answer: A) Concert Tickets. 18. The party which is entitled to receive the payment of the bill is known asA. A) DrawerB. B) DraweeC. C) Bankad. D) Payee. Show Answer Correct Answer: D) Payee. 19. A, B and C are partners sharing profits in the ratio of 5:2:1. If the new ratio on the retirement of A is 3:2, what will be the gaining ratio? A) 11:14. B) 3:2. C) 2:3. D) 14:11. Show Answer Correct Answer: D) 14:11. 20. Total assets and liabilities of the firm are Rs.70, 000 and Rs.10, 000. Average profit is Rs.8, 000. NRR 10%. Calculate super profit? A) Rs.1, 000. B) Rs.2, 000. C) Rs.3, 000. D) Rs.4, 000. Show Answer Correct Answer: B) Rs.2, 000. ← PreviousNext →Related QuizzesAccounting QuizzesAccountancy Quiz 1Accountancy Quiz 2Accountancy Quiz 3Accountancy Quiz 4Accountancy Quiz 5Accountancy Quiz 6Accountancy Quiz 7Accountancy Quiz 8Accountancy Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books