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Accountancy Quiz 18 (30 MCQs)

Quiz Instructions

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1. X, Y and Z were partners in a firm sharing profits in the ratio of 3:2:1. X retired and the new profit sharing ratio between Yand Z will be 5:4. On Xs retirement the goodwill of the firm was valued at ₹ 54, 000. Journal entry will be:
2. ACCOUNTING RECORDS
3. Revised indian company act .....
4. When new partner brings cash for goodwill, the amount is credited to:
5. Ready-to-use cash included on
6. The interest on capital accounts of partners under fluctuating capital account method is credited to:
7. WHICH ACCOUNTING CONCEPT REQUIRES THAT ACCOUNTING POLICIES AND METHODS ONCE SELECTED SHOULD BE USED YEAR AFTER YEAR?
8. Which accounts are opened when the capitals are fixed?
9. Gaining Ratio is calculated at the retirement or death of a partner and change in profit-sharing ratio.
10. The balance in the profit and loss account is .....
11. Postage stamps purchased for ₹ 30 by business. This transaction will be recorded in:
12. A, B & C are partners sharing profits of a business in the ratio of 3:2:1 respectively. They admit D who brings in Rs. 60, 000 for his share of goodwill. A, B, C and D decide to share the profits respectively in the ratio of 5:3:2:2. Credit will be given to
13. Which section of the partnership act defines partnership as the relation between person who have agreed to share the profit of the business carried on by all or any of them acting for all?
14. A and B are partners in a firm, they are entitled to interest on their capitals but the net profit was not sufficient for this interest, then the net profit will be distributed among partners in:
15. Accrued Commission is a/an .....
16. Comparative analysis is also known as time series analysis.
17. Current Assets do not include:
18. Which of the following items can not be recorded in the Profit & Loss Appropriation Account?
19. The person, firm, or institution who does not pay the price in cash for the goods purchased or the services received is called-
20. Nature of goodwill is
21. Revaluation account is not prepared to give effect to changed values of assets and liabilities. True/False
22. Accounting rules for partnership are governed by the partnership act of
23. A ltd. wants to redeem 5, 000, 5% debentures of Rs. 100 each at 5% premium. How much amount it must transfer to DRR, if it already had a balance of 10, 000 in DRR A/c.
24. Goods worth rupees 7000 given away as charity should be credited to
25. Co-operative marketing society is the association of small, ..... and .....
26. Discount allowed will be recorded in
27. Fixed method is adopted which of the following will appear in capital account
28. FULL FORM OF IFRS
29. Eena, Meena and Teena are partners in a firm. Teena retired from the firm. After making adjustments for reserves and revaluation of assets and liabilities the balance in Teena's capital account was Rs. 1, 20, 000.Eena and Meena paid Rs, 1, 80, 000 in full settlement to Teena. By what amount is Meena's capital account debited:
30. A and B are partners. Divisible profit as per Profit and Loss Appropriation Account is ' 2, 50, 000. Total interest on partners' drawings is ' 4, 000. A's salary is ' 4, 000 per quarter and B's salary is ' 40, 000 per annum. What will be the net profit/loss earned during the year?
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