This quiz works best with JavaScript enabled. Home > Finance > Accounting > Accountancy > Accountancy – Quiz 9 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Accountancy Quiz 9 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Goodwill by super profit= A) SPxNRR/100. B) SPx No of year purchase. C) SPx100/AP. D) SPx capital employed/100. Show Answer Correct Answer: B) SPx No of year purchase. 2. The Receipts and Payments account contains A) Capital Receipts and Payments only. B) Revenue Receipts Payments only. C) Petty Receipts and Payments only. D) All receipts and Payments. Show Answer Correct Answer: D) All receipts and Payments. 3. If the due date of bill falls on public holiday then the maturity date is on A) One day after maturity date. B) One day before maturity day. C) Public holidays. D) None of these. Show Answer Correct Answer: B) One day before maturity day. 4. Ram and Mohan are childhood friends. Ram is a consultant whereas Mohan is an architect. They contributed equal amounts and purchased a building for Rs. 2 crores. After a year, they sold it for Rs. 3 crores and shared the equally. Are they doing the business in partnership? A) Yes. B) No. Show Answer Correct Answer: B) No. 5. Discount on issue of debentures is restricted to A) 10%. B) 20%. C) 25%. D) None of these. Show Answer Correct Answer: D) None of these. 6. On dissolution patents appearing in balance sheet are transferred to which account A) Bank account. B) Realisation account. C) Capital account. D) None account. Show Answer Correct Answer: B) Realisation account. 7. In the event of death of a partner, the amount of general reserve is transferred partners capital accounts in A) Old profit sharing ratio. B) In equal ratio. C) New profit sharing ratio. D) In Capital ratio. Show Answer Correct Answer: A) Old profit sharing ratio. 8. Which of the following is an example of Cash Flow from Operating Activities? A) Purchase of Fixed Assets for Cash. B) Receipts from Debtors. C) Payment of Dividend. D) Issue of Shares. Show Answer Correct Answer: B) Receipts from Debtors. 9. Patents, Copyrights and Trademarks are A) Current Assets. B) Intangible Assets. C) Fixed Assets. D) Investments. Show Answer Correct Answer: B) Intangible Assets. 10. Assets that can be converted into cash in one accounting period are called? A) Fixed assets. B) Fictitious assets. C) Non current assets. D) Current assets. Show Answer Correct Answer: D) Current assets. 11. Rupees 5000 received from Mohan whose account was written off as bad in the previous year should be credited to ..... A) Mohan account. B) Bad debts account. C) Bad debts recovered account. D) None of these. Show Answer Correct Answer: C) Bad debts recovered account. 12. Who can issue shares through private placement? A) Public Company. B) Private Company. C) Both Public and Private Company. D) Company issuing ESOPs. E) Promoters. Show Answer Correct Answer: C) Both Public and Private Company. 13. How can a partner be admitted A) Act 1932. B) Act 1946. C) Act 1967. D) Act1940. Show Answer Correct Answer: A) Act 1932. 14. A comparison between two components of financial information. A) Ratio analysis. B) Money ratio. C) Financial ratio. D) Cash ratio. Show Answer Correct Answer: C) Financial ratio. 15. A Debenture Holder is entitled to A) Share in Profit. B) Interest at the Fixed Rate. C) Voting rights in the Company. D) Fixed Dividend. Show Answer Correct Answer: B) Interest at the Fixed Rate. 16. A) Liquidity Ratio explain the liquidity Position of the concernb) Current ratio express the short term liquidity of the Concern A) Both the Statement are Correct. B) A is Correct but B is Wrong. C) B is Correct but A is Wrong. D) Both the Statement are Wrong. Show Answer Correct Answer: A) Both the Statement are Correct. 17. Could there be a partnership agreement? A) A. Oral. B) B. written. C) S. written or oral. D) The. none of these. Show Answer Correct Answer: C) S. written or oral. 18. The cash-book meant for recording petty expenses is called- A) Simple cash-book. B) Petty cash-book. C) Triple column. D) None of these. Show Answer Correct Answer: B) Petty cash-book. 19. WHICH SYSTEM OF ACCOUNTING IS RELIABLE? A) SINGLE ENTRY SYSTEM. B) DOUBLE ENTRY SYSTEM. C) BOTH ARE EQUALLY RELIABLE. D) NONE OF THEM IS RELIABLE. Show Answer Correct Answer: B) DOUBLE ENTRY SYSTEM. 20. A and B are partner's sharing profit equally. A draw regularly Rs. 4, 000 at the end of every month for 6 months. Year ended on 30thSeptember 2018, calculate interest on drawings @ rate 5% p.a. A) Rs. 450. B) Rs. 250. C) Rs. 350. D) Rs. 150. Show Answer Correct Answer: B) Rs. 250. 21. Rent received by a builder will be classified under which activity A) Financing. B) Operating. C) Investing. D) None of these. Show Answer Correct Answer: B) Operating. 22. In order too maintain fair dealings at the time of admission it is necessary to revalue assets &liabilities the firm to their A) Cost price. B) Cost price less depreciation. C) True value. D) None of above. Show Answer Correct Answer: C) True value. 23. Which account is classified as an Asset? A) Concert Tickets. B) Babysitting payment. C) Allowance. D) Cash. Show Answer Correct Answer: D) Cash. 24. Sacrificing Ratio = A) Old Profit Share-Gaining Ratio. B) New Profit Share-Old Profit Share. C) Old Profit Share-New Profit Share. D) Gaining Ratio-Old Profit Share. Show Answer Correct Answer: C) Old Profit Share-New Profit Share. 25. Is interest paid on loan in the absence of partnership deed? A) A. 10 annual. B) B. 6 percent. C) S. 6 percent annually. D) The. 10 percent. Show Answer Correct Answer: C) S. 6 percent annually. 26. A and B were partners in a firm sharing profits and losses equally.with effect from 1st April 2019 they decided to share profits in the ratio 4:3. Due to change in profit sharing ratio B's gain or sacrifice will be: A) Gain 1/14. B) Sacrifice 1/14. C) Sacrifice 3/7. D) Gain 4/7. Show Answer Correct Answer: B) Sacrifice 1/14. 27. Sole Proprietorship is most suitable for A) Medium scale concerns. B) Large scale concerns. C) Small scale concerns. D) None of the above. Show Answer Correct Answer: C) Small scale concerns. 28. X, Y, Z are partners. Profit Sharing ratio 5:4:3. X RETIRE. Find new ratio A) 5:3. B) 3:4. C) 4:3. D) 5:4. Show Answer Correct Answer: C) 4:3. 29. Two basic measures of liquidity are: A) Inventory turnover and Current ratio. B) Current ratio and Quick ratio. C) Gross Profit ratio and Operating ratio. D) Current ratio and Average Collection period. Show Answer Correct Answer: B) Current ratio and Quick ratio. 30. 6 Sales return book is used to record A) Returns of goods by the customer for which cash is paid immediately. B) Returns of assets by the customer for which cash is not paid immediately. C) Returns of goods by the customer for which cash is not paid immediately. D) Returns of assets by the customer for which cash is paid immediately . Show Answer Correct Answer: C) Returns of goods by the customer for which cash is not paid immediately. ← PreviousNext →Related QuizzesAccounting QuizzesFinance QuizzesAccountancy Quiz 1Accountancy Quiz 2Accountancy Quiz 3Accountancy Quiz 4Accountancy Quiz 5Accountancy Quiz 6Accountancy Quiz 7Accountancy Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books