Bihar Board 12th Accountancy Objective Questions and Answers
Bihar Board 12th Accountancy VVI Objective Questions Model Set 1 in English
Question 1.
Specific donation is :
(A) Capital Receipt
(B) Revenue Receipt
(C) (A) and (B) both
(D) None of these
Answer:
(A) Capital Receipt
Question 2.
Entrance fee, unless otherwise stated, is treated as :
(A) Revenue Receipt
(B) Capital Receipt
(C) Expenses
(D) None of these
Answer:
(A) Revenue Receipt
Question 3.
Which of the following is not a not-for-profit organisation:
(A) School
(B) Hospital
(C) Club
(D) Partnership Firm
Answer:
(B) Hospital
Question 4.
Receipts and Payments Account is :
(A) Personal Account
(B) Real Account
(C) Nominal Account
(D) None of these
Answer:
(B) Real Account
Question 5.
The excess of assets over liabilities in a non-profit organsation is treated as :
(A) Capital Fund
(B) Capital
(C) Profit
(D) Net Profit
Answer:
(A) Capital Fund
Question 6.
Legacies should be treated as :
(A) Liabilities
(B) Expenses
(C) Income
(D) None of these
Answer:
(A) Liabilities
Question 7.
Income and Expenditure Account shows :
(A) Surplus
(B) Deficit
(C) Net Profit
(D) Surplus or Deficit
Answer:
(D) Surplus or Deficit
Question 8.
In a private compant the maximum number of members is restricted to:
(A) 2
(B) 20
(C) 50
(D) 200
Answer:
(D) 200
Question 9.
Interest on Loan given to the firm is a/an :
(A) Appropriation
(B) Gain
(C) Charge
(D) None of these
Answer:
(C) Charge
Question 10.
Premium on Redemption of Debenture A/c is
(A) Asset
(B) Expenses
(C) Liability
(D) Revenue
Answer:
(B) Expenses
Question 11.
Change in Profit-sharing ratio of existing partners results in:
(A) Revaluation of Firm
(B) Reconstitution of Firm
(C) Dissolution of Firm
(D) None of these
Answer:
(B) Reconstitution of Firm
Question 12.
Gaining Ratio :
(A) New Ratio – Old Ratio
(B) Old Ratio-New Ratio
(C) Sacrificing Ratio-Old Ratio
(D) None of these
Answer:
(A) New Ratio – Old Ratio
Question 13.
The excess of average profit over the normal profit is called :
(A) Super Profit
(B) Fixed Profit
(C) Abnormal Profit
(D) Net Profit
Answer:
(A) Super Profit
Question 14.
The monetary value of reputation of the business is called :
(A) Goodwill
(B) Super Profit
(C) Surplus
(D) Abnormal Profit
Answer:
(A) Goodwill
Question 15.
In which ratio the amount of cash brought in for goodwill by the new partner is shared by the existing partners:
(A) Profit-sharing ratio
(B) Capital ratio
(C) Sacrificing ratio
(D) None of these
Answer:
(C) Sacrificing ratio
Question 16.
Excess of the credit side over the debit side of Revaluation Account is:
(A) Profit
(B) Loss
(C) Gain
(D) Expense
Answer:
(A) Profit
Question 17.
A and B are partners. C is admitted with 1/5 share. C brings ₹ 1,20,000 as his share towards capital. The total capital of the firm is :
(A) ₹ 10,00,000
(B) ₹ 4,00,000
(C) ₹ 1,20,000
(D) ₹ 6,00,000
Answer:
(D) ₹ 6,00,000
Question 18.
The accummulated profits and reserve are transferred to:
(A) Realisation A/c
(B) Partners’ Capital A/cs
(C) Bank A/c
(D) Savings A/c
Answer:
(B) Partners’ Capital A/cs
Question 19.
The balance of Revaluation Account is transferred to old partner’s capital accounts in which ratio ?
(A) Old profit-sharing ratio
(B) New profit-sharing ratio
(C) Equal ratio
(D) Capital ratio
Answer:
(A) Old profit-sharing ratio
Question 20.
Aman, Raj and Shantanu share profits in the ratio of 3 :2:1. Raj retires. The new profit-sharing ratio of Aman and Shantanu will be :
(A) 3 : 1
(B) 3 : 1
(C) 2 : 1
(D) None of these
Answer:
(B) 3 : 1
Question 21.
Gaining ratio is calculated :
(A) At the time of admission
(B) At the time of retirement
(C) At the time of dissolution of firm
(D) None of these
Answer:
(B) At the time of retirement
Question 22.
Profit and Loss on revaluation at the time of retirement is shared by:
(A) Remaining partners
(B) All Partners
(C) New Partner
(D) None of these
Answer:
(B) All Partners
Question 23.
On the retirement of apartner accumulated profits should be credited to the capital accounts of:
(A) All Partners
(B) Remaining Partners
(C) Retiring Partners
(D) None of these
Answer:
(A) All Partners
Question 24.
The amount due to deceased partner is paid to his
(A) Father
(B) Friend
(C) Wife
(D) Executors
Answer:
(D) Executors
Question 25.
JLP of the partners is a/an ……..account
(A) Nominal
(B) Personal
(C) Liability
(D) Asset
Answer:
(B) Personal
Question 26.
The executor of deceased partner will be paid interest on the amount due from the date of the partner till the payment at:
(A) 8%p.a.
(B) 5%p.a.
(C) 6%p.a.
(D) 7%p.a.
Answer:
(C) 6%p.a.
Question 27.
Realisation Account is :
(A) Personal Account
(B) Nominal Account
(C) Real Account
(D) None of these
Answer:
(B) Nominal Account
Question 28.
Realisation expenses are recorded on which side of the Realisation Account ?
(A) Debit side
(B) Credit side
(C) Liabilities side
(D) Assets side
Answer:
(A) Debit side
Question 29.
On dissolution of a firm, amount of partner’s loan a/c is transferred to:
(A) Realisation A/c
(B) Partner’s Loan A/c
(C) partner’s Current A/c
(D) None of these
Answer:
(B) Partner’s Loan A/c
Question 30.
On dissolution of a firm, amount realised from an unrecorded asset is credited to which aceount ?
(A) Capital A/c
(B) Cash A/c
(C) Realisation A/c
(D) Revaluation A/c
Answer:
(C) Realisation A/c
Question 31.
In which account ‘Debenture Redemption Reserve’ is transferred after the redemption of debenture ?
(A) Capital Reserve A/c
(B) General Reserve A/c
(C) Profit & Loss A/c
(D) Sinking Fund A/c
Answer:
(B) General Reserve A/c
Question 32.
The liability of members in a company is :
(A) Limited
(B) Unlimited
(C) Stable
(D) Fluctualization
Answer:
(A) Limited
Question 33.
According to which section of the Companies Act, shares cannot be issues at discount:
(A) Section 52
(B) Section 53
(A) Section 54
(B) Section 78
Answer:
(B) Section 53
Question 34.
Share Allotment A/c is a :
(A) Nominal A/c
(B) Real A/c
(C) Personal A/c
(D) Cash A/c
Answer:
(C) Personal A/c
Question 35.
As per the Companies Act, 2013 an amount equal to… of the debentures issue (face value) must be transferred to Debenture Redemption Reserve before redemption begins-
(A) 25%
(B) 50%
(C) 75%
(D) 100%
Answer:
(A) 25%
Question 36.
Every company required to create DRR shall on or before the 30th April of each year, deposit or invest, a
such which shall not be less than of the amount
of its debentures maturing during the year ending 31st March of the next year ?
(A) 10%
(B) 15%
(C) 25%
(D) 50%
Answer:
(B) 15%
Question 37.
A joint stock company is a/an :
(A) Natural person
(B) Artifical person
(C) Partnership Firm
(D) None of these
Answer:
(B) Artifical person
Question 38.
Debentureisa:
(A) Loan Certificate
(B) Cash Certificate
(C) Credit Certificate
(D) None of these
Answer:
(A) Loan Certificate
Question 39.
Debentureholders are:
(A) Customers of the Company
(B) Owners of the Company
(C) Creditors of the Company
(D) Noijfcof these
Answer:
(C) Creditors of the Company
Question 40.
Dividend is paid on..
(A) Authorised Capital
(B) Issued Capital
(C) Called up Capital
(D) Paid up Capital
Answer:
(D) Paid up Capital
Question 41.
All receipt of capital nature are shown in-
(A) Income and Expenditure A/c
(B) Balance Sheet
(C) P. & L. A/c
(D) None of these
Answer:
(B) Balance Sheet
Question 42.
Income and Expenditure Account records transactions of-
(A) Capital nature only
(B) Revenue nature only
(C) (A) and (B) both
(D) None of these
Answer:
(B) Revenue nature only
Question 43.
Debentures represent:
(A) Director’s Share in Company
(B) Investments by Equity Shareholders
(C) Long-term Debt of the Business
(D) None of these
Answer:
(C) Long-term Debt of the Business
Question 44.
When Financial Statement of two or more organisations are analysis, it is called :
(A) Intra-firm Analysis
(B) Inter-firm Analysis
(C) Vertical Analysis
(D) None of these
Answer:
(B) Inter-firm Analysis
Question 45.
A, B and C are partners in a firm, if D is admitted as a new partner-
(A) Old firm is dissolved
(B) Old firm and old partnership are dissolved
(C) Old partnership is reconstituted
(D) None of these
Answer:
(C) Old partnership is reconstituted
Question 46.
Which of the following is false ?
(A) A company can issue redeemable debentures.
(B) A company can issue debentures with voting rights
(C) A company can by its own shares
(D) A company can buy its own debentures
Answer:
(B) A company can issue debentures with voting rights
Question 47.
Dividend is usually paid:
(A) On Authorised Capital
(B) On Issued Capital
(C) On Paid-up Capital
(D) On Called-up Capital
Answer:
(C) On Paid-up Capital
Question 48.
Profit on sale of Sinking Fund Investments is transferred to:
(A) Profit & Loss Account
(B) General Reserve
(C) Sinking Fund Account
(D) Capital Reserve
Answer:
(C) Sinking Fund Account
Question 49.
When Financial Statements of two or more organisations are analysis, it is called :
(A) Intra-firm Analysis
(B) Inter-firm Analysis
(C) Vertical Analysis
(D) None of these
Answer:
(C) Vertical Analysis
Question 50.
The Current Account of the partners will always have :
(A) Debit balance
(B) Credit balance
(C) Either of the two
(D) None of these
Answer:
(C) Either of the two