List of top Accountancy Questions

Match List-I with List-II.

List-I	List-II
(A) Nominal Capital	(I) Offered to the public
(B) Reserve Capital	(II) Called up capital minus calls in arrears
(C) Paid up Capital	(III) Memorandum of Association
(D) Issued Capital	(IV) Called only at the time of winding up

Which of the following would affect the Revaluation Account at the time of reconstitution of a partnership firm?

Which of the following are the Profitability Ratios?
(A) Debt Equity Ratio
(B) Return on Investment
(C) Price Earning Ratio
(D) Earning per share

Gori and Sori share profits in the ratio of 3:2. Hori was admitted as a partner who gets a \(\frac{1}{5}\) share, which Hori acquires \(\frac{3}{20}\)from Gori and \(\frac{1}{20}\) from Sori. The new profit sharing ratio of Gori, Sori, and Hori would be:

Match List-I with List-II.

List-I	List-II
(A) Income tax Paid	(I) Operating Activity
(B) Dividend Received	(II) Financing Activity
(C) Loan Repaid	(III) Investing Activity
(D) Shares issued against Machinery	(IV) Not a Cash flow Activity

Arrange the following in the correct sequence of Accounting for Share Capital:
(A) Forfeiture of shares for non-payment of call
(B) Money received on allotment
(C) Profit on reissue of forfeited shares accounts transferred to capital reserve
(D) Money received on application
Choose the correct answer from the options given below:

The Sales and Accounts Receivable Subsystem deals with

Which of the following is an example of sequential code?

The journal entry for treatment of goodwill, when a new partner brings his share of goodwill in cash and one of the old partners gains, involves the following
(A) Gaining Partner’s Capital Account is debited
(B) Premium for Goodwill Account is debited
(C) Sacrificing Partner’s Capital Account is credited
(D) Gaining Partner’s Capital Account is credited

Libraries run by charitable trusts are an example of

On the date of admission of a partner, there was a balance of ₹45,000 in the account of machinery. It was found undervalued by 10%. The value of machinery will appear in the new Balance Sheet at

A, B, and C are partners sharing profits in the ratio of 3:3:4. They decide to share future profits equally. The sacrifice or gain of partners are

Match List-I with List-II.

List-I	List-II
(A) Dissolution by notice	(I) Partnership at will
(B) Dissolution by agreement	(II) When a partner becomes insane
(C) Dissolution by court	(III) With the consent of all partners
(D) Compulsory Dissolution	(IV) When the business of the firm becomes illegal

Which of the following situations lead to reconstitution of a partnership firm?
(A) Death of a partner
(B) Retirement of a partner
(C) Admission of a partner
(D) Change in Profit sharing ratio among existing partners

Pari, Param, and Prizleen are partners sharing profits and losses in the ratio of 5:3:2. Param retires. Her share is taken by Pari and Prizleen in the ratio of 2:1. Calculate the new profit sharing ratio of Pari and Prizleen.

Loss on realization of 84,000 was to be distributed between Sam and Shafiq (partners) in the ratio of 4:3 at the time of the dissolution of the partnership firm. Calculate the amount to be transferred to Shafiq’s capital account.

If a delay occurs beyond 8 days in refunding the subscription amount, failing to gather the minimum subscription, from the date of closure of the subscription list, the company shall be liable for interest at the rate of

Match List-I with List-II.

List-I	List-II
(A) Subscription	(I) Revenue income for the year in which it is received
(B) Endowment Fund	(II) Amount received as per the will of the deceased person
(C) Cash subsidy received from the government	(III) Main source of income of not-for-profit organizations
(D) Legacies	(IV) Fund arising from a bequest or gift

Choose the correct answer from the options given below:

In case of dissolution of a Partnership Firm, assets of the firm shall be applied in the following order:
(A) Paying unsecured debts of the firm
(B) Paying secured debts of the firm
(C) Paying partner’s loan
(D) Paying partners’ capital
Choose the correct answer from the options given below:

The adjustment required for overvaluation of closing stock, while calculating adjusted profit for calculating goodwill is:
(A) reduction from concerned years profit.
(B) reduction from next years profit.
(C) addition to next years profit.
(D) addition to previous years profit.
Choose the correct answer from the options given below :

Which Accounting Standard governs the preparation of Cash Flow Statement?

Match List-I with List-II.

List-I	List-II
(A) Test of Activity	(I) Acid Test Ratio
(B) Test of Liquidity	(II) Debt Equity Ratio
(C) Test of Solvency	(III) Debtor Turnover Ratio
(D) Test of Profitability	(IV) Return on Investment Ratio

Oversubscription is a situation where the

Identify the correct sequence to be followed while preparing the final account of a partnership firm:
(A) Profit and Loss Appropriation Account
(B) Profit and Loss Account
(C) Trading Account
(D) Balance Sheet