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1. Objective questions: A. Select the most appropriate alternatives from those given below and rewrite the statements. Question 1.The primary document for recording all financial transactions in Tally is the ______________(a) Journal(b) Trial sheet(c) Voucher(d) FileAnswer:(c) Voucher Question 2.______________ displays the balance day-wise for a selected voucher type.(a) Record book(b) Ledger book(c) Journal book(d) DaybookAnswer:(d) … Read more

Objective Questions A. Select the most appropriate alternative from those given below and rewrite the sentences: Question 1.Gross Profit Ratio indicates the relationship of gross profit to the ____________(a) Net cash(b) Net sales(c) Net purchases(d) Gross salesAnswer:(b) Net sales Question 2.Current ratio = ……………….Currentliabilities(a) Quick assets(b) Quick liabilities(c) Current assets(d) None of theseAnswer:(c) Current assets Question … Read more

1. Objective Questions: A. Select the appropriate answer from the alternative given below and rewrite the sentence. Question 1.The balance of Share Forfeiture A/c is transferred to ______________ Account after re-issue of these share.(a) Reserve Capital(b) Capital Reserve(c) Profit & Loss(d) Share CapitalAnswer:(b) Capital Reserve Question 2.Premium received on issue of shares is shown to … Read more

Objective Questions A. Select the correct option and rewrite the sentence: Question 1.The person on whom a bill is drawn is called a ______________(a) Drawee(b) Payee(c) Drawer(d) AcceptorAnswer:(a) Drawee Question 2.Before acceptance the bill is called a ______________(a) Order(b) Request(c) Draft(d) InstrumentAnswer:(c) Draft Question 3.When the due date of the bill drawn falls due on … Read more

1. Objective Questions. A. Select the most appropriate answer from the alternatives given below and rewrite the sentences. Question 1.In case of dissolution assets and liabilities cire transferred to ______________ Account.(a) Bank Account(b) Partner’s Capital Account(c) Realisation Account(d) Partner’s Current AccountAnswer:(c) Realisation Account Question 2.Dissolution expenses are credited to ______________ Account.(a) Realisation Account(b) Cash/Bank Account(c) … Read more

1. Objective questions: A. Select the most appropriate answer from the alternative given below and rewrite the sentences. Question 1.Benefit Ratio is the ratio in which _______________(a) The old partner gain on the admission of a new partner(b) The Goodwill of a new partner on admission is credited to old partners(c) The continuing partners’ benefits … Read more

A. Select the most appropriate alternatives from those given below and rewrite the sentence. Question 1.The profit or loss from revaluation on retirement of partner is shared by ______________(a) the remaining partners(b) all the partners(c) only retiring partner(d) bankAnswer:(b) all the partners Question 2.Descrease in the value of assets should be ______________ to Profit and … Read more

1. Objetive type questions. A. Select the most appropriate alternatives from the following and rewrite the sentences. Question 1.Anuj and Eeshan are two partners sharing profits and losses in the ratio of 3 : 2. They decided to admit Aaroh for 1/5th share, the new profit sharing ratio will be __________(a) 12 : 8 : … Read more

1. Objective Type Questions: A. Select the most appropriate alternatives from the following and rewrite the sentences: Question 1.Not for Profit concern renders ___________ services to public at large.(a) commercial(b) social(c) individual(d) groupAnswer:(b) social Question 2.Donation for Scholarship Fund is ___________(a) Capital Receipt(b) Revenue Receipt(c) Capital Expenditure(d) Revenue ExpenditureAnswer:(a) Capital Receipt Question 3.Income and Expenditure … Read more

I. Objective Questions: A. Select the most appropriate alternatives from the following and rewrite the sentences: Question 1.When there is no partnership agreement between partners, the division of profits takes place in ____________ ratio.(a) equal(b) capital ratio(c) initial contribution(d) experience and tenure of partnersAnswer:(a) equal Question 2.To find out Net Profit or Net Loss of … Read more