List of top Accountancy Questions

Match List-I with List-II.
List-IList-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
Match List-I with List-II.
List-IList-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
Match List-I with List-II.
List-IList-II 
(A) Capital Reserve(I) Cash and Cash Equivalent
(B) Call in advance(II) Intangible Fixed Assets
(C) Licence and Franchise(III) Other Current Liabilities
(D) Marketable Securities(IV) Reserve and Surplus
Match List-I with List-II.
List-IList-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
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:
Journal entry for recording unrecorded computers at the time of admission of a partner is:
Identify the correct order of showing the following current assets in the Balance Sheet of a company:
(A) Other current assets
(B) Inventories
(C) Current Investments
(D) Trade receivables
(E) Cash and Cash Equivalents
Choose the correct answer from the options given below:
Identify the correct sequence to be followed while calculating net cash from operating activities from the following:
(A) Calculation of cash generated from operation
(B) Adjustment for non-operating/non-cash charges
(C) Calculation of net profit before taxation and extraordinary items
(D) Calculation of operating profit before working capital changes
Wizards in MS Access means:
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:
How many blank worksheets are shown when a new workbook is created?
Which view shows margins and the rulers?
Steps in sequence in the preparation of Receipt and Payment Account will be:
1. Find out the difference between the total of debit side and the total of credit side
2. Show the total amounts of all receipts on debit side
3. Take the opening balance of cash in hand and bank and enter on the debit side
4. Show the total amounts of all payments on credit side
Choose the correct answer from the options given below:
The components of computerized accounting system refer to:
ABC Ltd. has given you the following information:
• Machinery as on April 01, 2016: 50,000
• Machinery as on March 31, 2017: 60,000
• Accumulated Depreciation on April 01, 2016: 25,000
• Accumulated Depreciation on March 31, 2017: 15,000
• During the year, a Machine costing 25,000 with Accumulated Depreciation of 15,000 was sold for 13,000.
Cash flow from Investing Activities on the basis of the above information will be:
In case of dissolution,bad debts recovered should be:
Match List-I with List-II.
List-IList-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
S and T are partners in a firm sharing profits in the ratio of 3:2. They admit U as a new partner. S surrenders \(\frac{1}{4}\) of his share and T surrenders 1/3 of his share in favour of U. Sacrificing ratio of S and T will be:
Choose the correct answer from the options given below:
An investment normally qualifies as cash equivalents only when it has a short maturity of or less from the date of acquisition:
Need for valuation of goodwill arises in the following circumstances:
(A) Admission of a new partner
(B) Change in profit sharing ratio among the existing partners
(C) Dissolution of the partnership firm involving sale of business as a going concern
(D) Death of a partner
Choose the correct answer from the options given below:
A newly admitted partner acquires two main rights in the partnership firm.
Identify the correct rights of the newly admitted partner.
(A) Right to share assets of the partnership firm
(B) Right to claim interest on capital
(C) Right to claim remuneration for firm’s work
(D) Right to share profits of the partnership firm
Choose the correct answer from the options given below:
Match List-I with List-II.
List-IList-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:
Calculate goodwill on the basis of two years’ purchase of average profit of the last four years. Profit/Loss of the last four years is given below:
• 2020: 1,00,000
• 2021: 1,50,000
• 2022: 2,20,000
• 2023: (70,000)
Additional information: Closing Stock of the year 2022 was overvalued by 20,000.
Ram and Shyam are partners sharing profits/losses equally. They admitted Radha into partnership for \(\frac{1}{3}^{rd}\) share. At the time of her admission, the book value of Machinery was 1,35,000. It was provided at the time of admission that the Machinery was undervalued by \(10\%\). Show its impact on Revaluation A/c?
Plant and Machinery (book value 60,000) was handed over to a Creditor at an agreed valuation of 10% less than the book value. What journal entry will be passed in the books of the firm at the time of dissolution of the firm?