List of top Accountancy Questions

______ goodwill is the excess of desired total capital of the firm over the actual combined capital of all partners.
The minimum amount of capital which must be subscribed by the public before allotment is called:

Select the correct sequence of accounting events for share capital; 
A. Receive application money 
B. Calls in advance 
C. Issue of prospectus 
D. Final call of share 
E. Allotment of share 
Choose the correct answer from the options given below:

Calculate Trade Receivables Turnover Ratio from the following data:
  • Total Revenue from Operations: ₹4,00,000
  • Closing Trade Receivables: ₹1,00,000
  • Excess of Closing Trade Receivables over Opening: ₹40,000
  • Cash Revenue = 25% of Credit Revenue

When realisation expenses are paid by a partner on behalf of the firm, what is the journal entry made?
 

Read the passage given below and answer the questions: Q5 to Q9.
Ram Motors Ltd. invited applications on 3,000 Equity Shares of ₹100 each at a premium of ₹20. For application ₹50 (including premium), on allotment ₹50, and on final call ₹20. Total applications received were 4,000 and allotted on pro-rata basis. Excess application money adjusted towards allotment.
Gross Profit Ratio of a company is 25%. Cost of revenue from operations are \(\frac{3}{4}\)th of revenue from operations. If revenue from operations is ₹60,00,000, the Gross Profit of the company will be:
At the time of change in profit sharing ratio, existing goodwill is written off among the partners in:
Match List I with List II
Finance cost refers to the cost incurred on borrowing, mainly interest charges — matches with (IV)
Choose the correct answer from the options given below:
Which of the following statement is not true for fixed capital account?
Comparative Statements are also known as:
When Debentures are issued at par and are redeemable at a premium, the Loss on such an issue is debited to:
What is the correct sequence to prepare company’s Balance Sheet as per the standard format given according to Schedule III of Companies Act, 2013?
A. Non-Current Liability
B. Non-Current Assets
C. Shareholder’s Fund
D. Current Assets
E. Current Liability
Choose the correct answer from the options given below:
Match List I with List II
Secured debenture — These are backed by a charge on the assets of the company. Matches with (III)
Choose the correct answer from the options given below:
This ratio determines the number of times stock is converted into revenue from operations during the accounting period under consideration.
Rearrange the following in the correct sequence of Cash Flow Statements: A. Calculation of cash flow from investing Activities
B. Opening Balance of cash and cash Equivalents
C. Calculation of cash flow from operating Activities
D. Calculation of cash flow from financing Activities
E. Closing Balance of Cash and Cash Equivalents
Choose the correct answer from the options given below:
A and B are partners in a firm sharing profit in 4:1 ratio. They admitted “C” as a new partner for 25% share in the profit, which he acquired wholly from A. Determine the new profit-sharing ratio.
Identify which will lead to dissolution of partnership.
When unrecorded liabilities are paid off by partners, these liabilities are shown in:
Aman, a partner, is to bear all the expenses on realisation for which he is to be paid Rs 2,000. Aman has to pay realisation expenses of Rs 2,500. How much amount will be debited to realisation account?
Because of exclusion of non-liquid current assets which of the following ratio is considered better than current ratio as a measure of liquidity position of business?
Nominal share capital is:
Average profit of firm is Rs 3,00,000. Total tangible assets in the firm are Rs 28,00,000 and outside liabilities are Rs 8,00,000. In same type of business, normal rate of return is 10% of capital employed. Calculate goodwill by Capitalisation of Super Profit Method.
If the net profit of the company is Rs 35,000 after writing off goodwill of Rs 16,000 and loss on sale of machinery of Rs 5,000, then cash flow from operating activities will be:
Match the following:
Profit and Loss Appropriation Account, not the main P&L account.