List of top Accountancy Questions

Cash equivalents refers to :
(A) Demand deposits with Bank
(B) Bills receivables
(C) Treasury bill
(D) Commercial Paper
(E) Marketable Securities
Choose the correct answer from the options given below :
Debentures issued for consideration other than cash includes, debentures :
(A) Issued to bank as additional security
(B) Issued to vendor
(C) Issued to Public
(D) Issued to creditor
(E) Issued for cash
Choose the correct answer from the options given below :
Find the correct sequence of procedure of issue of shares :
(A) Receipt of Applications
(B) Issue of prospectus
(C) Allotment of Shares
(D) Making call money due
(E) Receiving Call money
Choose the correct answer from the options given below :
The steps in the Process of Preparing Profit and Loss Appropriation account are :
(A) Transfer the net profit to the credit side of P and L Appropriation A/c
(B) Divide the Profit among partners in the Profit Sharing ratio
(C) Ascertain net profit after providing for all charges
(D) Debit the P and L Appropriation A/c with all appropriations like partners salary etc.
(E) Credit the P and L Appropriation A/c with interest on drawing and deficiency on account of partner’s guarantee of earnings to the firm.
Choose the correct answer from the options given below :
While calculating Goodwill under super profit method, the sequence is followed as :
(A) Calculation of Super profit
(B) Calculation of Capital Employed
(C) Calculation of Normal profit
(D) Calculation of Average profit
(E) Calculation of Goodwill
Choose the correct answer from the options given below :
On retirement, the retiring partner’s capital account will be credited with:
(A) His/Her Capital Balance
(B) His/Her share of goodwill
(C) Share of goodwill of remaining partners
(D) his/her share of Reserve
(E) his/her drawings
Choose the correct answer from the options given below :
Identify the correct sequence to be followed at the time of Retirement of a Partner :
(A) New Balance Sheet after Retirement
(B) Transferring balance to Retiring partner’s Loan Account
(C) Calculation Gaining/Sacrificing Ratio
(D) Partners’ Capital Account
(E) Preparation of Revaluation Account
Choose the correct answer from the options given below :
Net Capital Employed is equal to :
(A) Fixed Assets + Current Assets – Long term liabilities
(B) Non current Assets + Current Assets – Current liabilities
(C) Fixed Assets + Current Assets – Equity
(D) Equity + Debt
(E) Current Assets – Current liabilities
Choose the correct answer from the options given below :
Identify the cash transaction from the following :
Calculate and state the nature of activity under cash flow statement : Acquired Machinery for Rs 5,00,000 paying 50% by cheque and executing a bond for the balance payable :
A, B & C were sharing profits & losses in the ratio of 3 : 2 : 1. They decided to share profits & losses equally in future. General reserve was appearing in their books at Rs 1,80,000. Goodwill was valued at Rs 1,20,000. The partners do not want to disturb the general reserve. The adjusting entry will be :
According to Indian Partnership Act, 1932, when the firm is dissolved, cash received on sale of assets are applied in following order :
(A) Paying to each partner proportionately what is due to him/her on account of capital
(B) In paying the secured debts of the firm to the third parties
(C) In paying each partner proportionately what is due to him/her from the firm for advances as distinguished from capital
(D) The residue, if any shall be divided among the partner’s in their profit sharing ratio
(E) In paying unsecured debt of firm to third parties
Choose the correct answer from the options given below :
Other income is Rs 5,00,000 which is 25% of the Revenue from operation. Employees benefit Expenses are 30% of the Revenue from operation. Tax rate is 40%. Net profit after tax will be :
Pick the odd one out while Calculating Cash Flow from Financing Activities :
Under which Sub head we show the Security Premium in Balance Sheet ?
An annual report is furnished by a company to its :
Aradya Ltd. had debt equity ratio of 2.5 : 1. State which of the following transaction will not affect the Debt Equity Ratio :
Common Size Statements are also known as :
Legend can be repositioned on the chart :
The common fields used in a relationship between tables are called :
The need of codification is :
Amount received from the sale of furniture Rs 7000. (Book value Rs 10,000). The amount to be shown in receipts and payments account will be :
If there appears a Tournament Fund, then the expenses incurred on Tournament activities will be shown :
Find out the cost of medicine consumed during 2020-21.
  • Payment to creditors of medicines: Rs 3,70,000
  • Creditors for medicines purchased:
    • On 1.04.2020: Rs 25,000
    • On 31.03.2021: Rs 17,000
  • Stock of Medicines:
    • On 1.04.2020: Rs 62,000
    • On 31.03.2021: Rs 54,000
  • Advance to suppliers:
    • On 1.04.2020: Rs 11,000
    • On 31.03.2021: Rs 18,000
The key combination which collapses the ribbon is: