List of top Accountancy Questions

Match List-I with List-II
List-I (Items of cash flow)List-II (Type of activity)
(A) Purchase of tangible assets(I) Operating activity
(B) Issue of shares(II) Cash and cash equivalents
(C) Increase in current assets(III) Investing activity
(D) Marketable securities(IV) Financing activity

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 :
Oversubscription is a situation where the
Calculate the resulting cash flow and state the nature of cash flow from the following information:,
Acquired machinery for ₹3,50,000 by issuing cheque.
Which one of the following are correct in connection with the Common Size Statement?
(A) Expressed as a percentage on revenue from operation
(B) Horizontal analysis
(C) Vertical analysis
(D) Expressed as a percentage on total assets
Which of the following would affect the Revaluation Account at the time of reconstitution of a partnership firm?
Match List-I with List-II
List-I List-II
(A) Share capital(I) Will be called at the time of winding up
(B) Reserves and surplus(II) Calls in advance
(C) Reserve capital(III) Subscribed but not fully paid
(D) Current liabilities(IV) Sinking fund

Choose the correct answer from the options given below:
The main source of revenue for not for profit organisation is
Window dressing is a practice
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
Match List-I with List-II
List-I List-II
(A) Salary to partner(I) Credit side of Partners Capital Account
(B) Interest on partners loan(II) Debit side of Partners Current Account
(C) Interest on partners drawings(III) Debit side of Profit and Loss Account
(D) Additional capital introduced(IV) Credit side of Partners Current Account

Choose the correct answer from the options given below:
Libraries run by charitable trusts are an example of
The Sales and Accounts Receivable Subsystem deals with
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
The components of a Computerised Accounting System are
While preparing the Cash Flow Statement, purchase of goodwill is treated as
Anshu and Nitu are partners sharing profits in the ratio of 3:2. They admitted Jyoti as a new partner for 3/10 share. Jyoti acquired 2/10 from Anshu and 1/10 from Nitu. Calculate the new profit sharing ratio of Anshu , Nitu and Jyoti
Kavita and Lalita are partners sharing profits in the ratio of 2:1. They decide to admit Mohan for 1/4th share in future profits with a guaranteed amount of ₹25,000.Both Kavita and Lalita undertake to meet liability arising due to gauranteed amount to Mohan in their respective profit sharing ratio. The firm earned profits of ₹76,000 for the year 2022-23. The deficiency borne by Kavita is
If there is no claim against Workmen Compensation Reserve, it is __________ at the time of admission of a partner
Fill in the blanks with the correct answer from the option given below
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
Which of the following is an example of sequential code?
Match List-I with List-II.
List-I (Equal amount of drawings made)List-II (Number of month for which interest calculated)
(A) At the end of each half year(I) 4.5 months
(B) At the beginning of each quarter(II) 6.5 months
(C) At the beginning of each month(III) 7.5 months
(D) At the end of each quarter(IV) 3 months

Choose the correct answer from the options given below :
A partnership can have maximum 50 partners. This limit has been set by the
A company can accept calls in advance, if authorized by
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