List of top Accountancy Questions

The Deceased Partners Capital Account includes the following amount/balances:
(A) Opening balance of his capital
(B) His share of profit/loss till the date of death
(C) His share of General Reserve
.(D) His drawings till the date of death
(E) Amount paid to his executors

A, B, and C are partners sharing profits in the ratio of 3:2:1. C died on 1st July, 2023. On this date, final accounts were prepared to ascertain profits for the period. It resulted in a profit of ₹1,75,000 to the firm. To give effect to the above

Chaman, Burman, and Aman were partners in a firm sharing profits and losses in the ratio of 3:2:1. Aman was guaranteed a minimum amount of ₹60,000 as his share of profit every year. The net profit for the year ended 31\textsuperscript{st March, 2023 amounted to ₹1,20,000. Pass necessary journal entries in the books of the firm showing the distribution of profit amongst the partners.}

On the date of admission of a partner, there was a balance of ₹45,000 in the account of machinery. It was found undervalued by 10%. The value of machinery will appear in the new Balance Sheet at

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 :

Prepare a ‘Common Size Statement of Profit and Loss’ of Neurosci Ltd. for the year ended 31^st March, 2023 from the following information: \[ \begin{array}{|l|r|r|} \hline \text{Particulars} & 2022\text{--}23 (\text{₹}) & 2021\text{--}22 (\text{₹}) \\ \hline \text{Revenue from operations} & 40,00,000 & 20,00,000 \\ \text{Purchase of stock in trade} & 4,00,000 & 2,00,000 \\ \text{Other expenses} & 40,000 & 20,000 \\ \text{Tax rate} & 50\% & 50\% \\ \hline \end{array} \]

Oversubscription is a situation where the

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 :

Arrange the following in proper sequence while preparing Cash Flow Statement:,
(A) Net cash flow from operating activities
(B) Cash flow from financing activities
(C) Cash flow from investing activities
(D) Calculate net profit before tax and extraordinary items in working note
Choose the correct answer from the options given below :

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

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:

Which of the following would affect the Revaluation Account at the time of admission of a partner?
(A) Increase in assets
(B) Drawings against capital
(C) Recording of unrecorded assets
(D) Decrease in liabilities

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:

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

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

Libraries run by charitable trusts are an example of

Identify the correct sequence of the following steps involved in calculating cash flows from operating activities of a company:(A) Operating profit before working capital changes
(B) Cash generated from operations
(C) Income tax paid
(D) Net cash flow from operating activities
(E) Goodwill amortised

Arrange the following in the correct order:
(A) Subscribed Capital
(B) Issued Capital
(C) Authorised Capital
(D) Paid-up Capital
(E) Called-up Capital

Arrange the following steps in the correct sequence of the life of a company:
(A) Commencement of Business
(B) Incorporation
(C) Promotion
(D) Floatation