BrainCheck

Class 12 - Accountancy - Paper 023

Grade 12 / Accountancy

20 questions • 20 marks

Time: 25 minutes

Choose one answer per question.

Name: _________________________ Section: __________ Date: __________

1. Find capital from the balance-sheet data shown, in rupees.

○ A. 50000

○ B. 50002

○ C. 49999

○ D. 50001

Financial Statement Analysis

2. Current assets are Rs 240000 and current liabilities Rs 20000. What is the current ratio expressed as a number?

○ A. 13

○ B. 11

○ C. 14

○ D. 12

Accounting Ratios

3. A company issues 900 shares of face value Rs 10 at par. Find the share capital raised.

○ A. 8999

○ B. 9002

○ C. 9000

○ D. 9001

Accounting for Share Capital

4. A company issues 600 shares of face value Rs 10 at par. Find the share capital raised.

○ A. 6000

○ B. 5999

○ C. 6002

○ D. 6001

Accounting for Share Capital

BrainCheck

Class 12 - Accountancy - Paper 023

Grade 12 / Accountancy

20 questions • 20 marks

Time: 25 minutes

Choose one answer per question.

Name: _________________________ Section: __________ Date: __________

5. Current assets are Rs 40000 and current liabilities Rs 20000. What is the current ratio expressed as a number?

○ A. 1

○ B. 4

○ C. 2

○ D. 3

Accounting Ratios

6. Goodwill compensates old partners mainly for ___ .

○ A. a bank loan repayment only

○ B. their private property

○ C. past drawings only

○ D. sacrifice of future profit share

Admission of a Partner

7. Cash received from issuing shares is a ___ cash flow.

○ A. non-cash depreciation

○ B. operating

○ C. investing

○ D. financing

Cash Flow Statement

8. Gaining ratio equals ___ .

○ A. old share plus new share

○ B. assets minus liabilities

○ C. old share minus new share

○ D. new share minus old share

Retirement of a Partner

BrainCheck

Class 12 - Accountancy - Paper 023

Grade 12 / Accountancy

20 questions • 20 marks

Time: 25 minutes

Choose one answer per question.

Name: _________________________ Section: __________ Date: __________

9. A profit of Rs 45000 is shared in the ratio 3:2. Find the first partner's share in rupees.

○ A. 26999

○ B. 27002

○ C. 27000

○ D. 27001

Accounting for Partnership Firms

10. A profit of Rs 60000 is shared in the ratio 3:2. Find the first partner's share in rupees.

○ A. 36001

○ B. 36002

○ C. 35999

○ D. 36000

Accounting for Partnership Firms

11. A company issues 1100 shares of face value Rs 10 at par. Find the share capital raised.

○ A. 11002

○ B. 10999

○ C. 11000

○ D. 11001

Accounting for Share Capital

12. A company issues 200 shares of face value Rs 10 at par. Find the share capital raised.

○ A. 2002

○ B. 1999

○ C. 2000

○ D. 2001

Accounting for Share Capital

BrainCheck

Class 12 - Accountancy - Paper 023

Grade 12 / Accountancy

20 questions • 20 marks

Time: 25 minutes

Choose one answer per question.

Name: _________________________ Section: __________ Date: __________

13. Which equation fits the displayed data?

○ A. Liabilities = Assets + Capital

○ B. Assets = Liabilities + Capital

○ C. Capital = Assets + Liabilities

○ D. Assets = Liabilities - Capital

Financial Statement Analysis

14. Current ratio is ___ .

○ A. fixed assets / current assets

○ B. profit / capital

○ C. inventory / revenue

○ D. current assets / current liabilities

Financial Statement Analysis

15. Current assets are Rs 200000 and current liabilities Rs 20000. What is the current ratio expressed as a number?

○ A. 10

○ B. 11

○ C. 9

○ D. 12

Accounting Ratios

16. In the absence of agreement, partners share profits ___ .

○ A. in salary ratio

○ B. in capital ratio always

○ C. only with the senior partner

○ D. equally

Accounting for Partnership Firms

BrainCheck

Class 12 - Accountancy - Paper 023

Grade 12 / Accountancy

20 questions • 20 marks

Time: 25 minutes

Choose one answer per question.

Name: _________________________ Section: __________ Date: __________

17. A profit of Rs 35000 is shared in the ratio 3:2. Find the first partner's share in rupees.

○ A. 21000

○ B. 21001

○ C. 20999

○ D. 21002

Accounting for Partnership Firms

18. Sacrificing ratio equals ___ .

○ A. capital divided by drawings

○ B. new share minus old share

○ C. old share plus new share

○ D. old share minus new share

Change in Profit-Sharing Ratio

19. Gross profit is Rs 7000 on revenue of Rs 100000. Find the gross profit ratio as a percentage.

○ A. 9

○ B. 7

○ C. 6

○ D. 8

Accounting Ratios

20. Current assets are Rs 80000 and current liabilities Rs 20000. What is the current ratio expressed as a number?

○ A. 4

○ B. 3

○ C. 5

○ D. 6

Accounting Ratios