BrainCheck

Class 12 - Accountancy - Paper 040

Grade 12 / Accountancy

20 questions • 20 marks

Time: 25 minutes

Choose one answer per question.

Name: _________________________ Section: __________ Date: __________

1. Gross profit is Rs 9000 on revenue of Rs 100000. Find the gross profit ratio as a percentage.

○ A. 9

○ B. 10

○ C. 8

○ D. 11

Accounting Ratios

2. Gross profit is Rs 13000 on revenue of Rs 100000. Find the gross profit ratio as a percentage.

○ A. 15

○ B. 13

○ C. 14

○ D. 12

Accounting Ratios

3. A profit of Rs 30000 is shared in the ratio 3:2. Find the first partner's share in rupees.

○ A. 18002

○ B. 17999

○ C. 18001

○ D. 18000

Accounting for Partnership Firms

4. Current assets are Rs 180000 and current liabilities Rs 20000. What is the current ratio expressed as a number?

○ A. 10

○ B. 11

○ C. 9

○ D. 8

Accounting Ratios

BrainCheck

Class 12 - Accountancy - Paper 040

Grade 12 / Accountancy

20 questions • 20 marks

Time: 25 minutes

Choose one answer per question.

Name: _________________________ Section: __________ Date: __________

5. A profit of Rs 65000 is shared in the ratio 3:2. Find the first partner's share in rupees.

○ A. 39001

○ B. 39000

○ C. 39002

○ D. 38999

Accounting for Partnership Firms

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

○ A. non-cash depreciation

○ B. operating

○ C. investing

○ D. financing

Cash Flow Statement

7. Current assets are Rs 100000 and current liabilities Rs 20000. What is the current ratio expressed as a number?

○ A. 5

○ B. 4

○ C. 7

○ D. 6

Accounting Ratios

8. Current assets are Rs 140000 and current liabilities Rs 20000. What is the current ratio expressed as a number?

○ A. 9

○ B. 7

○ C. 8

○ D. 6

Accounting Ratios

BrainCheck

Class 12 - Accountancy - Paper 040

Grade 12 / Accountancy

20 questions • 20 marks

Time: 25 minutes

Choose one answer per question.

Name: _________________________ Section: __________ Date: __________

9. 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

10. Current ratio is ___ .

○ A. fixed assets / current assets

○ B. profit / capital

○ C. inventory / revenue

○ D. current assets / current liabilities

Financial Statement Analysis

11. 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

12. A company issues 1200 shares of face value Rs 10 at par. Find the share capital raised.

○ A. 11999

○ B. 12002

○ C. 12000

○ D. 12001

Accounting for Share Capital

BrainCheck

Class 12 - Accountancy - Paper 040

Grade 12 / Accountancy

20 questions • 20 marks

Time: 25 minutes

Choose one answer per question.

Name: _________________________ Section: __________ Date: __________

13. 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

14. Securities premium is shown under ___ .

○ A. reserves and surplus within shareholders' funds

○ B. revenue from operations

○ C. trade payables

○ D. current tax expense

Accounting for Share Capital

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

○ A. 50000

○ B. 50002

○ C. 49999

○ D. 50001

Financial Statement Analysis

16. A company issues 400 shares of face value Rs 10 at par. Find the share capital raised.

○ A. 4001

○ B. 4000

○ C. 3999

○ D. 4002

Accounting for Share Capital

BrainCheck

Class 12 - Accountancy - Paper 040

Grade 12 / Accountancy

20 questions • 20 marks

Time: 25 minutes

Choose one answer per question.

Name: _________________________ Section: __________ Date: __________

17. A profit of Rs 40000 is shared in the ratio 3:2. Find the first partner's share in rupees.

○ A. 24000

○ B. 23999

○ C. 24002

○ D. 24001

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. A profit of Rs 50000 is shared in the ratio 3:2. Find the first partner's share in rupees.

○ A. 29999

○ B. 30000

○ C. 30001

○ D. 30002

Accounting for Partnership Firms

20. 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