BrainCheck

Class 12 - Accountancy - Paper 086

Grade 12 / Accountancy

20 questions • 20 marks

Time: 25 minutes

Choose one answer per question.

Name: _________________________ Section: __________ Date: __________

1. 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

2. 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

3. Current assets are Rs 220000 and current liabilities Rs 20000. What is the current ratio expressed as a number?

○ A. 12

○ B. 10

○ C. 11

○ D. 13

Accounting Ratios

4. 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

BrainCheck

Class 12 - Accountancy - Paper 086

Grade 12 / Accountancy

20 questions • 20 marks

Time: 25 minutes

Choose one answer per question.

Name: _________________________ Section: __________ Date: __________

5. 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

6. 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

7. 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

8. 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

BrainCheck

Class 12 - Accountancy - Paper 086

Grade 12 / Accountancy

20 questions • 20 marks

Time: 25 minutes

Choose one answer per question.

Name: _________________________ Section: __________ Date: __________

9. Quick assets generally exclude ___ .

○ A. trade receivables

○ B. inventory and prepaid expenses

○ C. bank balance

○ D. cash

Accounting Ratios

10. A profit of Rs 10000 is shared in the ratio 3:2. Find the first partner's share in rupees.

○ A. 6002

○ B. 6001

○ C. 6000

○ D. 5999

Accounting for Partnership Firms

11. 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

12. A company issues 800 shares of face value Rs 10 at par. Find the share capital raised.

○ A. 7999

○ B. 8000

○ C. 8002

○ D. 8001

Accounting for Share Capital

BrainCheck

Class 12 - Accountancy - Paper 086

Grade 12 / Accountancy

20 questions • 20 marks

Time: 25 minutes

Choose one answer per question.

Name: _________________________ Section: __________ Date: __________

13. Current ratio is ___ .

○ A. fixed assets / current assets

○ B. profit / capital

○ C. inventory / revenue

○ D. current assets / current liabilities

Financial Statement Analysis

14. 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

15. 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

16. 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 086

Grade 12 / Accountancy

20 questions • 20 marks

Time: 25 minutes

Choose one answer per question.

Name: _________________________ Section: __________ Date: __________

17. A company issues 300 shares of face value Rs 10 at par. Find the share capital raised.

○ A. 2999

○ B. 3002

○ C. 3000

○ D. 3001

Accounting for Share Capital

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

○ A. 50000

○ B. 50002

○ C. 49999

○ D. 50001

Financial Statement Analysis

19. 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

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

○ A. non-cash depreciation

○ B. operating

○ C. investing

○ D. financing

Cash Flow Statement