7/31/2019 General Studies Questions Acc
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GENERAL STUDIES QUESTIONS
CLASS-XII(ACCOUNTANCY)
Q1. Name the entry which effects both the cash and bank column
of a cash book ?Ans. Contra entry
Q2. Name the ratio which is calculated at the time of retirement
of a partner?
Ans.Gaining Ratio
Q3. Name the two types of goodwill
Ans. (i)Purchased goodwill (ii) Self generated goodwill
Q4. How do you treat legacy while preparing accounts of not for
profit organizations?
Ans. Liability
Q5. Which type of ratios are calculated to judge the short term
solvency of a company
Ans. liquidity ratios
Q6. What is the nature of income and expenditure account .
Ans. Nominal Account.
Q7. Name the account which is prepared to allocate the profits
earned by the business among partners.
Ans. Profit and Loss Appropriation Account .
Q8. Under which accounting standard is Cash Flow statement
prepared ?
Ans. Accounting Standard 3.
Q9. At what rate is the interest on calls in advance provided
?
Ans. 6%p.a.
Q10. Where is the balance of debenture redemption reserve
transferred after the debentures are redeemed ?
Ans. General Reserve.
Q11. What can be the maximum number of people in Banking
business ?
Ans. 10
Q12. Under which schedule of the companies act 1956 the balance
sheet of a company is prepared ?
Ans. Schedule 6
Q13. State the two methods of maintaining capital accounts of a
partner.
Ans. (i) Fixed capital method (ii) Fluctuating capital
method
Q14.Why is Revaluation account prepared
Ans. The Revaluation account is prepared to revalue the assets
and liabilities at the time of reconstitution of a firm
Q15. Name the account in which the amount due to a deceased
partner is transferred from his capital account.
Ans. Deceased partners Executors account
Q16. What is meant by Authorised share capital of a company
.
Ans. It is the maximum amount to which a company can issue
shares.
Q17. State any two purpose for which securities premium can be
utilized .
Ans. (i) Issuing fully paid bonus shares
(ii) Writing off preliminary expenses.
