Activity Base Practice Test -BK& ACCOUNT

Sub-Book Keeping & Accountancy

     Activity Base Practice Test 

Marks - 20 std - 12th com. 

Q.1  A} Select the correct option & rewrite the sentence 

1)The Indian Partnership Act is in force since = 1932

      1)1932  2) 1981 3) 1956 4) 1984 

2] Not for Profit organization is also called service organization.

 a) Trading b) Profit making c) service d)commercial 

3) When goodwill is withdrawn by the partner Cash/ Bank A/C is credited.                           

 a) Revaluation b) Cash/ Bank c) current d) Profit & loss adjustment.

4) Death is compulsory Retirement     

a)Dissolution c) Admission (c) Retirement d) Winding Up

 5) shareholders gets Dividend on shares            

   a) Interest b) commission c) Rent d) Dividend.

B) Write the word / term /Phrase which can substitute each of the following statements.  

  1)Persons who forms the partnership firm  partner

2. Old Ratio - New Ratio = Sacrifice Ratio

 3. Debit balance of Realisation Account = Loss on Realisation.

4. The person who purchase the shares of company. Share holder.

5. Expenses incurred on dissolution of firm. Dissolution Realisation Expenses

C)Find the odd one.                             

 1. Machinery, Furniture, computers, salaries                 

2. Discount Received, Dividend Received, Depreciation, Interest Received.                                        

3)Surplus, Deficit, Net Profit, Capital Fund

D] DO you agree or disagree with the statements.

1]When shares are forfeited shares capital account is credited.

2] Realization loss is not transferred to insolvent partner's capital account .

3]Gain ratio is calculated at the time of Admission of Partner .

4] Balance  sheet is an Account.

5] On dissoloution  cash/ bank A/Cis closed automatically.

Ans- 1 -disagree

2 - disagree

3 - disagree

4 -  disagree

5  - agree