MP Board Model Question paper 2023 12th Accountancy with solution.
MP Board Model Question paper 12th Accountancy
Objective (MCQs) type Questions with solution.
1. Choose the correct option -
(I) The portion of the capital which is actually received from the Shareholders, is called -
(a) Paid-up Capital
(b) Issued Capital
(d) Authorised Capital
(c) Called-up Capital
Ans: (a) Paid-up Capital
(II) At the time of forfeiture of shares, Share Capital is debited by-
(a) Called-up amount on shares
(b) Paid-up amount on shares.
(c) Issued amount on shares
(d) Face value of shares
Ans: (a) Called-up amount on shares
(III) The format of Balance Sheet of a Company is given in which schedule of the Company's Act 2013-
(a) Schedule III part 1
(b) Schedule III part 2
(c) Schedule III part 3
(d) Schedule III part 4
Ans: (a) Schedule III part 1
(IV) Average collection' is related to-
(a) Invested Capital
(b) Shareholder's fund
(c) Net Credit Purchase
(d) Net Credit Sale
Ans: (d) Net Credit Sale
(V) Cost of goods sold is ₹20000. Average stock is ₹8000. Stock turnover Ratio will be -
(a) 2 Times
(b) 2.5 Times
(c) 3 Times
(d) 3.5 Times
Ans: (b) 2.5 Times
(VI) Cash flow statement is related to-
(a) AS-3
(b) AS 6
(c) AS-9
(d) AS-12
Ans: (a) AS-3
2. Fill in the blanks-
(I) The liability of Partners is ...........
Ans: Unlimited.
(II). ............account is opened, when the amount payable to retired partner is given in instalments.
Ans: Partner Loan
(III) At the time of admission of a new partner, if Goodwill already appearing in the books. It will be distributed in ...............ratio.
Ans: Old Profit and loss sharing ratio.
(IV) The nature of Realisation account is .........
Ans: Nominal.
(V) Insolvency of all Partners is............... dissolution of Firm.
Ans: Dissolution of Partnership Firm.
(VI) The rate of dividend is fixed on...............shares.
Ans: Preference
(VII) ....... Debentures can be converted into shares.
Ans: Convertible
3. Match the columns-
"A". "B"
(I) Loss on Revaluation. (A) Accounting of goodwill
(II) Average profit
more than Normal profit. (B) Capital A/C credit
(III) Calculation of
Normal Profit. (c) Reconstitution
(IV) Interest on Drawing. (D) Super Profit
(V) Admission of a
Partner. (E) Capital employed
(VI) AS-26. (F) Product method.
(G) Gaining ratio
(H) Capital account debit
Ans: (I) B, (II) D, (III) E, (IV) F, (V) C, (VI) A
4. Write answer in True/False
(I) The objective of Partnership business must be Legal.
Ans: True.
(II) At the time of admission of a new partner, It is compulsory to bring capital by him.
Ans: True
(III) The nature of Debenture is short term.
Ans: False
(IV) Debenture holders are the real owners of Company.
Ans: False
(V) 'Sale of furniture' is an Investing Activity.
Ans: True
(VI) Non-current assets are Company's long term investment.
Ans: True
5. Write the answer in one sentence-
(I) What is the written agreement between the Partners called?
Ans: Partnership Deed.
(II) Which balance does the capital account always show in the fixed capital method?
Ans: Credit Balance.
(III) In which ratio profit loss is distributed between the partners in the absence of
partnership deed?
Ans: Equally
(IV) Who gives approval to the name of the Company?
Ans: Company Registrar.
(V) Under which heading reserve &surplus' is shown in the Company's Balance sheet.
Ans: Shareholders fund/ Equity and Liabilities
(VI) What type of necessity is preparation of Financial Statement?
Ans: Legal Necessity.
(VII) Which statement shows the Operating result and Financial position of the Company?
Ans: Financial statements.
