Time: 30 minutes Class: 12 Group; Comm: Subject: Accounting Total Marks: 20 SECTION “A”; (MULTIPLE CHOICE QUESTIONS) (20 MARKS) Note: This section consists of 20 MCQs and all are to be answered, Each question carries ONE mark, QL. Choose the correct answer for each from the given options. 1, Non-current assets are usually used for: I b. L year c. 10 months d. 6 months Residual value is the estimated recoverable cost of a depreciable assets as of the time of its: b. Removal from one factory to another c. Removal from one place to another 4. None of these Name of the fixed asset which is not subject to depreciation: a. Building b. Machine fe tandT d. Furniture 4, Non-profitable organization include: a. School b. Clubs ¢. Hospital [ee ATTor ese” | 8. ‘When two or more individual engage in an enterprise as co-owners, the orga a. Sole proprietorship. Trust fe-Parmership_ | 4. Company 6. In case of Liquidation of a firm, assets of the firms are: a. Purchased [oso | . Distributed d. Donated 7. A company is formed by: a. Directors b. Bank | “e.Promotes( 4, Shareholders Debentures are the certificates of: = S \ b. Ownership c. Medical for company’s employees - d, None of these 9, The periodic distribution of profit, by a company inthe form of cash, is called: a. Stock divided __b Liquidation dividend, Cash dividend | 4, Property dividend 10. The value printed on the face of each share is known as: a. Market value of share [b.Parvalue of share | c. Book value of Shae. d. None ofthese 11, Theexcess of the price ofa share over its par value is ealled: a. Discount n ¢, Retained Eamings —d. None ofthese 12, Which ofthe following i the Capital expenditure: a. Payment of Salaries to the Employees _b, Payment of Liabilities (c-Purchase of Fixed Assets | d. Cash sales 13. Good will is classified as which type of account a. Liability b. Revenue [ersser | 4. Expense 14. The si i expenditure account is best explained by: fa. b, Excess of receipts over payment d, Excess of expenditure over income20. Preliminary £xpense is classified as a. Expense (iemassen | c, Equity 4, Liability A balance sheet of a non-profit organization comprises of: a. Assets, liabilities and capital - b. Assets and Capital d, none of the above Retained earnings decreases by a. Cash Dividend b, Stock Dividend __¢, Creation of Reserve fd AlloFabove Annual Depreciation Rs.50000, Cost of Machine Rs.515000, Salvage Value Rs.15000, Life of Machine? a.2 years b. 5 years fe. 10 years ( 4.20 years Which of the following is not a shareholder equity a. Share Capital b. Share Premium. Share Discount [aon | Debenture payable would be considered as a. A cuirrent Asset b. Current liability |=-borwterm Libily 4. None of aboveAnswer 4 8 (a) Machine 4 vt A} troeking How o the a Life (hous) FBe0e ~ 8000: [2ocope eS, oes Dec, 24 » Deprocia form epee 13S gas oye —_ Miwaneo 4 ner re ak pes %, 22 any fioeise ALSCO wer ee s Aten fe depecretio—f 22S0 beagig Boag x Fs 2) _Depsecertins Sammon TO - 2er( + (boom «1:25 = K 2ccon 2022 "2 Demo £t-265 2 R2X000Hesse 8 (8) il batt shea eg i a Caphie oe pene aa coas _ ie PSE __ core ty — Meehemobi S000 ere ke Cg ercpmren ; Yeoto is. Tf. dese Moco Less. fables i b papal oes Ca pits? of . Prrtane Co Ee hho ere fe dae | period Sao, See per fs L. Capita L aft Ser | Jooco Add « a ea a paloma | ecco. loose a Capit thet Short $0000 7 es Doddityon Poveafrrend | 10000 60000) , Upned) pe 2 Yoooo, by $ 2) ‘2s60 teasctrin {tenon 124)| 4eoo | (65c0) x1 32500 IM eared) an. Adjurted xf [Sor ca BSC0Oofts arent aserslan Te Aecor—4 Yov30: Baemes _ 99C0O im - 9000.