GOVERNMENT DEGREE COLLEGE MEDAK
B.Com II YEAR (Computer Application)E/M
SEMESTER-III (INTERNAL ASSESSMENT TEST-II)
Advance Accounting
TIME: 40 Minuets
MARKS: 20
Name of the student: Class:
Hall Ticket. No: Date:
I. Multiple Choice Questions
1. In the balance sheet prepared after admission of partner assets and liabilities are recorded at ( )
a) Original values b) Revalued values c) At Realizable values d) At current costs
2. Interest on capital is calculated on the ( )
a)Opening capital b)Closing capital c)Average capital d)Closing capital less drawings
3.The current account of a partner will always have ( )
a)Credit balance b) Debit balance c) No balance d) May have debit or credit balance
4. on dissolution of firms, Partners loan Account is transferred to ( )
a) Cash account b) Realistion account c) Partners’ capital account d) None of these
5. Unrecorded liabilities when paid are shown in ( )
a)Debit side of realization account b) Debit side of bank account c)Credit side of realization
account d) Credit side of liabilities account
6. Goodwill is [ ]
a) Intangible Asset b) Tangible Asset c) Fictitious Asset d) None of above
7. Super profit is difference between. ( )
a).Capital Employed and Average Capital Employed b) Average profit and Normal Profit. ( )
c) Current year profit and last year profit d) None of the above
8. Under the Net Asset method, the value of Share depends on the amount available to ( )
a) Preference shareholders b) Equity shareholders c) Creditors d) Debenture holders.
9. After the reissue of forfeited shares, balance of forfeited shares account is transferred to ( )
a) Capital Reserve A/C b) Share Capital c) General Reserve d) Profit and Loss A/C
10) The liability of Equity shareholders is [ ]
(a) Unlimited (b) Limited up to (c) guarantee given by them (d) None of the above
II) Fill in the blanks 10X1/2=5 Marks
1. In case of dissolution, a new account called ……………………… is prepared.
2. In case of dissolution of firm business is ……………………….
3. Provision for D Debts is transferred to ……………………….. Side of realization A/c.
4. Normal profit may be calculated with the help of normal rate of return and -----
5. Intrinsic value of share is calculated by dividing net assets of the company by ----------
6. Share Application money pending Allotment is shown as a separate item under ---- -----
7. Intrinsic value of share Rs. 140 Yield value of share Rs.130 Fair value of share is Rs. --
8. All assets are classified as -------------------------------.
9. In case of Private Company there is restriction on -----------------------
10. According to Sec 53 of the companies Act. 2013 a Company cannot issue shares at --------------
III) Answer all the Questions (very short answers) 5X1=5 Marks
1.Company 2.Share capital 3.Subscribed capital 4.Goodwill
5.Calls in arrears
