SimonMash.com | Kerala Plus One & Plus Two Study Notes, Question Papers, Answer Keys, Resources

CHAPTER 1: OVERVIEW OF COMPUTERISED ACCOUNTING SYSTEM Multiple Choice Questions (1 Mark Each) 1. The Code CS101, CS102, CS103 for customer X, Y and Z is an example of ______ code. (2020 Mar – 1 Mark) (a) Mnemonic (b) Sequential (c) Block (d) None of these Answer: (b) Sequential 2. In an organization, Code 'PL' is used for Purchase Ledger, 'SL' is used for Sales Ledger. Which type of Code is used here? (2020 Say – 1 Mark) (a) Block Code (b) Sequential (c) Mnemonic (d) None of these Answer: (c) Mnemonic 3. Pick out the one, which is not a component of computerized accounting system. (2021 Mar – 1 Mark) (a) Procedure (b) Data (c) People (d) Virus Answer: (d) Virus 4. Codes used by Indian Railway as TV...

CHAPTER 4: DISSOLUTION OF PARTNERSHIP FIRM Multiple Choice Questions 1. The business of the firm is terminated when …………….takes place. A) Dissolution of partnership b) Retirement of a partner c) Death of a partner d) Dissolution of firm (2019 Mar – 1 Mark) Answer: d) Dissolution of firm 2. An unrecorded asset realized at the time of dissolution should be credited to account. (a) cash (b) realization (c) capital (d) revaluation (2019 Say – 1 Mark) Answer: (b) realization 3. At the time of dissolution of a firm, which of the following liability will be paid first? (a) Outstanding Salary of partners (b) Partners Loan (c) Partners Capital d) Sundry Creditors (2020 Mar – 1 Mark) Answer: d) Sundry Creditors ...

CHAPTER 3: RETIREMENT AND DEATH OF PARTNER Multiple Choice Questions 1. At the time of reconstitution of a firm the value of Land and Building is found appreciated by 20%. What journal entry will be passed for the above adjustment with regard to revaluation? (2020 Mar – 1 Mark) Answer: Land and Building A/c Dr.   To Revaluation A/c (Being appreciation in value of Land and Building recorded) 2. The ratio in which the continuing partners share the profit of outgoing partner is called ______. (a) Old Ratio (b) Gaining Ratio (c) Sacrificing Ratio (d) New Ratio (2021 Mar – 1 Mark) Answer: (b) Gaining Ratio 3. The revaluation profit or loss at the time of death of a partner is shared by ……………… a) Continuing partners b) Deceased par...