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    ABT Question Bank

    Uploaded by

    9b.harshadachhura

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    © All Rights Reserved
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    ABT Question Bank

    Uploaded by

    9b.harshadachhura
    67 views2 pages

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    Copyright:

    © All Rights Reserved
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    67 views2 pages

    ABT Question Bank

    Uploaded by

    9b.harshadachhura

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
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    ABT Question Bank

    1. Choose the correct Answer


    1) Liability of partners in a partnership business is ___________________________.
    a) Limited b) Unlimited
    c) limited and unlimited d) contractual
    2) when there is no partnership agreement between partners, the division of profit
    take place in _____________ ratio
    a) equal b) Capital ratio
    c) initial contribution d) experience
    3) Donation for Scholarship Fund is __________________________________.
    a) Capital Receipt b) Revenue Receipt
    c) Capital Expenditure d) Revenue Expenditure
    4) Death is a compulsory ________________________________.
    a) Dissolution b) Admission
    c) Retirement d) Winding up
    5) The due date of bill drawn for 2 months on 23rd Nov, 2019 will be _________
    a) 23rd Jan, 2020 b) 25th Jan, 2020
    c) 26 Jan 2020
    th d) 26th Jan, 2019
    6) The person on whom a bill is drawn is called a _________________________.
    a) Drawer b) Drawee
    c) Payee d) Acceptor
    7) Shareholders get ______________ on shares.
    a) Interest b) commission
    c) Rent d) Dividend
    8) _____________________ displays the balance day-wise for a selected voucher type.
    a) Record book b) Ledger book
    c) Journal Book d) Day book
    9) Current Ratio = Current Asset / _______________
    a) Current Asset b) Current Asset
    c) Quick Liability d) Quick Asset
    2. State the true or false for the following.
    1) Prepaid expenses are treated as liabilities.
    False
    2) Not for profit concerns do not prepare balance sheet.
    False
    3) Gain ratio means new ratio minus Old ratio.
    True
    4) Dissolution takes place when the relation among the partners comes to an end.
    True
    5) A bill of exchange needs acceptance.
    True
    6) Financial Statement includes only balance sheet.
    False
    7) Alt + D are the short key for delete voucher entry.
    True
    8) Reputation of business is called Goodwill.
    True
    9) A deceased partner is not entitled to goodwill of the firm.
    False
    3. Give one word/ phrase/ Term of following.
    1) Proportion in which partners share profit.
    Profit Sharing ratio
    2) The receipts which are not recurring in nature.
    Capital Receipt.
    3) Tally software is classified into this category.
    Mercantile
    4) An account opened for revaluation of assets and liabilities.
    Revaluation Account
    5) Expenses incurred on dissolution of firm.
    Dissolution expenses / Realisation expenses
    6) Credit balance of Profit & Loss Account.
    Net Profit
    7) The shares on which dividend is not fixed.
    Equity shares
    8) Accumulated past profit kept in the form of reserve.
    General Reserve Fund
    4. A) Prepare the bill of exchange from the following details.
    Drawer: Ritesh, Main Road, Solapur.
    Drawee: Pankaj, Shivaji Nagar, Pune.
    Payee: Sachin, Tilak Nagar, Nagpur
    Period: 2 Months
    Amount: Rs. 4,500
    Date of Bill: 14th April, 2019
    Acceptance on: 20th April 2019
    B) Prepare the bill of exchange from the following details.
    Drawer: Bipinchand Kothari, Navi peth, Belgum.
    Drawee: Karimchand punawala, 338, Maharaja Road, Solapur.
    Payee: kevanl Sheethi, Mumbai.
    Period: 45 days
    Amount: Rs. 7,600
    Date of Bill: 12th Sept, 2019
    Acceptance on: 16th Sept, 2019
    C) Prepare the bill of exchange from the following details.
    Drawer: Priti Chavan, Chandrika Road, Malvan.
    Drawee: Ravi Patil, Prashant Nagar, Ambajogai.
    Payee: Archana Ghime, Amaravati.
    Period: 2 Months
    Amount: Rs. 10,000
    Date of Bill: 1st Jan, 2020
    Acceptance on: 5th Jan, 2020

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