“Everybody is a genius. But if you judge a fish by its ability to climb a tree, it will live its whole life believing that it is stupid.”
— Albert Einstein
“He who fears he will suffer, already suffers because he fears.”
— Michel De Montaigne
“We think sometimes that poverty is only being hungry, naked and homeless. The poverty of being unwanted, unloved and uncared for is the greatest poverty.”
— Mother Theresa
“In seeking happiness for others, you will find it in yourself.”
“Yesterday is history, tomorrow is a mystery, today is a gift of God, which is why we call it the present.”
— Bill Keane
“Most people do not listen with the intent to understand; they listen with the intent to reply.”
— Stephen Covey
The way to get started is to quit talking and begin doing.
-Walt Disney
Tell me and I forget. Teach me and I remember. Involve me and I learn.
-Benjamin Franklin


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Question 1.
On retirement of a partner’s the amount of General Reserve is transferred to all partner’s capital account in:
(a) New Profit Sharing Ratio
(b) Capital Ratio
(c) Old Profit Sharing Ratio
(d) None of these

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Question 1.
Goodwill is nothing more than probability that the old customer will resort to the old place. This definition of goodwill was given by:
(a) Spicer and Pegler
(b) ICAI
(c) Lord Elton
(d) AICPA

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Multiple Choice Questions
Select the best alternate and check your answer with the answers given at the end of the book.
(A) Liquidity Ratios
1. Two basic measures of liquidity are :
(A) Inventory turnover and Current ratio
(B) Current ratio and Quick ratio
(C) Gross Profit ratio and Operating ratio
(D) Current ratio and Average Collection period

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Multiple Choice Questions
Select the best alternate and check your answer with the answers given at the en.d of the book.
1. Feature of financial analysis is to present the data contained in financial statements in
(A) Easy form
(B) Convenient and rational groups
(C) Comparable form
(D) All of the Above

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Question 1.
Receipts and Payments A/c is a summary of:
(a) All Capital Receipts and Payments
(b) All Revenue Receipts and Payments
(c) All Revenue and Capital Receipts and Payments
(d) None of the above

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Multiple Choice Questions
Select the best alternative and check your answer with the answers given at the end of the book.
1. Main objective of Common Size statement is :
(A) To present the changes in various items
(B) To provide for a common base for comparison
(C) To establish relationship between various items
(D) All of the Above

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Financial Statements of Companies Class 12 Accountancy MCQs Pdf

Multiple Choice Questions
Select the best alternate and check your answer with the answers given at the end of the book.
1. Balance sheet of a company is required to be prepared in the format given in ………………………
(A) Schedule III Part II
(B) Schedule III Part I
(C) Schedule III Part III
(D) Table A

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Cash Flow Statement Class 12 Accountancy MCQs Pdf

Multiple Choice Questions
Select the Best Alternate :
1. Cash flow statement is prepared for financial planning of
(A) Long range
(B) Medium range
(C) Short range
(D) Very Long range

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Multiple Choice Questions
Select the best alternate and check your answer with the answers given at the end of the book.
1. The most commonly used tools for financial analysis are :
(A) Comparative Statements
(B) Common Size Statements
(C) Accounting Ratios
(D) All of the above

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Redemption of Debentures Class 12 Accountancy MCQs Pdf

Multiple Choice Questions
Choose the Best Alternate :
1. As per SEBI Guidelines an amount equal to ………………….. of the debenture issue must be transferred to Debenture Redemption Reserve before redemption begins.
(A) 25%
(B) 80%
(C) 50%
(D) 100%

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