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NIOS CLASS 12 ACCOUNTANCY (320) NOTES FOR EXAM
Download NIOS Notes for Class 12 Accountancy prepared by expert teachers from the NIOS books and based on the latest NIOS exam pattern / question pattern. Read hard to score more marks in NIOS board examinations.
1. The Relation of
partner with the firm is that of - An
owner and an agent
2. Minimum number of persons to form a partnership - 2
2. Minimum number of persons to form a partnership - 2
3. Partnership deed
is also called – Article of Partnership
4 In the absence
of Partnership deed, the interest is allowed on partner’s capital – No
interest is allowed
5. In the absence
of agreement, partners are not entitled to – Salary & Commission both
6. Interest on
capital will be paid to the partners if provided for in the partnership deed
but only out of – Profits
7. Which item
cannot be recorded in the Profit & Loss Appropriate Account – Rent paid
to partners
8. If any loan or
advance is provided by partner then balance of such loan account should be
transferred to – Balance Sheet Liability Side
9. In the absence
of partnership deed, partners share profits or losses – Equally
10. In the absence of partnership deed – Interest will not
be charged on partner’s drawings
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11. Is rent paid to a partner appropriation of profit? – It
is not appropriation of profit
12. Sacrificing Ratio – ( Old Ratio – New Ratio)
13. Gaining Ratio – (New Ratio – Old Ratio)
14. On the admission of a new partner – Old Partnership is
dissolved
15. Shareholders are – Owners of the company
16. Who are the real owners of the company? Equity
Shareholders
17. A Company is created by – Companies Act
18. An artificial person created by Law is called – Company
19. The liability of members in a Company is – Limited
20. Liability of a shareholder is limited to __________ of
the shares allotted to him – Face Value
21. Maximum number of members in a private company is – 200
22. Capital of a company is divided in units which is called
– Share
23. Shareholders receive from the company – Dividend
24. Equity shares cannot be issued for the purpose of – Distribution
of Dividend
25. A company may issue – Equity and Preference both shares
26. A company cannot issue – Redeemable Equity Shares
27. Capital included in the total of Balance Sheet of a
Company is called – Subscribed Capital
28. Reserve Capital is a part of – Capital to be called up
only on liquidation of company
29. Authorised Capital of a Company is mentioned in – Memorandum
of Association
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