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Tamil Nadu HSC (Class 12) Accountancy — practice by topic

Browse 62 questions across 3 Accountancy topics. Choose what you want to revise, then open a question to check its answer and worked solution.

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Accountancy topics

Accounts from Incomplete Records (23)Accounts of Partnership Firms - Fundamentals (21)Accounts of Not-for-Profit Organisation (18)

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Incomplete records are generally maintained by:Read the answer and worked solution →A statement of affairs is best described as a statement showing:Read the answer and worked solution →The excess of assets over liabilities represents:Read the answer and worked solution →In a statement of affairs, on which side are the balances of assets shown?Read the answer and worked solution →

Worked practice questions

Incomplete records are generally maintained by:

  1. A small sized sole trader business
  2. A public limited company
  3. A multinational enterprise firm
  4. A government department
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Correct answer: A. A small sized sole trader business

1. Only concerns that have no legal obligation to maintain books under the double entry system may keep incomplete records. 2. The textbook states that these may therefore be maintained by small sized sole traders and partnership firms. 3. Companies in India must maintain accounts under the double entry system, so they are excluded. 4. Government departments and multinational enterprises are likewise bound by statutory accounting requirements. _Source: TN HSC Class 12 Accountancy (Samacheer Kalvi, Govt of Tamil Nadu), Unit 1 "Accounts from Incomplete Records", §1.3_

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A statement of affairs is best described as a statement showing:

  1. All the income and expenditure of a period
  2. The balances of assets and liabilities on a date
  3. A summary of every cash transaction of the year
  4. A summary of all credit transactions of a firm
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Correct answer: B. The balances of assets and liabilities on a date

1. A statement of affairs shows the balances of assets and liabilities on a particular date. 2. It is prepared from incomplete records to find out the capital of a business unit on that date. 3. The difference between the total of assets and the total of liabilities is taken as capital. 4. It resembles a balance sheet in shape, but it lists balances rather than income and expenditure. _Source: TN HSC Class 12 Accountancy (Samacheer Kalvi, Govt of Tamil Nadu), Unit 1 "Accounts from Incomplete Records", §1.7.3_

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The excess of assets over liabilities represents:

  1. The profit for the year
  2. The cash held in hand
  3. The capital of the business
  4. The loss for the period
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Correct answer: C. The capital of the business

1. The textbook prints the relationship in a single form, capital equals assets minus liabilities. 2. In a statement of affairs, the difference between total assets and total liabilities is taken as capital. 3. Capital therefore appears on the liabilities side as the balancing figure. 4. Profit is found separately, by comparing the adjusted closing capital with the opening capital. _Source: TN HSC Class 12 Accountancy (Samacheer Kalvi, Govt of Tamil Nadu), Unit 1 "Accounts from Incomplete Records", §1.7.3_

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