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Previous Year Nios Question Paper with Answer Accountancy (320) Class Secondary Exam Session March/April 2024

If you are here, Accountancy 320 Nios Exam Solved Question Paper April 2024 Class 12 . you have to grab it now for best exam practice & know the examination pattern for upcoming exam. Check Sample –

ACCOUNTANCY

(Principles and Practice of Financial Accounting)

(320)

Time: 3 Hours]                                                                                                                                          [ Maximum Marks: 100

 

Note : All questions of an Option are compulsory.

(i) This Question Paper has two Sections—Section ‘A’ and Section ‘B’.

(ii) Section—A has 36 questions from Question Nos. 1 to 36. All questions are compulsory.

(iii) Section—B has 11 questions from Question Nos. 37 to 47.

(iv) Section—B has two Options. Option—I : Analysis of Financial Statements and Option—II : Application of Computers in Financial Accounting. Candidates are required to attempt questions from one Option only.

(1) Answers of all questions are to be given in the Answer-Book given to you. (2) 15 minutes time has been allotted to read this question paper. The question paper will be distributed at 2:15 p.m. From 2:15 p.m. to 2:30 p.m., the students will read the question paper only and will not write any answer on the Answer-Book during this period.

SECTION – A

1. Which of the following is the correct formula of accounting equation? 1

(A) Assets = Capital – Liabilities

(B) Assets = Capital + Liabilities

(C) Assets = Capital + Profit

(D) Assets = Capital – Loss

Ans. (B) Assets = Capital + Liabilities

Or

What will be the effect on accounting equation when goods of Rs 4,000 are sold for Rs 4,500 on credit?

(A) Increase in assets by Rs 4,500 and decrease in assets by Rs 4,000

(B) Increase in assets by Rs 4,000 and increase in liabilities by Rs 4,500

(C) Increase in assets by Rs 4,500 and increase in capital by Rs 500

(D) Increase in assets by Rs 4,500, decrease in assets by R 4s,000 and increase in capital by Rs 500

 Ans. (D) Increase in assets by Rs 4,500, decrease in assets by Rs 4,000, and increase in capital by Rs 500

2. The rectifying entry for undercasting the purchases book by Rs 5,000 will be

(A) debit Purchases Account by R 5,000 and credit Suspense Account by Rs 5,000

(B) credit Purchases Account by R 5,000 and debit Suspense Account by Rs 5,000

(C) debit Suspense Account by R 10,000 and credit Purchases account by Rs 10,000

(D) debit Purchases Account by R 10,000 and credit Suspense Account by Rs 10,000

Ans. (A) Debit Purchases Account by Rs 5,000 and Credit Suspense Account by Rs 5,000

Or

Goods of Rs 5,900 were sold on credit to Ashok but were debited to Ashok’s Account as Rs 5,090. Sales Account was correctly credited. Rectification of error will be

(A) Ashok’s A/c to be debited by Rs 5,090 and Sales A/c to be credited by Rs 810

(B) Ashok’s A/c to be debited by Rs 5,900 and Suspense A/c to be credited by Rs 810

(C) Suspense A/c to be debited by Rs 810 and Ashok’s A/c to be credited by Rs 810

(D) Ashok’s A/c to be debited by Rs 810 and Suspense A/c to be credited by Rs 810

Ans. (D) Ashok’s A/c to be debited by Rs 810 and Suspense A/c to be credited by Rs 810

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