Karnataka 2nd PUC Accountancy Exam 2025 : Important Questions Answers for Last-Minute Revision

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Karnataka Board 12th exams are underway and your Accountancy exam is scheduled for 10th March, 2025. You have just a few hours left for the Karnataka 2nd PUC Accountancy exam.
We know how important it is to focus on the right topics and questions during revision so this article provides details of Karnataka 12th Accountancy important questions along with answers for last minute revision.
Karnataka Board 2nd PUC Accountancy Exam 2025 Most Important Question Answers
Question 1. Receipt and payment account is a summary of all capital receipts and payments (state true / false)
Answer: False
Question 2. State any one feature of partnership.
Answer: Nature of the business/Profit or loss sharing ratio.
Question 3. At the time of admission of a new partner, general reserve appearing in the old balance sheet is transferred to:
(a) All partner capital accounts
(b) New partner’s capital A/c
(c) Old partners capital A/c
(d) None of the above
Answer: Old partners capital A/c
Question 4. Why gain ratio is required on retirement of a partners?
Answer: For the purpose of writing off the goodwill created to the extent of retiring partner’s share.
Question 5. ………………. is minimum numbers of members in a public Ltd., company.
Answer: Seven
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Question 6. Debenture holder are ………………. of the company.
Answer: Creditors
Question 7. Expand EBIT.
Answer: Earning before interest and tax.
Question 8. The financial statement of a business enterprise include.
(a) Balance sheet
(b) Statement of profit and loss
(c) Cash flow statement
(d) All of the above
Answer: All of the above
Question 9. Name any one type of Turnover Ratio.
Answer: Inventory turnover ratio
Question 10. Give an example for investing activities.
Answer: Cash payments to acquire fixed assets.
Question 11. State any two features of receipts and payments a/c.
Answer: Features of receipts and payments account:
- it is a real account
- It is prepared on cash system of accounting.
Question 12. What is Revaluation A/c?
Answer: Revaluation account is an account prepared in connected with recording of increase or decrease in the value of assets and liabilities and to find out the profit or loss on revaluation.
Question 13. Give the meaning of Realisation Account.
Answer: Realisation account is an account prepared at the time of dissolution of a firm to ascertain the profit or loss on the realisation of assets and payment of liabilities.
Question 15. State any two types of issue of shares.
Answer: Preference shares
Equity shares.
Question 16. List any two objective of financial statements.
Answer:
Two objectives of financial statements:
- To present a true and fair view of the financial performance, ie., profit / loss of the business
- To provide information about cash flows.
Question 17. What is Trend Analysis?
Answer: It is a financial statement analysis method that determines the direction upwards or downwards and involves computation of percentage relationship that each statement items bear to the same item in the base year. .
Or
It is a financial statement analysis technique that shows changes in the amounts of corresponding • financial statement items over a period of time.
Question 18. What is cash flow statement?
Answer:
A cash flow statement is a statement showing inflows (receipts) and outflows (payments) of cash during a particular period.