12th class Principle of Accounting chapter 5 online mcq test with answers for ICom part 2 Principle of Accounting Chapter 5 (Depreciation, Provisions and Reserves)

ICOM Part 2 English Medium Principles of Accounting Chapter 5 MCQ's Test

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Principles of Accounting

5th Chapter

ICOM Part 2 English Medium Principles of Accounting Chapter 5 MCQ's Test

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ICom Part II Principles of Accounting Chapter 0 Important MCQ's

Sr.#	Question	Answer
1	When the incoming partner pays the firm for good willin cash the amount should be debited to firms books to.	A. Good will accounts B. Cash Account C. Capital account of the incoming partner D. All of the above
2	Profit of revaluation should be credited to.	A. Revaluation account B. Liabilites accounts C. Old partners capital accounts D. Assets accounts
3	Good will is	A. Expense B. Profit C. Assets D. Liability
4	Profit on revalutin is to be caredited to old partners in their	A. Sacrificing ratio B. New profit shiaring ratio C. Old prift sharing ratio D. Equal prift sharing ratio
5	On the admission of a new partneer the decreasein the value of assets is debited to.	A. Revaluation account B. Assets account C. Old parner's capital account D. New partner capital account
6	Good will is.	A. Tangible asset B. Imtamgon;e asset C. Wasting assets D. Frictious assets
7	In the absence of an agreement, the share of new partner in patnership will be.	A. In the portion of capital B. Equal C. According to work D. None of the above
8	The extra amount charged fromt he new partner over and above the capital is for.	A. Purchase of Machinery B. Good will C. Purchaser of furniture D. Payment of liabilities
9	The amount of good will broght in cash by nw partner will be credited to old partner in.	A. Gaining Ratio B. New Ratio C. Old Ratio D. Sacrifice Ratio
10	The balance of revaluation accoun tis transferred to the old partners capital accounts in their.	A. Sacrificing ratio B. Old profit shairng ratio C. New profit sharing ratio D. Equal profit shairng ratio

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