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12th Principles of Accounting Chapter 5 Test

Here you can prepare 12th Class Principles of Accounting Chapter 5 Depreciation, Provisions and Reserves Test. Click the button for 100% free full practice test.

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)

This online test contains MCQs about following topics:

. Various Definition of Depreciation . Causes of Depreciation . Need for Provision of Depreciation . Depreciation Vs. Fluctuation . Characteristics of Depreciation . Methods of Charging Depreciation . Methods of Charging Depreciation . Distinction between Depreciation A/C and Depreciation Reserve A/C . Distinction between General Reserve & Specific Reserve . Distinction between Reserve and Provision . Distinction between Reserve and Reserve Fund

ICOM Part 2 Accounting Ch 5 Test
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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)

Sr. # Questions Answers Choice
1 When a new partner is admitted with out the consent of the old partner.
  • A. Partnership will be dissolved
  • B. Will value
  • C. Agreed value
  • D. None of these
2 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
3 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
4 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
5 Revaluation account is a.
  • A. Real account
  • B. Personal account
  • C. Cash account
  • D. Nominal account
6 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
7 Good will is.
  • A. Tangible asset
  • B. Imtamgon;e asset
  • C. Wasting assets
  • D. Frictious assets
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 Revaluation loss should be debited to.
  • A. Revaluation account
  • B. All partners capital account
  • C. Old partners capital accounts
  • D. New partners capital account
10 Old prifit sharing ratio minus new profit sharing ratio is equal for.
  • A. Sacrifing ratios
  • B. Gaining ratios
  • C. Distributing ratios
  • D. None of these

Top Scorers of Principles of Accounting Icom Part 2 English Medium Chapter 5 Online Test

S

Samar

Lahore20 - May - 2022

9/15
02 Mins 20 Sec
K

Khudeja Noor

Lahore03 - Jun - 2022

8/15
04 Mins 53 Sec

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    Muhammad Farooq

    12 Sep 2017

    Only accounting test

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  • M

    Muhammad Farooq

    12 Sep 2017

    Test in accounting book

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