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)

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

Sr.#	Question	Answer
1	Profit of revaluation should be credited to.	A. Revaluation account B. Liabilites accounts C. Old partners capital accounts D. Assets accounts
2	Good will is	A. Expense B. Profit C. Assets D. Liability
3	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
4	If the goods will raised at the tim e of admissionof a new partner will be written off in.	A. Old prifit sharing ratios B. Capitals ratios C. New profit - Old ratios D. Sacrificing ratios
5	Value of the good will is calculated under capitalization formula.	A. Average profit / reasonable return x 100 B. Resonable return / average profit x 100 C. Averager profit x 100 / resonable return D. None of these
6	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
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	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
9	On the addimissionof a new partner the increase int he value of assets is debited	A. Revaluation account B. Assets account C. Old partners capital account 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

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12th Class Principle of Accounting Online MCQ's Test with Answers for Chapter 5 (Depreciation, Provisions and Reserves)

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

ICOM Part 2 Principles of Accounting Chapter Wise Online MCQ's Test

MCQ's Test For Chapter 0 "Principles of Accounting Icom Part 2 English Medium Chapter 5 Online Test"

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

Good will is

In the absence of an agreement, the share of new partner in patnership will be.

General reserve at the time of admission of anew partner is credited.

On the admission of a new partneer the decreasein the value of assets is debited to.

Old prifit sharing ratio minus new profit sharing ratio is equal for.

The extra amount charged fromt he new partner over and above the capital is for.

Revaluation loss should be debited to.

On the addimissionof a new partner the increase int he value of assets is debited

Sacrificing rations are equal to.

The balance of revaluation accoun tis transferred to the old partners capital accounts in their.

Good will is.

Value of the good will is calculated under capitalization formula.

A new partner may be admitted to a partnership.

Revaluation account is a.

When a new partner is admitted with out the consent of the old partner.

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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

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Muhammad Farooq

Muhammad Farooq