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MCQ's Test For Chapter 0 "Principles of Accounting Icom Part 2 English Medium Chapter 5 Online Test"
Try The MCQ's Test For Chapter 0 "Principles of Accounting Icom Part 2 English Medium Chapter 5 Online Test"
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Total Questions15
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Time Allowed20
Principles of Accounting Icom Part 2 English Medium Chapter 5 Online Test
00:00
Question # 1
General reserve at the time of admission of anew partner is credited.
Question # 2
The amount of good will broght in cash by nw partner will be credited to old partner in.
Question # 3
A new partner may be admitted to a partnership.
Question # 4
Profit on revalutin is to be caredited to old partners in their
Question # 5
In the absence of an agreement, the share of new partner in patnership will be.
Question # 6
If the goods will raised at the tim e of admissionof a new partner will be written off in.
Question # 7
When the incoming partner pays the firm for good willin cash the amount should be debited to firms books to.
Question # 8
Revaluation account is a.
Question # 9
When a new partner is admitted with out the consent of the old partner.
Question # 10
Value of the good will is calculated under capitalization formula.
Question # 11
Sacrificing rations are equal to.
Question # 12
Good will is.
Question # 13
Revaluation loss should be debited to.
Question # 14
Good will is
Question # 15
The balance of revaluation accoun tis transferred to the old partners capital accounts in their.
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 | 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
|
| 2 | General reserve at the time of admission of anew partner is credited. |
A. New partner capital account
B. General reserve account
C. Old parners capital account
D. All partners capital account
|
| 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 | 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
|
| 5 | 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
|
| 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 | 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
|
| 8 | 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
|
| 9 | Good will is |
A. Expense
B. Profit
C. Assets
D. Liability
|
| 10 | 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
|
Test Questions