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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
Revaluation account is a.
Question # 2
The amount of good will broght in cash by nw partner will be credited to old partner in.
Question # 3
Profit of revaluation should be credited to.
Question # 4
On the admission of a new partneer the decreasein the value of assets is debited to.
Question # 5
Old prifit sharing ratio minus new profit sharing ratio is equal for.
Question # 6
Good will is
Question # 7
In the absence of an agreement, the share of new partner in patnership will be.
Question # 8
Value of the good will is calculated under capitalization formula.
Question # 9
If the goods will raised at the tim e of admissionof a new partner will be written off in.
Question # 10
Sacrificing rations are equal to.
Question # 11
Good will is.
Question # 12
When the incoming partner pays the firm for good willin cash the amount should be debited to firms books to.
Question # 13
The balance of revaluation accoun tis transferred to the old partners capital accounts in their.
Question # 14
General reserve at the time of admission of anew partner is credited.
Question # 15
When a new partner is admitted with out the consent of the old partner.
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 | 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
|
| 2 | Good will is. |
A. Tangible asset
B. Imtamgon;e asset
C. Wasting assets
D. Frictious assets
|
| 3 | 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
|
| 4 | A new partner may be admitted to a partnership. |
A. With the consent of all the partners
B. With the consent of any one of the partners
C. With consent of two third the old partners
D. Without the consent of old partners
|
| 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 | 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
|
| 7 | 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
|
| 8 | 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
|
| 9 | 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
|
| 10 | 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
|
Test Questions