12th class Principle of Accounting chapter 7 online mcq test with answers for ICom part 2 Principle of Accounting Chapter 7 (Partnership Accounts-Admission of a Partner)

ICOM Part 2 English Medium Principles of Accounting Chapter 7 MCQ's Test

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

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Principles of Accounting

7th Chapter

ICOM Part 2 English Medium Principles of Accounting Chapter 7 MCQ's Test

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ICom Part II Chapter 0 Important MCQ's

Sr.#	Question	Answer
1	The end or termination of partnership is called.	A. Amalgamation B. Dissolution C. Retirement D. Admission
2	Realizaton account is a.	A. Nominal account B. Real account C. Personal account D. Cash account
3	If any partner takes over any asset at the time of dissolution then it should be debited to.	A. Partner's capital accounts B. Realization account C. Cash account D. None of these
4	In case of dissolution, assets sold for cash are debited to	A. Realization account B. Cash account C. Assets account D. None of these
5	The partnership may come to an end due to the	A. Death of a partner B. Involvency of a partner C. Both of the above D. None of these
6	The balance of realization account is transferred to the capital accounts of the partners in.	A. Capital ratio B. Equality C. Interest ratio D. Profit sharing ratio
7	The balance of revalution account is transferred to the capital accounts of the partners in.	A. Profit sharing ratios B. Capital ratios C. Equality D. None of these
8	Where a partner become unsound mind the dissolution is considered as.	A. Dissolution by court B. Dissolution by Notice C. Dissolution by agreement D. Compulsory dissolution
9	On the dissolution of the partnership unrecorded assets if takes away by the partners is debited to.	A. Realization account B. Partners capital account C. Assets account D. None of these
10	As per the decision in Garner Va. Murray the solvent partner bring in cash equal to their share of.	A. Realization loss B. Profit ratio C. Capital ratio D. None of these

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