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

12th Class Principle of Accounting Online MCQ's Test with Answers for 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

12th Class Principle of Accounting Online MCQ's Test with Answers for Chapter 7 (Partnership Accounts-Admission of a Partner)

Sr. # Questions Answers Choice
1 If any partner takes the responsibility to pay the liabilities of the firm at the time of dissolution then it should be credited to.
  • A. Partner's capital account
  • B. Realization account
  • C. Liabilities accounts
  • D. Cash accounts
2 In case of dissolution if there is any undivided profit are reserve should be credited to.
  • A. Partners capital accounts
  • B. Realization accounts
  • C. Reserve account
  • D. Revaluation accounts
3 In the absence of any agreement Reserve on dissolution of a partnership firm is credited to the partners.
  • A. In capital ratio
  • B. In profit sharing ratio
  • C. Equality
  • D. None of these
4 The end or termination of partnership is called.
  • A. Amalgamation
  • B. Dissolution
  • C. Retirement
  • D. Admission
5 The Decision in Garner Va. Murray was given in.
  • A. 1905
  • B. 1904
  • C. 1804
  • D. 1933
6 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
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 At the time of dissolution, all the assets of the firm are transfered in the realization account at.
  • A. Market value
  • B. Book value
  • C. Cost value
  • D. Bale value
9 In case of Garner Vs. Murray rule, the decision was given is.
  • A. Mr. Justice james
  • B. Mr Garner
  • C. Mr. Justice joyee
  • D. Mr. Murray
10 Realizaton account is a.
  • A. Nominal account
  • B. Real account
  • C. Personal account
  • D. Cash account

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