Question # 1

The which is calculated at the time of retirment of partner is

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Gaining ratio

Serching ratio

Capita ratio

New ratio

Under which method the book value of the fixed assets acn be reduce to zero after certain year

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Diminishing balance method

Straght line method

Depreciation find fond

Deflation method

Debit side of income and expenditur eaccount records.

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Expenses and losses

Income and gains

Assets

Liabilities

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

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Revaluation account

Assets account

Old partners capital account

New partners capital account

The amount paid to person who was invited to deliver a lecture in a club is known as.

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Hoorarium

Salary

Wages

None of these

Registered company is

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2

3

4

5

Capital is obtained by deductin liabiliities from.

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Expenditures

Receipt

Assets

Incomes

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

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Purchase of Machinery

Good will

Purchaser of furniture

Payment of liabilities

In single entry it is not possible to prepare

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Trial balance

Trading account

Profit and loss account

Balance sheet

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

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Revaluation account

Assets account

Old parner's capital account

New partner capital account

Amount received by the way of gift from any person or organization is called.

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Donation

Subscription

Legacy

None of these

Non-profit making organization is also known as

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Non-profit seeking concern

Non-trading concern

Trading concern

"a" and "b"

The opening and closing balance of bills Receivable can be calculated by preparing the.

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Total debtors accounts

Total creditors account

Bills Recivable accounts

Salaes accounts

Cash book is prepared to find out the figure of.

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Opening capital

Crosing cash balance

Net profit

Finaincial position

Over riding commission is calculated on.

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Cash sales only

Credit sales only

Total sales

None of the above

A receipts and payments account is similar to

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An income and expenditure

A statement of affair

A cash or a bank account

A profit or loss account

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Principles of Accounting Icom Part 2 English Medium Online Test MCQs With Answers

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