Question # 1

Income and expenditure account shows

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Cash in hand

Surplus or deficit

Cash at bank

Capital account

A situation where a company receives application for a less number of shares than offered to the public for subscription is termed as.

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Oversubscription

Under subscription

No subscription

None of these

On the detah of the partner the amount of the joint policy credited to the capital account of.

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Remaining partners capital account

All partners capital accounts

Deceased parners capital account

None of these

Under single entery system informatoin relating to expenses must be ascertained from the analysis of.

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Debtors account

Creditors account

Sales book

Cash book

A situtation where a company receives a application for a less number of shares than offered to the public for subscription is termed as.

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Under subscription

Over subscription

General subscription

Above subscription

Where a partner become unsound mind the dissolution is considered as.

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Dissolution by court

Dissolution by Notice

Dissolution by agreement

Compulsory dissolution

In partnership minimum limit of partners is.

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Two (02)

Five(5)

Ten (10)

Tweleve (12)

Credit side of iincome and expenditure account records.

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Expenses and losses

Income and gains

Assets

Liabilities

The parties involves in the consignment are.

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Two

Three

Four

Five

Income and expenditur eaccount is prepared on.

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Cash basis

Accrual basis

Cahs of accural basis

None of these

Consignee account is of the natur eof.

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Personal account

Nominal account

Real account

None of these

In the absence of any agreement Reserve on dissolution of a partnership firm is credited to the partners.

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In capital ratio

In profit sharing ratio

Equality

None of these

Bad debt written off always affect the

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Deblor's account

Creditors account

Cash account

All of the above

At the time of dissolution, all the assets of the firm are transfered in the realization account at.

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Market value

Book value

Cost value

Bale value

In single entry system both the aspects, debit and credit of a transaction are not recorded soit is.

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Incomplete and unscientific

Complete and scientific

Incompleted and scientific

Complete and unscientific

For the firm, interest on drawing is.

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Expense

Income

Liability

None of these

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

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