Question # 1

In consginee's books the payment of expense by consignee should be debited to

Choose an answer

Consignment account

Consignnors account

Cash account

None of these

It is prepared by non-profit making organizations to determine surplus or deficit

Choose an answer

Trading account

Profit and loss account

Receipts and payments account

Income and expenditure account

Revaluation account is a.

Choose an answer

Real account

Personal account

Cash account

Nominal account

Non- trading concern prepare.

Choose an answer

Profit and loss account

Income and expenditure account

Manufactureing account

None of these

In consignmetn all the expenses either paid by the consiger himself or by the consignee are born by the.

Choose an answer

Consignor

purchaser

Consignee

None of these

In the books of consignor, the loss on the consignment should be crediterd to.

Choose an answer

Consignment account

Consigneee 's account

Profit and loss account

Gppds sent on consignemnt

A partner does not take an acitive partner is the managment firm is called.

Choose an answer

Active partner

Sinior partner

Darment of sleeping partner

Nominal partner

premium on issue of shares is shown in.

Choose an answer

Assets side of balance sheet

Liabilities side of balance sheet

Trading account

Profit and loss account

Receipts and payments account shows

Choose an answer

Debit and credit balances of ledgers

Incomes and expenditures

Cash receipts and payments

Assets and liabilities

Excess of assets over liabilities is an indication of.

Choose an answer

Solvency

Insolvency

Deficiency

Loss

The total amount recived by the company out of the totla called up amount is known as the.

Choose an answer

Called up capital

Paid up capital

Issued capital

Reserve capital

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

Choose an answer

Total debtors accounts

Total creditors account

Bills Recivable accounts

Salaes accounts

Another name of diminishing balance method of depreciation is the

Choose an answer

Reducing balance method

Sinking fund method

Straight line mehod

Revaluation method

The value of an asset at the end of the working life is called.

Choose an answer

Book value

Scrape value

Market value

None of these

Joint life policy account after the maturity of the policy shoul dbe transferred to the capital accounts of the partners in.

Choose an answer

Capital ratios

Old profit sharing ratios

New profit sharing ratio

Gaining ratios

Depreciation arise because of

Choose an answer

Due to fall in the market value of fixex assets

Due to physical wear and tear of the assets

Due to fall in the market value

None of these

More Classes

Other Links

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

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer