Question # 1

Another name of diminishing balance method of depreciation is the

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Reducing balance method

Sinking fund method

Straight line mehod

Revaluation method

Realizaton account is a.

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Nominal account

Real account

Personal account

Cash account

Acceptance received durinthe period must be debited to bills receivable account and credited to.

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Total bills receivable account

Total debtors account

total cash account

Total bills receivabel account

The figure of the bills receivable can be worked out from.

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Total debtors account

Total creditors account

Trail balance

Balance sheet

The owner of the partnership are called as.

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Member

Partners

Share holder

None of these

The abnormal loss on consignemnt is credited to.

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Consignment account

Consignment personal account

Profit and loss account

Goods sent on consignemnt account

The person who sends the goods to his agent for the purpose of sale is called.

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Consignor

Consignee

Debtor

Creditor

In appearance, the statement of affairs, is similar to a.

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Balance sheet

Profit and loss account

Trading account

Bank Reconciliation statement

The consignment outward books or journal is maintained by.

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Customers

Consignor

Consignee

Debtors

Unclaimed dividend is shown as.

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Asset

Liability

Deduction from paid up capital

None of these

Due to fresh capital introduced during the year, the closing capital will,

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Increase

Decrease

Constant

Multiply

In consignee's books, the acceptance of a bil of echange by consignee will be debited to.

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Trading account

Bill payable accont

Consignor account

Consignment account

Income and expenditur eaccount is prepared at the

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Start of the year

Mid of the year

End of the year

At the start and ed of the year

The amount payable to the retiring partner is shown in the balance sheet of partnership as.

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Capital

Loan

Investment

Assets

Interest on dividend is paid.

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At the end of financial period

During the fiancancial year

At the time of incorporation

At the time of winding of company

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

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

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