Question # 1

The consignee acts entirely on behalf of the

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Debtors

Creditors

Customer

Principal or consignor

Receipts and payments account records the transactions of

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Revenue nature

Capital nature

Revenue and capital nature

None of these

The term Depletion is used with reference to.

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Tangible assets

Intangible assets

Current assets

Fixex assets

If the price required to be paid to the company for the share less than the nominal value of that share, it is called shares.

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At discount

At primium

At par

None of these

The amount charged as depreciation goes on declining in

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Depletion fund method

Auunity method

Diminishing balance method

Straiight line method

Good will is

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Expense

Profit

Assets

Liability

The sum total of the nominal vaue of shares of company is called is.

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Issued capital

Subscribed capital

Share capital

Called up capital

An additional commission paid to the consignee who gurantees the payment in case of credit sale, is called.

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Bonus

Commission

Del creder commision

Credit commission

The face value of the share is also known as.

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Book value

Par value

Market value

None of these

Opening capital is calculated by taking the difference between,

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Opening assets and closing assets

Opening assets and closing liabilities

Opening assets and Opening liabilities

Closing assets and closing liabilities

Both aspects of a transaction must be recorded in,

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Single entry system

Barter system

Double entry system

Islamic system

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

Interest on drawing is debited to.

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Partners capital accounts

Profit and loss account

Interest account

None of these

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

Partnership is formed under the act of.

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1984

1932

1912

1962

Closing capital in single entry system is calculated by preparing,

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Opening statement of affairs

Closing statement of affairs

Opening balance sheet

Closing balance sheet

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

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