Question # 1

The amount charged as depreciation goes on declining in

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Depletion fund method

Auunity method

Diminishing balance method

Straiight line method

The method for preparing the final accounts in trading concerns and non-profit making organizations are

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Same

Different

Easy

Difficult

Those debentures wihch carry no security as to payment of interest or repayment of principal, are known as.

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Morigage debentures

Secured debentures

Simple or naked debentures

None of these

In case of dissolution, assets sold for cash are debited to

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Realization account

Cash account

Assets account

None of these

The opening capitla is ascertained by preparing.

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Cash account

Opening statements of affairs

Total debtors account

Total creditors account

Partnership is formed by the partners.

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Written agreement

Mutual consent

Verbal agreement

None of these

Commission due to the consignee is calculated on.

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Credit sales only

Cash sales only

Total sales

None of these

Good will is.

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Tangible asset

Imtamgon;e asset

Wasting assets

Frictious assets

Capital is obtained by deductin liabiliities from.

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Expenditures

Receipt

Assets

Incomes

For the stock unsoled with the consignee wil the debited in the books of the consignor.

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Stock on consignment account

Consignment

Consignee account

None of the above

As per the decision in Garner Va. Murray the solvent partner bring in cash equal to their share of.

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Realization loss

Profit ratio

Capital ratio

None of these

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 single entry system,

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Personal accounts are maintained

Real accounts are maintained

Nominal accounts are maintained

None of the above

The balance of realization account is transferred to the capital accounts of the partners in.

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Capital ratio

Equality

Interest ratio

Profit sharing ratio

Income and expenditure account shows

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Cash in hand

Surplus or deficit

Cash at bank

Capital account

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

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Book value

Scrape value

Market value

None of these

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

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