Question # 1

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

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At discount

At premium

At par

None of these

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

Premium on issue of share is a.

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Capital profit

Business loss

Revenue profit

Revenue loss

If the credit side of the income oand expenditur eaccount is greater it is termed as.

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Deficit

Surplus

Asset

Liability

For the firm, interest on drawing is.

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Expense

Income

Liability

None of these

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

A partner who takes an active part in the managment of the firm is called.

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Active partner

Sleeping partner

Norminal partner

Quasi partner

In the absence of an agreement, the share of new partner in patnership will be.

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In the portion of capital

Equal

According to work

None of the above

Normaly the discount on the shares should not exceed from

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Five percent

Eight percent

Twenty percent

Ten percent

In increased net worth method, profit or loss is calculated by preparing,

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Income and expenditure account

Profit and loss account

Statement of profit or loss

Balance sheet

When the capitals of the partners arr not allowed to change during the life time of the business except in extra ordinary circumslancer then they are called.

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Fluctuating capitals

Fixed capitals

Current capitals

None of these

the term depreciationis used with reference to.

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Tangible assets

Intangible asets

Current assets

Fixed assets

The end or termination of partnership is called.

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Amalgamation

Dissolution

Retirement

Admission

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

Income and expenditure account is credited with all.

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Expenses

Incomes

Assets

Liabilities

The consignment outward books or journal is maintained by.

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Customers

Consignor

Consignee

Debtors

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

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