Question # 1

If any partner takes the responsibility to pay the liabilities of the firm at the time of dissolution then it should be credited to.

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Partner's capital account

Realization account

Liabilities accounts

Cash accounts

If all the partners but one is solvent it is.

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Compulsory dissolution of firm

Dissolution by agreement

Or may not cause dissolution

None of these

In single entry it is not possible to prepare

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Trial balance

Trading account

Profit and loss account

Balance sheet

In the books of consignee the sale of goods by the consigee credited to.

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Sales account

Consignor account

Consignee's account

None of these

The objective of charging depreciation on fixed assets is.

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Calculate the true net profit

To provide funds for the replacement

To redue the tax libility

All of the above

Under the conversion method of single entry credit salea are ascertained by preparing the.

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Total debtors account

Total creditors account

Total cash account

Total bills receivable account

The owner of the partnership are called as.

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Member

Partners

Share holder

None of these

On retirement of a partner the share of a retiring partner is taken by.

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Remaining partner

New partner

Legal representator or retiring partner

None of these

The partnership may come to an end due to the

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Death of a partner

Involvency of a partner

Both of the above

None of these

Partnership is formed under the act of.

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1984

1932

1912

1962

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

The amount of share capital which a company is authroxzed to raise is called.

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Subscribed capital

Issued capital

Authorized capital

Paid up capital

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

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Consignor

Consignee

Debtor

Creditor

Which of the following method is suitable for charging depreciation an machinery and furniture.

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Straight line method

Diminishing balance method

Depreciation on fixed method

Annuity method

The Decision in Garner Va. Murray was given in.

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1905

1904

1804

1933

The account of non trading concern are generally maintained according to.

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Mereantile accounging system

Double entry system of book keeping

Cash accounting system

None of the above

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