Question # 1

In non-profit making organization final accounts contains

Choose an answer

Income and expenditure account and balance sheet

Receipts and payments account and balance sheet

Receipts and payments account and statement of affairs

Profit and loss account and balance sheet

Net worth is equal to,

Choose an answer

Assets - Liabilities

Liabilities - Assets

Liabilities + Capital

Capital + Assets

When the incoming partner pays the firm for good willin cash the amount should be debited to firms books to.

Choose an answer

Good will accounts

Cash Account

Capital account of the incoming partner

All of the above

When the cash is received from the sale of the goods by the consigneee on behalf the consignor then it will be debited to.

Choose an answer

Cash account

Consignor 's personal account

Consignment account

None of these

On the admission of a new partneer the decreasein the value of assets is debited to.

Choose an answer

Revaluation account

Assets account

Old parner's capital account

New partner capital account

Subscription otstanding in the beginning are shown in the

Choose an answer

Trading account

Income and expenditure account

Balance sheet

Profit and loss account

Sacrificing rations are equal to.

Choose an answer

Capital Ratios- New ratios

Old ratios - New ratios

New ratio - old ratios

None of these

The dividend paid to the shareholders during the finaincial year is.

Choose an answer

Final dividend

Interim divident

Unclaimed divident

Proposed dividend

Opening capital is calculated by taking the difference between,

Choose an answer

Opening assets and closing assets

Opening assets and closing liabilities

Opening assets and Opening liabilities

Closing assets and closing liabilities

The depreciation charged to motor car account will be debited to.

Choose an answer

Depreciation account

Motor car account

Cash account

None of these

The losses arise in consignment transactions, such as loss of goods in transit, theft, goods damaged or destroyed by fire etc are.

Choose an answer

Normal losses

Additional loss

Abnormal losses

Both abnormal and normal loss

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

Choose an answer

Total debtors account

Total creditors account

Trail balance

Balance sheet

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

Choose an answer

Capital ratio

Equality

Interest ratio

Profit sharing ratio

Registraion of the firm.

Choose an answer

It is legally necessary

It is optional

It depends on the will of the partners

It depends uopon the will of theemployee

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

Choose an answer

Realization account

Cash account

Assets account

None of these

In case of del creder commission the liability of bad debts is on

Choose an answer

Consignee

Consignor

Both on consignee and consignor

None of the above

More Classes

Other Links

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

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer