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Online Tests
Principles of Accounting Icom Part 2 English Medium Online Test MCQs With Answers
Question # 1
In non-profit making organization final accounts contains
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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
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Question # 2
Net worth is equal to,
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Assets - Liabilities
Liabilities - Assets
Liabilities + Capital
Capital + Assets
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Question # 3
When the incoming partner pays the firm for good willin cash the amount should be debited to firms books to.
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Good will accounts
Cash Account
Capital account of the incoming partner
All of the above
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Question # 4
When the cash is received from the sale of the goods by the consigneee on behalf the consignor then it will be debited to.
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Cash account
Consignor 's personal account
Consignment account
None of these
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Question # 5
On the admission of a new partneer the decreasein the value of assets is debited to.
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Revaluation account
Assets account
Old parner's capital account
New partner capital account
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Question # 6
Subscription otstanding in the beginning are shown in the
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Trading account
Income and expenditure account
Balance sheet
Profit and loss account
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Question # 7
Sacrificing rations are equal to.
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Capital Ratios- New ratios
Old ratios - New ratios
New ratio - old ratios
None of these
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Question # 8
The dividend paid to the shareholders during the finaincial year is.
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Final dividend
Interim divident
Unclaimed divident
Proposed dividend
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Question # 9
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
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Question # 10
The depreciation charged to motor car account will be debited to.
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Depreciation account
Motor car account
Cash account
None of these
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Question # 11
The losses arise in consignment transactions, such as loss of goods in transit, theft, goods damaged or destroyed by fire etc are.
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Normal losses
Additional loss
Abnormal losses
Both abnormal and normal loss
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Question # 12
The figure of the bills receivable can be worked out from.
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Total debtors account
Total creditors account
Trail balance
Balance sheet
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Question # 13
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
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Question # 14
Registraion of the firm.
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It is legally necessary
It is optional
It depends on the will of the partners
It depends uopon the will of theemployee
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Question # 15
In case of dissolution, assets sold for cash are debited to.
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Realization account
Cash account
Assets account
None of these
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Question # 16
In case of del creder commission the liability of bad debts is on
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Consignee
Consignor
Both on consignee and consignor
None of the above
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