Question # 1

If some proparty is owned jointly with out any attention to carry on a business it is called.

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Partnership

Co- ownership

Sole ownership

Agency

A company in which memebr gives a guarantee to contribute a specified sum to the company of its being wound up is called.

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Limited company

Un limited company

Company limited by guarantee

Chartered company

In single entrey system statements of assets and liabilities is called.

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Balance sheet

Statement of Affair

Trial balance

Income statement

Consignor is also called.

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Principal

Agent

Debtor of the consignee

Creditor of the consignee

The liability of the shareholder of a public limited company is.

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Unlimited

Limited

Compulsory

None of these

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

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Same

Different

Easy

Difficult

The debentures which does not carry any charges o the assets of the company.

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Simple debentures

Mortagage debentures

Redeemable debentures

None of these

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

Reserve for bad and doubtful debts appearing in the books of accounts at the time of dissolution shuld be transferred to.

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Realization account

Revalution account

Debtors account

None of these

At the time of dissolution, all the assets of the firm are transfered in the realization account at.

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Market value

Book value

Cost value

Bale value

Depreciation is charged at fixex rate on the reducing balance, under the.

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Written - down value method

Annuity method

Sinking fund method

Depletion method

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

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Final dividend

Interim divident

Unclaimed divident

Proposed dividend

Non- trading concern prepare.

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Profit and loss account

Income and expenditure account

Manufactureing account

None of these

Interest on drawing is debited to.

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Partners capital accounts

Profit and loss account

Interest account

None of these

Ordinary shares are also known as.

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Equity shares

Deffered shares

Bonus shares

Preference shares

Equity share holders are.

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Creditors

Owners

Customers of the company

Debtors of the company

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

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