Question # 1

Premium on issue of share is a.

Choose an answer

Capital profit

Business loss

Revenue profit

Revenue loss

Where a partner become unsound mind the dissolution is considered as.

Choose an answer

Dissolution by court

Dissolution by Notice

Dissolution by agreement

Compulsory dissolution

Commission due to the consignee is calculated on.

Choose an answer

Credit sales only

Cash sales only

Total sales

None of these

Single entry systme can bot be maintained by.

Choose an answer

Sole owner

Partnership concern

Joint stock companies

All of the above

The gaining ratio are calculated on.

Choose an answer

Admissionof a partner

Death of a partner

Retirement of a partner

None of these

The profit earned prior to the date of incorporatin is.

Choose an answer

Revenue profit

Capital profit

Capital gain

Revenue gain

The amount charged as depreciation goes on declining in

Choose an answer

Depletion fund method

Auunity method

Diminishing balance method

Straiight line method

Income and expenditur eaccount is prepared on.

Choose an answer

Cash basis

Accrual basis

Cahs of accural basis

None of these

The shares of public limited company are.

Choose an answer

Not refundable

Not tanserable

Transferable

No allotable

Realizaton account is a.

Choose an answer

Nominal account

Real account

Personal account

Cash account

the activities of non -trading concern are managed by the.

Choose an answer

Directors

Member

governing body

Promoters

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

Choose an answer

Remaining partner

New partner

Legal representator or retiring partner

None of these

If the good will raised at the time of retirement of a partner is to be written off, then the capital accounts of the remaiing partners are debited in.

Choose an answer

Capital ratio

Old profit sharing ratio

New profit shiaring ratio

None of these

The parties involves in the consignment are.

Choose an answer

Two

Three

Four

Five

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

Choose an answer

Realization account

Cash account

Assets account

None of these

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

Choose an answer

Straight line method

Diminishing balance method

Depreciation on fixed method

Annuity method

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