Question # 1

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

An additional commission paid to the consignee who gurantees the payment in case of credit sale, is called.

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Bonus

Commission

Del creder commision

Credit commission

If the debit side of the recipt and payment account exceeds the credit side it represents.

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Bank over draft

Cash at bank

Surplus balnce

Deficit balance

The agreement among the partners which sets out the term is which they have agreed to form a partnership is called.

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Partnership deed

Aribtrartio clause

Partnership at will

None of these

Capital fun of non trading concern is equal to.

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Assets + Income

Assets + Liabilities

Expenditure + Liabilities.

Assets - Liabilities

Revaluation loss should be debited to.

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Revaluation account

All partners capital account

Old partners capital accounts

New partners capital account

In increased net worth method, profit or loss is calculated by preparing,

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Income and expenditure account

Profit and loss account

Statement of profit or loss

Balance sheet

Lagacies are generally treated as.

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Income

Capitalized

Assets

Liability

The amount charged as depreciation goes on declining in

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Depletion fund method

Auunity method

Diminishing balance method

Straiight line method

Receipts and payments accounts records transaction relating to.

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Current year

Past year

future year

All of the above

Ordinary shares are also known as.

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Equity shares

Deffered shares

Bonus shares

Preference shares

Subscription Received in advance is.

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An income

An assets

Liability

An expenditure

Equity share holders are.

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Creditors

Owners

Customers of the company

Debtors of the company

The sum total of the nominal vaue of shares of company is called is.

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Issued capital

Subscribed capital

Share capital

Called up capital

Profit of revaluation should be credited to.

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Revaluation account

Liabilites accounts

Old partners capital accounts

Assets accounts

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

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