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Online Tests
Principles of Accounting Icom Part 2 English Medium Online Test MCQs With Answers
Question # 1
An income and expenditure account is.
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Normal account
Real account
Persoanl account
None of these
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Question # 2
the activities of non -trading concern are managed by the.
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Directors
Member
governing body
Promoters
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Question # 3
The relation ship between consignor and consignee is thet of.
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Buyer and seller
Debtorsde creditor
Whole seller or retailer
Principal and agent
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Question # 4
In the absence of an agreement, the share of new partner in patnership will be.
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In the portion of capital
Equal
According to work
None of the above
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Question # 5
Account salesis submitted by.
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Teh consignor to the consignee
The consignee to the consignor
the debtor to the creditors
The principle to his agent
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Question # 6
The objective of charging depreciation on fixed assets is.
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Calculate the true net profit
To provide funds for the replacement
To redue the tax libility
All of the above
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Question # 7
The document which contains the fundamental conditions of incorporation and the obejedcts for which the company was formed is called.
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Memorandum of association
Article of association
Prospectus
None of he above
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Question # 8
When a firm dissolved with the consent of all the partners it is called.
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Dissolution by notice
Dissolution by agreement
Dissolution by court
Compulsory dissolution
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Question # 9
In single entry system real accounts are not maintained so the preparation of,
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Correctly
Effectively
Wrongly
Approximately
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Question # 10
Under aunuity method, the annual charger for depreciation wil be debited to.
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Assets account
Depreciation account
Interest account
None of these
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Question # 11
The investment in partners capital accounts is to be credited to.
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Partners capital accounts
Profit and loss account
Interest account
None of these
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Question # 12
In consignment , the remuneration allowd to consignee for selling the goods of the consignor, is termed as.
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Salary
Wages
Profit
Commission
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Question # 13
Single entry system is generally adopted by,
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Small business concerns
Large business concerns
Medium business concerns
All of the above
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Question # 14
Non-profit making organizations
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Buy goods
Manufacture goods
Sell goods
None of these
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Question # 15
The income and expenditure account begins with.
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Opening debit balance
Opening credit balance
Opening balance
None of these
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Question # 16
The profit earned prior to the date of incorporatin is.
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Revenue profit
Capital profit
Capital gain
Revenue gain
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