Question # 1

Acceptance received durinthe period must be debited to bills receivable account and credited to.

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Total bills receivable account

Total debtors account

total cash account

Total bills receivabel account

A new partner may be admitted to a partnership.

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With the consent of all the partners

With the consent of any one of the partners

With consent of two third the old partners

Without the consent of old partners

Amount due to the deceased partner is generally transferred to

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Executor's loan

Profit and loss accounts

Capital account

None of thess

Depreciation caused by some external amoutn of anual depreciation gradully.

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Increase

Decrease

Remain constant

None of these

Profit on revalutin is to be caredited to old partners in their

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Sacrificing ratio

New profit shiaring ratio

Old prift sharing ratio

Equal prift sharing ratio

Under annuity method the amount of depreciation is.

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Increasing every year

Decreasing every year

Fixed for all the year

None of these

Another name of diminishing balance method of depreciation is the

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Reducing balance method

Sinking fund method

Straight line mehod

Revaluation method

Joint stock company is an Artificaial person created by

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Law

Federal Govt

Registrar

Employees

Partnership is formed under the act of.

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1984

1932

1912

1962

Bad debt written off always affect the

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Deblor's account

Creditors account

Cash account

All of the above

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

Under the straight line method of charging depreciation, the amount of deperciation .

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Decrease every year

Increase every year

Remain constant every year

None of the above

The which is calculated at the time of retirment of partner is

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Gaining ratio

Serching ratio

Capita ratio

New ratio

Those debentures which carry no security as to payment of interest or repayment of principal, are known as.

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Morgagage debentures

Secured debentures

Simple of naked debentures

None of these

In case of private company minimum numebr of sharaeholders are.

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Six

Seven

Ten

Two

Consignment account is in the nature of.

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Profit and loss account

Real account

Personal Account

None of these

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

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