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Online Tests
Principles of Accounting Icom Part 2 English Medium Online Test MCQs With Answers
Question # 1
Acceptance received durinthe period must be debited to bills receivable account and credited to.
Choose an answer
Total bills receivable account
Total debtors account
total cash account
Total bills receivabel account
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Question # 2
A new partner may be admitted to a partnership.
Choose an answer
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
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Question # 3
Amount due to the deceased partner is generally transferred to
Choose an answer
Executor's loan
Profit and loss accounts
Capital account
None of thess
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Question # 4
Depreciation caused by some external amoutn of anual depreciation gradully.
Choose an answer
Increase
Decrease
Remain constant
None of these
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Question # 5
Profit on revalutin is to be caredited to old partners in their
Choose an answer
Sacrificing ratio
New profit shiaring ratio
Old prift sharing ratio
Equal prift sharing ratio
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Question # 6
Under annuity method the amount of depreciation is.
Choose an answer
Increasing every year
Decreasing every year
Fixed for all the year
None of these
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Question # 7
Another name of diminishing balance method of depreciation is the
Choose an answer
Reducing balance method
Sinking fund method
Straight line mehod
Revaluation method
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Question # 8
Joint stock company is an Artificaial person created by
Choose an answer
Law
Federal Govt
Registrar
Employees
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Question # 9
Partnership is formed under the act of.
Choose an answer
1984
1932
1912
1962
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Question # 10
Bad debt written off always affect the
Choose an answer
Deblor's account
Creditors account
Cash account
All of the above
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Question # 11
The figure of the bills receivable can be worked out from.
Choose an answer
Total debtors account
Total creditors account
Trail balance
Balance sheet
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Question # 12
Under the straight line method of charging depreciation, the amount of deperciation .
Choose an answer
Decrease every year
Increase every year
Remain constant every year
None of the above
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Question # 13
The which is calculated at the time of retirment of partner is
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Gaining ratio
Serching ratio
Capita ratio
New ratio
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Question # 14
Those debentures which carry no security as to payment of interest or repayment of principal, are known as.
Choose an answer
Morgagage debentures
Secured debentures
Simple of naked debentures
None of these
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Question # 15
In case of private company minimum numebr of sharaeholders are.
Choose an answer
Six
Seven
Ten
Two
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Question # 16
Consignment account is in the nature of.
Choose an answer
Profit and loss account
Real account
Personal Account
None of these
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