Question # 1

In single entry system ledger contains the accounts of,

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Debtors, creditors and cash

Wages and carriage

Salaries and insurance

Assets and liabilities

Good will is

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Expense

Profit

Assets

Liability

A situation where a company receives more application than actual number of shares offered to the public for subscriptions is termed as.

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Oversubscription

Udner subscription

No subscripition

None of these

Under diminhing balance method, depreciationis calculated on.

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The original cost

The scrape value

Book value

All of the above

Unclaimed dividend is shown as.

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Asset

Liability

Deduction from paid up capital

None of these

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

Income and expenditure account records the transactions of

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Revenue nature

Capital nature

Revenue and capital nature

None of the these

If the price required to be paid to the company for the share is equal to the nominal value of that share it is called.

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At discount

At premium

At par

None of these

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

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Remaining partner

New partner

Legal representator or retiring partner

None of these

Depreciation fund method is also known as.

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Sinking fund method

Annuity method

Sum- of year's digit method

None of these

Generatal reserve at the time of dissolution is transferred to

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All partners capital accounts

Realization account

Solvent partners capital account

Insolvent patner's capital 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

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

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Realization account

Cash account

Assets account

None of these

A person whoinvest the minor portion of capital in the business and so he has small share in the profit is called.

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Senior partner

Junior partner

quast partner

Nominal patner

Receipts and payments account records transaction relating to

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Past year

Future year

Present year

All of the above

Joint stock company is an Artificaial person created by

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Law

Federal Govt

Registrar

Employees

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

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