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Online Tests
Principles of Accounting Icom Part 2 English Medium Online Test MCQs With Answers
Question # 1
Income and expenditure account is credited with all.
Choose an answer
Expenses
Incomes
Assets
Liabilities
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Question # 2
The powers of company are governed by the.
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Sharehoders
Memorandum of association
Prospectus
Articles of association
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Question # 3
Current accoujts of the partners should be opened when the capital are.
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Fixed
Fluctuating
Either fixed or fluctuating
None of these
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Question # 4
A person who is elected to run the club
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Treasurer
Secretary
Chairperson
President
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Question # 5
Non- trading concern prepare.
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Profit and loss account
Income and expenditure account
Manufactureing account
None of these
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Question # 6
The unsold stock is valued at
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Original cost of the goods
Market value of the goods
Orginal cost price + proportionate direct expense incutred by the both consignor and consignee
Cost of market pric ewhich wver is the lower.
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Question # 7
A paartner who have a major investment in the firm and receive a relatively more profit is called.
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Sleeping partner
Darment partner
Senior partner
Estoppels partner
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Question # 8
The face value of the share is also known as.
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Book value
Par value
Market value
None of these
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Question # 9
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 # 10
The profit on revaluation of assts and liabilities on the retirement of the partners should be credited to the capital account of.
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All the partners
Retiring partner
Remaining partner
None of these
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Question # 11
Admission fee income should be.
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Treated as income
Capitalized
Proportionate to revenue and capitalized
None of these
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Question # 12
If the cash sales are missing they are to be ascertained by the construction of.
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Debtors account
Creditors account
Cash account
None of these
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Question # 13
Realizaton account is a.
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Nominal account
Real account
Personal account
Cash account
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Question # 14
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
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Question # 15
In income and expenditure account
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Expense are recorded on debit side
Revenues are recorded on credit side
Does not start with any opening balance
All of the above
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Question # 16
The excess of total assets over total liabilituies of a concern is called.
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Surplus
Deficit
Capital fund
Profit
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