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Online Tests
Principles of Accounting Icom Part 2 English Medium Online Test MCQs With Answers
Question # 1
At the end of the year non trading institutions prepare.
Choose an answer
Profit and loss account
Income and expenditure account
Manufacturing account
None of the above
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Question # 2
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 # 3
Depreciation under diminishing balance method ont he cost price of the fixex asset of Rs. 50.000 after two year @10% will be
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RS. 5,000
Rs. 4050
Rs.4500
Rs. 40,000
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Question # 4
In case of retirement the amount of the general reserve any other profit is credited to all partners in.
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Sacrificing Ratios
New profit sharing ratios
Old prift sharing ratios
Gaining ratios
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Question # 5
It is prepared by non-profit making organizations to determine surplus or deficit
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Trading account
Profit and loss account
Receipts and payments account
Income and expenditure account
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Question # 6
In consginee's books the payment of expense by consignee should be debited to
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Consignment account
Consignnors account
Cash account
None of these
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Question # 7
According to the decision in Garner Va. Murray rule the loss due to insolvency of a partner is be shared by solvent, partner in the.
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Capital ratios
Profit sharing ratios
Equal ratios
None of these
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Question # 8
Debenture holders are.
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Creditors
Owners
Customers of the company
Debtors
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Question # 9
The method for preparing the final accounts in trading concerns and non-profit making organizations are
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Same
Different
Easy
Difficult
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Question # 10
Debit side of income and expenditur eaccount records.
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Expenses and losses
Income and gains
Assets
Liabilities
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Question # 11
Those debentures wihch carry no security as to payment of interest or repayment of principal, are known as.
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Morigage debentures
Secured debentures
Simple or naked debentures
None of these
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Question # 12
A partner who takes an active part in the managment of the firm is called.
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Active partner
Sleeping partner
Norminal partner
Quasi partner
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Question # 13
The value of an asset at the end of the working life is called.
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Book value
Scrape value
Market value
None of these
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Question # 14
The expense incurred by the oconsignee in connection with the sale of the consignment goods are debited to.
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Consignment account
Cash account
Consignor account
None of these
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Question # 15
Closing capital in single entry system is calculated by preparing,
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Opening statement of affairs
Closing statement of affairs
Opening balance sheet
Closing balance sheet
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Question # 16
In the absence of an partnership agreement the pfofit and losses are divided by the partners in the ratio of.
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Capitals
Profit and loss ratios
Equality
Time devoted by each partner
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