Question # 1

In the absence of an agreemetn, interest on loan advanced by the partner to the firm is allowd at the rate of.

Choose an answer

5 persent

6 persent

8 persent

9 persent

Kind of company is.

Choose an answer

2

3

4

5

If the good will raised at the time of retirement of a partner is to be written off, then the capital accounts of the remaiing partners are debited in.

Choose an answer

Capital ratio

Old profit sharing ratio

New profit shiaring ratio

None of these

When the capitals of the partners arr not allowed to change during the life time of the business except in extra ordinary circumslancer then they are called.

Choose an answer

Fluctuating capitals

Fixed capitals

Current capitals

None of these

The extra amount charged fromt he new partner over and above the capital is for.

Choose an answer

Purchase of Machinery

Good will

Purchaser of furniture

Payment of liabilities

The excess of total assets over total liabilituies of a concern is called.

Choose an answer

Surplus

Deficit

Capital fund

Profit

Depreciation is

Choose an answer

An Income

An expense

A loss

A liability

Example of non-profit making organization

Choose an answer

Fan factory

Sugar industry

Hospital

Shoe factory

A statement of assets and liabilities is prepared under the single entery system is called.

Choose an answer

Balance sheet

Financial statement

Statement of affair

Cash transaction

Arithmetical accuracy of the books of accounts cannot be checked under.

Choose an answer

Single Entry system

Double entery system

None entery system

Both a and b

To calculate the true net profit or net loss in single entry system it is necessary that the amount of fresh capital should be subtracted from,

Choose an answer

Adjusted closing capital

Closing capital

Cash in hand

Cash at bank

The consignee acts entirely on behalf of the

Choose an answer

Debtors

Creditors

Customer

Principal or consignor

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.

Choose an answer

Capital ratios

Profit sharing ratios

Equal ratios

None of these

The persons who have entered two partnership are individually called.

Choose an answer

Agents

Partners

A firm

Vendor

Ordinary shares are also known as.

Choose an answer

Equity shares

Deffered shares

Bonus shares

Preference shares

In cash of net worth method of sigle entery system net profikt is ascertained by.

Choose an answer

Prepareing the trading and profit and account

By cimparing the capitals in the beginning and at the end of the accounting period.

Capital closing + Drawing - fresh capital - opening capital

Capital opening+ Drawing - fresh capital-closing stock

More Classes

Other Links

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

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer