Question # 1

The person who sends the goods to his agent for the purpose of sale is called.

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Consignor

Consignee

Debtor

Creditor

In case of dissolution if there is any undivided profit are reserve should be credited to.

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Partners capital accounts

Realization accounts

Reserve account

Revaluation accounts

The gradual decrease in the value of the fixex assets due to its use in the business is called.

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Depreciation

Depletion

Amorization

Fluctuation

In appearance, the statement of affairs, is similar to a.

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Balance sheet

Profit and loss account

Trading account

Bank Reconciliation statement

Donation receivedin heavy amount are treated as.

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Revenue

Capitaized

Liability

Assets

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

Interest on dividend is paid.

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At the end of financial period

During the fiancancial year

At the time of incorporation

At the time of winding of company

In increased net worth method, profit or loss is calculated by preparing,

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Income and expenditure account

Profit and loss account

Statement of profit or loss

Balance sheet

Income and expenditure account is credited with all.

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Expenses

Incomes

Assets

Liabilities

The rules and regulation foverning the internal management and administration of the company are called.

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Memorandum of assocaition

Articles of association

Prospectus

None of these

Non-profit seeking organization income and expenditure account performs the same function as profit seeking organization's

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Trading and profit and loss account

Balance sheet

Bank account

Petty cash book

If any partner takes over any asset at the time of dissolution then it should be debited to.

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Partner's capital accounts

Realization account

Cash account

None of these

When the goods sent on consignment are sold by the consignee the account to be debited is.

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Cash account

Consignee personal account

Consignment account

None of these

Kind of company is.

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2

3

4

5

In cash book

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Each entry is followed by narration

Ledger reference is recorded

Each transaction is recorded in chronological order

All of the above

Amount due to the deceased partner is generally transferred to

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Executor's loan

Profit and loss accounts

Capital account

None of thess

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

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