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Online Tests
Principles of Accounting Icom Part 2 English Medium Online Test MCQs With Answers
Question # 1
the activities of non -trading concern are managed by the.
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Directors
Member
governing body
Promoters
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Question # 2
The maximum number of member in case of public limited company can be
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Forty
Fifty
Sixty
No restriction on maximum number
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Question # 3
Acceptance received durinthe period must be debited to bills receivable account and credited to.
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Total bills receivable account
Total debtors account
total cash account
Total bills receivabel account
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Question # 4
The liability of the shareholder of a public limited company is.
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Unlimited
Limited
Compulsory
None of these
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Question # 5
In case of los on revaluation of assets and liabilities should be debited to.
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Retiring partners capital accounts
All partners capital accounts
Remaining patners capitala account
None of these
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Question # 6
Non-profit making organizations
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Buy goods
Manufacture goods
Sell goods
None of these
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Question # 7
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 # 8
Consignee account is of the natur eof.
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Personal account
Nominal account
Real account
None of these
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Question # 9
In the absence of an agreement partners shall
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Be paid salaries
Not to be paid the salaries
Be paid salaries by the consent of the pariners
Be paid salaris to thos who worked for the firm
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Question # 10
Maximum numebr of the partners in an ordinary Partinership.
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Ten partners
Twentry partners
Thirty partners
Fourth partners
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Question # 11
Bills payable issued durint the period must be debited to total creditors account credited to.
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Bills payable account
Bills receivable account
Debtora account
Cash account
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Question # 12
Subscription Received in advance is.
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An income
An assets
Liability
An expenditure
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Question # 13
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 # 14
The amount of good will broght in cash by nw partner will be credited to old partner in.
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Gaining Ratio
New Ratio
Old Ratio
Sacrifice Ratio
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Question # 15
Depreciation caused by some external amoutn of anual depreciation gradully.
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Increase
Decrease
Remain constant
None of these
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Question # 16
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
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