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Online Tests
Principles of Accounting Icom Part 2 English Medium Online Test MCQs With Answers
Question # 1
Lagacies are generally treated as.
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Income
Capitalized
Assets
Liability
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Question # 2
Receipts and payments account records the transactions of
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Revenue nature
Capital nature
Revenue and capital nature
None of these
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Question # 3
Teh single entry system of book keeping is generay followed by
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Small business concern
Large Business concern
Non trading concern
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
Unclaimed dividend is shown as.
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Asset
Liability
Deduction from paid up capital
None of these
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Question # 6
If the price required to be paid to the company for the share is equal to the nominal value of that share it is called.
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At discount
At premium
At par
None of these
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Question # 7
Single entry system is suitable where,
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Small amount of cash transactions are more
Large amount of cash transaction are more
Smallamount of cash transaction are more
Largeamount of cash transaction are more
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Question # 8
The losses arise in consignment transactions, such as loss of goods in transit, theft, goods damaged or destroyed by fire etc are.
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Normal losses
Additional loss
Abnormal losses
Both abnormal and normal loss
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Question # 9
Non-profit making organization is also known as
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Non-profit seeking concern
Non-trading concern
Trading concern
"a" and "b"
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Question # 10
Capital fun of non trading concern is equal to.
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Assets + Income
Assets + Liabilities
Expenditure + Liabilities.
Assets - Liabilities
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Question # 11
The dividend paid to the shareeholders duirng the financial year is.
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Redeemable debentures
Irredeemable debentures
Repayable debebtures
None of these
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Question # 12
The owner wquity in a company is commonly called.
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Shareholder equity
promotors equity
Directors equity
None of these
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Question # 13
Receipts and payments account records transaction relating to
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Past year
Future year
Present year
All of the above
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Question # 14
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
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Question # 15
The objective of charging depreciation on fixed assets is.
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Calculate the true net profit
To provide funds for the replacement
To redue the tax libility
All of the above
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Question # 16
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
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