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Online Tests
Principles of Accounting Icom Part 2 English Medium Online Test MCQs With Answers
Question # 1
In the absence of any agreement Reserve on dissolution of a partnership firm is credited to the partners.
Choose an answer
In capital ratio
In profit sharing ratio
Equality
None of these
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Question # 2
Consignment signifies.
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Goods despatched by the owner to his agent
Goods forwarded by the creditor to his debtor
Goods forwarded from one place to another
Goods sent by the owner to his agent for the purpose of sale.
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Question # 3
Under the straight line method of charging depreciation, the amount of deperciation .
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Decrease every year
Increase every year
Remain constant every year
None of the above
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Question # 4
Profit on revalutin is to be caredited to old partners in their
Choose an answer
Sacrificing ratio
New profit shiaring ratio
Old prift sharing ratio
Equal prift sharing ratio
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Question # 5
On the dissolution of the partnership unrecorded assets if takes away by the partners is debited to.
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Realization account
Partners capital account
Assets account
None of these
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Question # 6
The main sources of income of for on -trading concern is.
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Subscriptions
Donations
Sales
Dividends on investment
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Question # 7
The part of the issued capital which has been taken up or subscribed by the public is called
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Issued capital
Authorized capital
Subscribed capital
Paid up capital
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Question # 8
Which of the following term is used for the depreciation of wasting assets such as timber tree, mines, oil wells etc.
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Depreciation
Depletion
Amortization
None of these
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Question # 9
The depreciation charged to motor car account will be debited to.
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Depreciation account
Motor car account
Cash account
None of these
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Question # 10
Non-profit seeking organizations prepare
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Manufacturing account
Trading account
Income and expenditure account
Profit and loss account
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Question # 11
Revaluation loss should be debited to.
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Revaluation account
All partners capital account
Old partners capital accounts
New partners capital account
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Question # 12
As per the decision in Garner Va. Murray the solvent partner bring in cash equal to their share of.
Choose an answer
Realization loss
Profit ratio
Capital ratio
None of these
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Question # 13
Single entry system contains,
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A daybook or general journal
A cash book
Ledger accounts for individual customers and creditors
All of the above
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Question # 14
Excess of liablilities over assets is an indication of .
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Solvency
Insolvency
Surplus
Profit
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Question # 15
To calculate the value of capital both at the beginning and at the end of year in single entry system we prepare,
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Balance sheet
Trading account
Trial balance
Statement of affairs
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Question # 16
The person who take the initaiative in the matter of formation of a company are known as the.
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Promoters
Share holder
Director
Registered
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