Question # 1

A prospectus for subscription of shares can be issued only by.

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Public company

A private company

Both public and private company

None of these

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

Amount received by the way of gift from any person or organization is called.

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Donation

Subscription

Legacy

None of these

If the cash sales are missing they are to be ascertained by the construction of.

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Debtors account

Creditors account

Cash account

None of these

Partner's capital are affected due to.

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Admission of a partner

Retirement of the partner

Death of a partner

All of the above

The debentures which are payable to bearere, are termed as.

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None transfereble

Registered debentures

Bearer debentures

Non - bearere debentures

In single entry system real accounts are not maintained so the preparation of,

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Correctly

Effectively

Wrongly

Approximately

In case of private company minimum numebr of sharaeholders are.

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Six

Seven

Ten

Two

Receipts and payments accounts records transaction relating to.

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Current year

Past year

future year

All of the above

Non-profit seeking organizations prepare

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Manufacturing account

Trading account

Income and expenditure account

Profit and loss account

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

Depreciation is

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An Income

An expense

A loss

A liability

When the cash is received from the sale of the goods by the consigneee on behalf the consignor then it will be debited to.

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Cash account

Consignor 's personal account

Consignment account

None of these

Good will is

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Expense

Profit

Assets

Liability

As per the decision in Garner Va. Murray the solvent partner bring in cash equal to their share of.

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Realization loss

Profit ratio

Capital ratio

None of these

The powers of company are governed by the.

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Sharehoders

Memorandum of association

Prospectus

Articles of association

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

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