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Online Tests
Principles of Accounting Icom Part 2 English Medium Online Test MCQs With Answers
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
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Question # 2
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 # 3
Amount received by the way of gift from any person or organization is called.
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Donation
Subscription
Legacy
None of these
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Question # 4
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
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Question # 5
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
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Question # 6
The debentures which are payable to bearere, are termed as.
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None transfereble
Registered debentures
Bearer debentures
Non - bearere debentures
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Question # 7
In single entry system real accounts are not maintained so the preparation of,
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Correctly
Effectively
Wrongly
Approximately
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Question # 8
In case of private company minimum numebr of sharaeholders are.
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Six
Seven
Ten
Two
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Question # 9
Receipts and payments accounts records transaction relating to.
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Current year
Past year
future year
All of the above
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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
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
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Question # 12
Depreciation is
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An Income
An expense
A loss
A liability
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Question # 13
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
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Question # 14
Good will is
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Expense
Profit
Assets
Liability
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Question # 15
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
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Question # 16
The powers of company are governed by the.
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Sharehoders
Memorandum of association
Prospectus
Articles of association
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