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Online Tests
Principles of Accounting Icom Part 2 English Medium Online Test MCQs With Answers
Question # 1
Receipt and payment account starts with the.
Choose an answer
Opening balance
Ending balance
Beginning or ending balance
None of these
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Question # 2
Income and expenditure account is credited with all.
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Expenses
Incomes
Assets
Liabilities
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Question # 3
Income and expenditure account is debited with all.
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Expenses
Incomes
Liabilities
Assets
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Question # 4
At the time of dissolution, all the assets of the firm are transfered in the realization account at.
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Market value
Book value
Cost value
Bale value
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Question # 5
Un recorded liability when paid on dissolution of the firmis debited to.
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Realization account
Liability account
Partners capital account
None of these
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Question # 6
Share applicaton account is in the nattur eof.
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Real account
Personal account
Nominal account
None of the above
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Question # 7
The figure of the credit purchase can be worked out.
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Total debtors account
Total creditors account
Cash book
Balance sheet
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Question # 8
Income and expenditure account shows
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Cash in hand
Surplus or deficit
Cash at bank
Capital account
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Question # 9
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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Question # 10
Under annuity method the amount of depreciation is.
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Increasing every year
Decreasing every year
Fixed for all the year
None of these
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Question # 11
The system in whihc accounting records are not kept strictly according to the double entery principle of book keeping is called.
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Single , entery system
Accrual system
Double enterysystem
Cash system
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Question # 12
A paatner who invests capital inthe business but does not take active part in the conduct of the business is called.
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Active partner
Sleeping partner
Secrete partner
None of these
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