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Online Tests
Principles of Accounting Icom Part 2 English Medium Online Test MCQs With Answers
Question # 1
The balance of realization account is transferred to the capital accounts of the partners in.
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Capital ratio
Equality
Interest ratio
Profit sharing ratio
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Question # 2
The relation ship between consignor and consignee is thet of.
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Buyer and seller
Debtorsde creditor
Whole seller or retailer
Principal and agent
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Question # 3
Depreciation written off on fixed assets should be recorded in the.
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Income and expenditure account only
Receipt and payment account only
Receipt and payment account and banalce sheet
Income and expenditure account and balance sheet.
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Question # 4
When the incoming partner pays the firm for good willin cash the amount should be debited to firms books to.
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Good will accounts
Cash Account
Capital account of the incoming partner
All of the above
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Question # 5
The assets which have not got physical existence are called.
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Intangible assets
Intangible fixed assets
Current assets
Tangible fixed assets
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Question # 6
The sum total of the nominal vaue of shares of company is called is.
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Issued capital
Subscribed capital
Share capital
Called up capital
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Question # 7
Sacrificing rations are equal to.
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Capital Ratios- New ratios
Old ratios - New ratios
New ratio - old ratios
None of these
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Question # 8
The powers of company are governed by the.
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Sharehoders
Memorandum of association
Prospectus
Articles of association
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Question # 9
In consignmetn all the expenses either paid by the consiger himself or by the consignee are born by the.
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Consignor
purchaser
Consignee
None of these
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Question # 10
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 # 11
Depreciation under diminishing balance method ont he cost price of the fixex asset of Rs. 50.000 after two year @10% will be
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RS. 5,000
Rs. 4050
Rs.4500
Rs. 40,000
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Question # 12
In the absence of any agreement Reserve on dissolution of a partnership firm is credited to the partners.
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In capital ratio
In profit sharing ratio
Equality
None of these
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Question # 13
In cash of net worth method of sigle entery system net profikt is ascertained by.
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Prepareing the trading and profit and account
By cimparing the capitals in the beginning and at the end of the accounting period.
Capital closing + Drawing - fresh capital - opening capital
Capital opening+ Drawing - fresh capital-closing stock
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Question # 14
Joint stock company is an Artificaial person created by
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Law
Federal Govt
Registrar
Employees
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Question # 15
Subscription Received in advance is.
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An income
An assets
Liability
An expenditure
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Question # 16
A person who is elected to run the club
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Treasurer
Secretary
Chairperson
President
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