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Online Tests
Principles of Accounting Icom Part 2 English Medium Online Test MCQs With Answers
Question # 1
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 # 2
An income and expenditure account is.
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Normal account
Real account
Persoanl account
None of these
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Question # 3
Single entery system is most suitbale where
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Credit transactions are numerous.
Cash transactions are numerous
Cahs and credit transactions both are numerios
None of the above
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Question # 4
The documents which contains the rules and regulation for the internal management of the company is called.
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Prospectus
Articles of assocaition
Memorandum of association
Notice
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Question # 5
In the absence of an agreement partners shall
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Be paid salaries
Not to be paid the salaries
Be paid salaries by the consent of the pariners
Be paid salaris to thos who worked for the firm
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Question # 6
The consignment outward books or journal is maintained by.
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Customers
Consignor
Consignee
Debtors
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Question # 7
If any partner takes over any asset at the time of dissolution then it should be debited to.
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Partner's capital accounts
Realization account
Cash account
None of these
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Question # 8
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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Question # 9
Abnormal loss arises due to.
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Natural causes
Evaporation drying breaking in bulk
Pilferage , theft fire etc.
Some unavoidable causes
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Question # 10
Excess of liablilities over assets is an indication of .
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Solvency
Insolvency
Surplus
Profit
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Question # 11
Non-profit making organization is also known as
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Non-profit seeking concern
Non-trading concern
Trading concern
"a" and "b"
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Question # 12
Arithmetical accuracy of the books of accounts cannot be checked under.
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Single Entry system
Double entery system
None entery system
Both a and b
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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
Income and expenditur eaccount is prepared at the
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Start of the year
Mid of the year
End of the year
At the start and ed of the year
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Question # 15
The losses arise in consignment transactions, such as loss of goods in transit, theft, goods damaged or destroyed by fire etc are.
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Normal losses
Additional loss
Abnormal losses
Both abnormal and normal loss
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Question # 16
Reserve for bad and doubtful debts appearing in the books of accounts at the time of dissolution shuld be transferred to.
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Realization account
Revalution account
Debtors account
None of these
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