Question # 1

Del-credere commission is allowed to cover.

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Normal losses

Abnormal losses

Loss due to bad debts

None of these

The Decision in Garner Va. Murray was given in.

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1905

1904

1804

1933

Receipt and payment account starts with the.

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Opening balance

Ending balance

Beginning or ending balance

None of these

Single entry system is suitable where,

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Small amount of cash transactions are more

Large amount of cash transaction are more

Smallamount of cash transaction are more

Largeamount of cash transaction are more

Income and expenditure account records the transactions of

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Revenue nature

Capital nature

Revenue and capital nature

None of the these

Subcription received during the current year is.

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An income

An expenditure

An asset

An liability.

The which is calculated at the time of retirment of partner is

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Gaining ratio

Serching ratio

Capita ratio

New ratio

Receipt and payment account is prepared at the.

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Start of the year

End of the year

Mid of the financeial year

None of these

The value of the share as quoted on the stock exchange is said to be

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Par value

Book value

Cost value

Market value

Depreciation is charged at fixex rate on the reducing balance, under the.

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Written - down value method

Annuity method

Sinking fund method

Depletion method

Revaluation account is a.

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Real account

Personal account

Cash account

Nominal account

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

The amount charged to depreciation goes on declining in.

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Diminishing balance method

Fixex instaliment method

Annuity method

Depreciation fund method

the profit on consignment in the books of the consignor should be deited to.

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Consignnment account

Profit and loss account

Consignee 's account

None of these

When the goods sent on consignment are sold by the consignee the account to be debited is.

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Cash account

Consignee personal account

Consignment account

None of these

If the debit side of the recipt and payment account exceeds the credit side it represents.

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Bank over draft

Cash at bank

Surplus balnce

Deficit balance

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

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