Question # 1

For the firm, interest on drawing is.

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Expense

Income

Liability

None of these

In consginee's books the payment of expense by consignee should be debited to

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Consignment account

Consignnors account

Cash account

None of these

The agreement among the partners which sets out the term is which they have agreed to form a partnership is called.

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Partnership deed

Aribtrartio clause

Partnership at will

None of these

Single entry system contains,

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A daybook or general journal

A cash book

Ledger accounts for individual customers and creditors

All of the above

Reliization account is opened to find out gain or loss at the time of.

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Admisson of a new partner

Retirement of the partner

Death of the partners

None of these

Amount of to the out going partner is shown in the balance sheet as his.

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Liability

Loan

Capital

Assets

Non-profit seeking organization income and expenditure account performs the same function as profit seeking organization's

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Trading and profit and loss account

Balance sheet

Bank account

Petty cash book

In case of retirement of a partners full good will is credited to the account of.

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Only retring partner

Only remaining partners

All partners

None of these

Income and expenditure account records the transactions of

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Revenue nature

Capital nature

Revenue and capital nature

None of the these

Closing capital in single entry system is calculated by preparing,

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Opening statement of affairs

Closing statement of affairs

Opening balance sheet

Closing balance sheet

Profit on revalutin is to be caredited to old partners in their

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Sacrificing ratio

New profit shiaring ratio

Old prift sharing ratio

Equal prift sharing ratio

In consignment , the remuneration allowd to consignee for selling the goods of the consignor, is termed as.

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Salary

Wages

Profit

Commission

The debentures which does not carry any charges o the assets of the company.

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Simple debentures

Mortagage debentures

Redeemable debentures

None of these

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

Goods sent on consignment should be debited int he books of the consignor.

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Consignee account

Consignment account

Goods sen ton consignment

Consignor account

Normaly the discount on the shares should not exceed from

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Five percent

Eight percent

Twenty percent

Ten percent

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

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