Question # 1

Under the diminishing balance method the depreciationis calculated on .

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Book value

Original value

Residual value

None of these

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

If all the partners but one is solvent it is.

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Compulsory dissolution of firm

Dissolution by agreement

Or may not cause dissolution

None of these

At the end of the year non trading institutions prepare.

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Profit and loss account

Income and expenditure account

Manufacturing account

None of the above

Revaluation loss should be debited to.

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Revaluation account

All partners capital account

Old partners capital accounts

New partners capital account

If the good will raised at the time of retirement of a partner is to be written off, then the capital accounts of the remaiing partners are debited in.

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Capital ratio

Old profit sharing ratio

New profit shiaring ratio

None of these

In case of los on revaluation of assets and liabilities should be debited to.

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Retiring partners capital accounts

All partners capital accounts

Remaining patners capitala account

None of these

Due to fresh capital introduced during the year, the closing capital will,

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Increase

Decrease

Constant

Multiply

Income and expenditure account is equivalent to the.

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Receipt and payment account

Balance sheet

Cash book

Profit and loss account

The amount paid to person who was invited to deliver a lecture in a club is known as.

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Hoorarium

Salary

Wages

None of these

When a new partner is admitted with out the consent of the old partner.

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Partnership will be dissolved

Will value

Agreed value

None of these

How many methods are available to calculate the profit or loss under single entry system,

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One

Two

Three

Four

The amount payable to the retiring partner is shown in the balance sheet of partnership as.

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Capital

Loan

Investment

Assets

In case of retirement when the good will raised with retiring partner written off among the remaining partner.

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In gaiing ratios

Sacrifing ratios

Capital ratios

New ratio

Good will is

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Expense

Profit

Assets

Liability

Consignment account is in the nature of.

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Profit and loss account

Real account

Personal Account

None of these

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

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