Question # 1

The difference of the two sides of receipt and payment account represents.

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Opening cash balance

Closing cash or bank balance

Opening bank balance

None of these

On retirement of a partner the share of a retiring partner is taken by.

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Remaining partner

New partner

Legal representator or retiring partner

None of these

Under which method the book value of the fixed assets acn be reduce to zero after certain year

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Diminishing balance method

Straght line method

Depreciation find fond

Deflation method

The opening and closing balance of bills Receivable can be calculated by preparing the.

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Total debtors accounts

Total creditors account

Bills Recivable accounts

Salaes accounts

Dividend is calculated on.

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Registered capital

Issue Capital

Paid up Capital

Subscribed Capital

Income and expenditure account is usually accompanied by.

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Trail balance

Balance sheet

Cash book

None of these

At the time of dissolution, all the assets of the firm are transfered in the realization account at.

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Market value

Book value

Cost value

Bale value

The amount charged as depreciation goes on declining in

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Depletion fund method

Auunity method

Diminishing balance method

Straiight line method

The consignee acts entirely on behalf of the

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Debtors

Creditors

Customer

Principal or consignor

Good will is

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Expense

Profit

Assets

Liability

A person whoinvest the minor portion of capital in the business and so he has small share in the profit is called.

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Senior partner

Junior partner

quast partner

Nominal patner

The account of non trading concern are generally maintained according to.

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Mereantile accounging system

Double entry system of book keeping

Cash accounting system

None of the above

The method is specially suited to natural surces is said to be

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Annuity method

Depletion method

Revalution method

Sum of digit method

Bad debt written off always affect the

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Deblor's account

Creditors account

Cash account

All of the above

Which of the following method is suitable for charging depreciation an machinery and furniture.

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Straight line method

Diminishing balance method

Depreciation on fixed method

Annuity method

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

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