Question # 1

The total amount recived by the company out of the totla called up amount is known as the.

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Called up capital

Paid up capital

Issued capital

Reserve capital

The depreciation charged to motor car account will be debited to.

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Depreciation account

Motor car account

Cash account

None of these

The owner of the partnership are called as.

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Member

Partners

Share holder

None of these

A situation where a company receives application for a less number of shares than offered to the public for subscription is termed as.

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Oversubscription

Under subscription

No subscription

None of these

Excess of assets over liabilities is an indication of.

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Solvency

Insolvency

Deficiency

Loss

It is prepared by non-profit making organizations to determine surplus or deficit

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Trading account

Profit and loss account

Receipts and payments account

Income and expenditure account

In single entery system only.

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Personal account are maintained

Real account are maintained

Nominal accounts are maintained

None of the above

Investment in partnership is made byintroducing.

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Cash

Non cash assets

Cash or non cash assets

None of these

Example of non-profit making organization

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Fan factory

Sugar industry

Hospital

Shoe factory

The persons who have entered two partnership are individually called.

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Agents

Partners

A firm

Vendor

In appearance, the statement of affairs, is similar to a.

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Balance sheet

Profit and loss account

Trading account

Bank Reconciliation statement

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

Receipt and payment account includes.

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Revenue items

Capital items

Both capital and Revenue items

None of the above

A person who purchases the share of the company becomes its.

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Share holder

Debenture holder

Under writer

Promoter

General reserve at the time of admission of anew partner is credited.

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New partner capital account

General reserve account

Old parners capital account

All partners capital account

Depreciation is

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An Income

An expense

A loss

A liability

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