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Online Tests
Principles of Accounting Icom Part 2 English Medium Online Test MCQs With Answers
Question # 1
Abnormal loss arises due to.
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Natural causes
Evaporation drying breaking in bulk
Pilferage , theft fire etc.
Some unavoidable causes
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Question # 2
Income and expenditure account is credited with all.
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Expenses
Incomes
Assets
Liabilities
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Question # 3
The investment in partners capital accounts is to be credited to.
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Partners capital accounts
Profit and loss account
Interest account
None of these
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Question # 4
In single entry system ledger contains the accounts of,
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Debtors, creditors and cash
Wages and carriage
Salaries and insurance
Assets and liabilities
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Question # 5
The income through admissionfee shoul dbe.
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Capitalized
Treated as revenue
Treated as liability
An expenses
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Question # 6
Kind of company is.
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2
3
4
5
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Question # 7
A situtation where a company receives a application for a less number of shares than offered to the public for subscription is termed as.
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Under subscription
Over subscription
General subscription
Above subscription
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Question # 8
The income and expenditure account begins with.
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Opening debit balance
Opening credit balance
Opening balance
None of these
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Question # 9
Receipts and payments account shows
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Debit and credit balances of ledgers
Incomes and expenditures
Cash receipts and payments
Assets and liabilities
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Question # 10
When the cash is received from the sale of the goods by the consigneee on behalf the consignor then it will be debited to.
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Cash account
Consignor 's personal account
Consignment account
None of these
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Question # 11
Subcription received during the current year is.
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An income
An expenditure
An asset
An liability.
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Question # 12
If any partner takes over any asset at the time of dissolution then it should be debited to.
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Partner's capital accounts
Realization account
Cash account
None of these
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Question # 13
Teh single entry system of book keeping is generay followed by
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Small business concern
Large Business concern
Non trading concern
None of these
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Question # 14
In case of dissolution, assets sold for cash are debited to
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Realization account
Cash account
Assets account
None of these
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Question # 15
The sum total of the nominal vaue of shares of company is called is.
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Issued capital
Subscribed capital
Share capital
Called up capital
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Question # 16
The amount charged as depreciation goes on declining in
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Depletion fund method
Auunity method
Diminishing balance method
Straiight line method
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