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Online Tests
Principles of Accounting Icom Part 2 English Medium Online Test MCQs With Answers
Question # 1
The unsold stock is valued at
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Original cost of the goods
Market value of the goods
Orginal cost price + proportionate direct expense incutred by the both consignor and consignee
Cost of market pric ewhich wver is the lower.
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Question # 2
Non- trading concern prepare.
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Profit and loss account
Income and expenditure account
Manufactureing account
None of these
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Question # 3
Income and expenditure account records the transactions of
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Revenue nature
Capital nature
Revenue and capital nature
None of the these
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Question # 4
Single entery system is most suitbale where
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Credit transactions are numerous.
Cash transactions are numerous
Cahs and credit transactions both are numerios
None of the above
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Question # 5
If the debit side of the recipt and payment account exceeds the credit side it represents.
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Bank over draft
Cash at bank
Surplus balnce
Deficit balance
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Question # 6
Under single entery system informatoin relating to expenses must be ascertained from the analysis of.
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Debtors account
Creditors account
Sales book
Cash book
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Question # 7
Partner's capital are affected due to.
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Admission of a partner
Retirement of the partner
Death of a partner
All of the above
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Question # 8
On the detah of the partner the amount of the joint policy credited to the capital account of.
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Remaining partners capital account
All partners capital accounts
Deceased parners capital account
None of these
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Question # 9
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
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Question # 10
Ordinary shares are also known as.
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Equity shares
Deffered shares
Bonus shares
Preference shares
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Question # 11
An additional commission paid to the consignee who gurantees the payment in case of credit sale, is called.
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Bonus
Commission
Del creder commision
Credit commission
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Question # 12
For the expenses incurred by the consignee on the sale of goods will be credited in the books of the consignor.
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Cash account
Consignee personal account
Consignment account
None of the above
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Question # 13
The end or termination of partnership is called.
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Amalgamation
Dissolution
Retirement
Admission
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Question # 14
The figure of the bills receivable can be worked out from.
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Total debtors account
Total creditors account
Trail balance
Balance sheet
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Question # 15
the profit on consignment in the books of the consignor should be deited to.
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Consignnment account
Profit and loss account
Consignee 's account
None of these
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Question # 16
The persons who have entered two partnership are individually called.
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Agents
Partners
A firm
Vendor
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