Question # 1

In single entry system,

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Personal accounts are maintained

Real accounts are maintained

Nominal accounts are maintained

None of the above

A partner who is newly admitted to the firm with the consent of all the parties is called.

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Salaried partner

Incoming partner

Junior partner

Minor partner

Normaly the discount on the shares should not exceed from

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Five percent

Eight percent

Twenty percent

Ten percent

the loss whihc arises due to natural causes such as evaporation etc is called.

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Abnormal loss

Normal loss

Additional loss

None of these

The profit on revaluation of assts and liabilities on the retirement of the partners should be credited to the capital account of.

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All the partners

Retiring partner

Remaining partner

None of these

The term Depletion is used with reference to.

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Tangible assets

Intangible assets

Current assets

Fixex assets

On the addimissionof a new partner the increase int he value of assets is debited

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Revaluation account

Assets account

Old partners capital account

New partners capital account

Reliization account is opened to find out gain or loss at the time of.

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Admisson of a new partner

Retirement of the partner

Death of the partners

None of these

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

Interest is debited to assets account uder the.

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Annuity method

Depreciation fund method

Insurance policy method

Depletion method

Registraion of the firm.

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It is legally necessary

It is optional

It depends on the will of the partners

It depends uopon the will of theemployee

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 income through admissionfee shoul dbe.

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Capitalized

Treated as revenue

Treated as liability

An expenses

The value of an asset at the end of the working life is called.

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Book value

Scrape value

Market value

None of these

Depreciation is

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An Income

An expense

A loss

A liability

Under single entry system sometimes,

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Double aspects of a transaction are recorded

Single aspect of a transaction is recorded

No aspect of a transaction is recorded

All of the above

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