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Online Tests
Principles of Accounting Icom Part 2 English Medium Online Test MCQs With Answers
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
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Question # 2
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
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Question # 3
Normaly the discount on the shares should not exceed from
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Five percent
Eight percent
Twenty percent
Ten percent
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Question # 4
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
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Question # 5
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
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Question # 6
The term Depletion is used with reference to.
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Tangible assets
Intangible assets
Current assets
Fixex assets
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Question # 7
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
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Question # 8
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
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Question # 9
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 # 10
Interest is debited to assets account uder the.
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Annuity method
Depreciation fund method
Insurance policy method
Depletion method
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Question # 11
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
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Question # 12
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
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Question # 13
The income through admissionfee shoul dbe.
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Capitalized
Treated as revenue
Treated as liability
An expenses
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Question # 14
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
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Question # 15
Depreciation is
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An Income
An expense
A loss
A liability
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Question # 16
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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