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Online Tests
Principles of Accounting Icom Part 2 English Medium Online Test MCQs With Answers
Question # 1
On the dissolution of the partnership unrecorded assets if takes away by the partners is debited to.
Choose an answer
Realization account
Partners capital account
Assets account
None of these
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Question # 2
The balance of revalution account is transferred to the capital accounts of the partners in.
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Profit sharing ratios
Capital ratios
Equality
None of these
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Question # 3
All transactions relating to non-profit seeking concerns are recorded in the books of account strictly according to
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Single entry system
Double entry system
Treble entry system
"a" and "b"
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Question # 4
When the goods sent on consignment are sold by the consignee the account to be debited is.
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Cash account
Consignee personal account
Consignment account
None of these
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Question # 5
If the good will raised at the time of retirement of a partner is to be written off, then the capital accounts of the remaiing partners are debited in.
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Capital ratio
Old profit sharing ratio
New profit shiaring ratio
None of these
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Question # 6
If the price required to be paid to the company for the share is equal to the nominal value of that share it is called.
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At discount
At premium
At par
None of these
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Question # 7
The shares of public limited company are.
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Not refundable
Not tanserable
Transferable
No allotable
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Question # 8
Depreciation is charged on.
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Fixed tangible assets only
Fixex intangible assets only
Current assets only
None of these
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Question # 9
A company in which memebr gives a guarantee to contribute a specified sum to the company of its being wound up is called.
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Limited company
Un limited company
Company limited by guarantee
Chartered company
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Question # 10
In case of del creder commission the liability of bad debts is on
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Consignee
Consignor
Both on consignee and consignor
None of the above
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Question # 11
A situation where a company receives more application than actual number of shares offered to the public for subscriptions is termed as.
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Oversubscription
Udner subscription
No subscripition
None of these
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Question # 12
The assets which have not got physical existence are called.
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Intangible assets
Intangible fixed assets
Current assets
Tangible fixed assets
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Question # 13
The loss prior to the date of incorporation of a company is.
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Revenue loss
Capital loss
Liability
None of these
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Question # 14
Value of the good will is calculated under capitalization formula.
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Average profit / reasonable return x 100
Resonable return / average profit x 100
Averager profit x 100 / resonable return
None of these
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Question # 15
Consignment signifies.
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Goods despatched by the owner to his agent
Goods forwarded by the creditor to his debtor
Goods forwarded from one place to another
Goods sent by the owner to his agent for the purpose of sale.
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Question # 16
Excess of assets over liabilities is an indication of.
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Solvency
Insolvency
Deficiency
Loss
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