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Online Tests
Principles of Accounting Icom Part 2 English Medium Online Test MCQs With Answers
Question # 1
The debentures which does not carry any charges o the assets of the company.
Choose an answer
Simple debentures
Mortagage debentures
Redeemable debentures
None of these
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Question # 2
Joint life policy account after the maturity of the policy shoul dbe transferred to the capital accounts of the partners in.
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Capital ratios
Old profit sharing ratios
New profit sharing ratio
Gaining ratios
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Question # 3
The difference of the two sides of receipt and payment account represents.
Choose an answer
Opening cash balance
Closing cash or bank balance
Opening bank balance
None of these
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Question # 4
In the books of consignor on reciving advance in cash from consignee should be debited to.
Choose an answer
Cash account
Consignee account
Consignment account
None of these
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Question # 5
Which of the following method is suitable for charging depreciation an machinery and furniture.
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Straight line method
Diminishing balance method
Depreciation on fixed method
Annuity method
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Question # 6
Consignee is.
Choose an answer
A principal
An agent
A debtor
A creditor
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Question # 7
The opening and closing balance of bills Receivable can be calculated by preparing the.
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Total debtors accounts
Total creditors account
Bills Recivable accounts
Salaes accounts
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Question # 8
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.
Choose an answer
Capital ratio
Old profit sharing ratio
New profit shiaring ratio
None of these
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Question # 9
The Receipt and payment account is the summery of the
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Cash book
Balance sheet
Trqail balance
Proft and loss account
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Question # 10
The part of the issued capital which has been taken up or subscribed by the public is called
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Issued capital
Authorized capital
Subscribed capital
Paid up capital
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Question # 11
The company formed by teh means of Royal Charter is called.
Choose an answer
Public limited company
Private limited company
Charterd company
Registered company
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Question # 12
The end or termination of partnership is called.
Choose an answer
Amalgamation
Dissolution
Retirement
Admission
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Question # 13
Capital is obtained by deductin liabiliities from.
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Expenditures
Receipt
Assets
Incomes
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Question # 14
The balance of revalution account is transferred to the capital accounts of the partners in.
Choose an answer
Profit sharing ratios
Capital ratios
Equality
None of these
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Question # 15
Good will is
Choose an answer
Expense
Profit
Assets
Liability
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Question # 16
The persons who have entered in partnership are collctive called.
Choose an answer
A firm
Agents
Partners
Promoters
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