12th class Principle of Accounting chapter 4 online mcq test with answers for ICom part 2 Principle of Accounting Chapter 4 (Accounts of Join Stock Companies)

Principles of Accounting Icom Part 2 English Medium Chapter 4 Online Test

Sr. #	Questions	Answers Choice
1	For the firm, interest on drawing is.	Expense Income Liability None of these
2	Interest on drawing is debited to.	Partners capital accounts Profit and loss account Interest account None of these
3	The investment in partners capital accounts is to be credited to.	Partners capital accounts Profit and loss account Interest account None of these
4	Current accout of the partners should be opened when the capitals are.	Fluctuating Fixed Either fixed or fluctuating Neither fixed or fluctuating
5	When the capitals of the partners arr not allowed to change during the life time of the business except in extra ordinary circumslancer then they are called.	Fluctuating capitals Fixed capitals Current capitals None of these
6	The agreement among the partners which sets out the term is which they have agreed to form a partnership is called.	Partnership deed Aribtrartio clause Partnership at will None of these
7	If some proparty is owned jointly with out any attention to carry on a business it is called.	Partnership Co- ownership Sole ownership Agency
8	The owner of the partnership are called as.	Member Partners Share holder None of these
9	Current accoujts of the partners should be opened when the capital are.	Fixed Fluctuating Either fixed or fluctuating None of these
10	In the absence of an agreement partners shall	Be paid salaries Not to be paid the salaries Be paid salaries by the consent of the pariners Be paid salaris to thos who worked for the firm
11	Capital of the partners are maintained under.	Fixed capital method Fluctuating method By any two of the above None of the above
12	A paatner who invests capital inthe business but does not take active part in the conduct of the business is called.	Active partner Sleeping partner Secrete partner None of these
13	Investment in partnership is made byintroducing.	Cash Non cash assets Cash or non cash assets None of these
14	In the absence of an agreemetn, interest on loan advanced by the partner to the firm is allowd at the rate of.	5 persent 6 persent 8 persent 9 persent
15	In the absence of an partnership agreement the pfofit and losses are divided by the partners in the ratio of.	Capitals Profit and loss ratios Equality Time devoted by each partner

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