ICOM Part 2 English Medium Principles of Accounting Chapter 5 MCQ's Test

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12th Class Principle of Accounting Online MCQ's Test with Answers for Chapter 5 (Depreciation, Provisions and Reserves)

Principles of Accounting Icom Part 2 English Medium Chapter 5 Online Test

Try the Principles of Accounting Icom Part 2 English Medium Chapter 5 Online Test.

  • Total Questions15

  • Time Allowed20

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Principles of Accounting Icom Part 2 English Medium Chapter 5 Online Test (MCQs With Answers)

Sr. # Questions Answers Choice
1 On the addimissionof a new partner the increase int he value of assets is debited Revaluation account Assets account Old partners capital account New partners capital account
2 The balance of revaluation accoun tis transferred to the old partners capital accounts in their. Sacrificing ratio Old profit shairng ratio New profit sharing ratio Equal profit shairng ratio
3 Good will is. Tangible asset Imtamgon;e asset Wasting assets Frictious assets
4 Value of the good will is calculated under capitalization formula. Average profit / reasonable return x 100 Resonable return / average profit x 100 Averager profit x 100 / resonable return None of these
5 Profit on revalutin is to be caredited to old partners in their Sacrificing ratio New profit shiaring ratio Old prift sharing ratio Equal prift sharing ratio
6 The amount of good will broght in cash by nw partner will be credited to old partner in. Gaining Ratio New Ratio Old Ratio Sacrifice Ratio
7 When the incoming partner pays the firm for good willin cash the amount should be debited to firms books to. Good will accounts Cash Account Capital account of the incoming partner All of the above
8 Sacrificing rations are equal to. Capital Ratios- New ratios Old ratios - New ratios New ratio - old ratios None of these
9 General reserve at the time of admission of anew partner is credited. New partner capital account General reserve account Old parners capital account All partners capital account
10 The extra amount charged fromt he new partner over and above the capital is for. Purchase of Machinery Good will Purchaser of furniture Payment of liabilities
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