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Online Tests
Principles of Accounting Icom Part 2 English Medium Online Test MCQs With Answers
Question # 1
In case of dissolution if there is any undivided profit are reserve should be credited to.
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Partners capital accounts
Realization accounts
Reserve account
Revaluation accounts
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Question # 2
The dividend paid to the shareeholders duirng the financial year is.
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Redeemable debentures
Irredeemable debentures
Repayable debebtures
None of these
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Question # 3
Both aspects of a transaction must be recorded in,
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Single entry system
Barter system
Double entry system
Islamic system
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Question # 4
Kind of company is.
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2
3
4
5
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Question # 5
If some proparty is owned jointly with out any attention to carry on a business it is called.
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Partnership
Co- ownership
Sole ownership
Agency
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Question # 6
The opening capitla is ascertained by preparing.
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Cash account
Opening statements of affairs
Total debtors account
Total creditors account
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Question # 7
Subcription received during the current year is.
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An income
An expenditure
An asset
An liability.
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Question # 8
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 # 9
Example of non-profit making organization
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Fan factory
Sugar industry
Hospital
Shoe factory
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Question # 10
Partnership is formed under the act of.
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1984
1932
1912
1962
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Question # 11
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.
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Fluctuating capitals
Fixed capitals
Current capitals
None of these
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Question # 12
Del-credere commission is allowed to cover.
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Normal losses
Abnormal losses
Loss due to bad debts
None of these
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Question # 13
Bills payable issued durint the period must be debited to total creditors account credited to.
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Bills payable account
Bills receivable account
Debtora account
Cash account
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Question # 14
In single entery system only.
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Personal account are maintained
Real account are maintained
Nominal accounts are maintained
None of the above
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Question # 15
The company formed by teh means of Royal Charter is called.
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Public limited company
Private limited company
Charterd company
Registered company
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Question # 16
Consignment account is in the nature of.
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Profit and loss account
Real account
Personal Account
None of these
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