Question # 1

A partner, who hasnot attained the age of majority is called.

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Junior partner

Minor partner

Nominal patner

Quasi Partner

The figure of the bills receivable can be worked out from.

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Total debtors account

Total creditors account

Trail balance

Balance sheet

A prospectus for subscription of shares can be issued only by.

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Public company

A private company

Both public and private company

None of these

A situation where a company receives a application for a large number of shares than offered to the public for subscription is termed as.

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Under subscription

Over subscription

General subscription

Above subscription

In cash of net worth method of sigle entery system net profikt is ascertained by.

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Prepareing the trading and profit and account

By cimparing the capitals in the beginning and at the end of the accounting period.

Capital closing + Drawing - fresh capital - opening capital

Capital opening+ Drawing - fresh capital-closing stock

As per the decision in Garner Va. Murray the solvent partner bring in cash equal to their share of.

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Realization loss

Profit ratio

Capital ratio

None of these

The term Depletion is used with reference to.

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Tangible assets

Intangible assets

Current assets

Fixex assets

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

The investment in partners capital accounts is to be credited to.

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Partners capital accounts

Profit and loss account

Interest account

None of these

Consignment account is in the nature of.

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Profit and loss account

Real account

Personal Account

None of these

If the debit side of the income and expenditure account is greater thanthe credit sideit is termed as.

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Surplus

Deficit

Assets

Liabilities

Under single entery system informatoin relating to expenses must be ascertained from the analysis of.

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Debtors account

Creditors account

Sales book

Cash book

The expense incurred by the oconsignee in connection with the sale of the consignment goods are debited to.

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Consignment account

Cash account

Consignor account

None of these

Gaining ratios are equal to.

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New Ratio - Old ratio

Old ratio- New ratio

New Ratio + old ratios

Capital ratios- New Ratios

For the firm, interest on drawing is.

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Expense

Income

Liability

None of these

Interest on dividend is paid.

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At the end of financial period

During the fiancancial year

At the time of incorporation

At the time of winding of company

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Principles of Accounting Icom Part 2 English Medium Online Test MCQs With Answers

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