Question # 1

Non-profit seeking organizations prepare

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Manufacturing account

Trading account

Income and expenditure account

Profit and loss account

Excess of liablilities over assets is an indication of .

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Solvency

Insolvency

Surplus

Profit

In case of private company minimum numebr of sharaeholders are.

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Six

Seven

Ten

Two

In consginee's books the payment of expense by consignee should be debited to

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Consignment account

Consignnors account

Cash account

None of these

Debenture holders are.

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Creditors

Owners

Customers of the company

Debtors

If the credit side of the income oand expenditur eaccount is greater it is termed as.

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Deficit

Surplus

Asset

Liability

A receipts and payments account is similar to

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An income and expenditure

A statement of affair

A cash or a bank account

A profit or loss account

Partner's capital are affected due to.

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Admission of a partner

Retirement of the partner

Death of a partner

All of the above

Receipts and payments account records the transactions of

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Revenue nature

Capital nature

Revenue and capital nature

None of these

Excess of assets over liabilities is an indication of.

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Solvency

Insolvency

Deficiency

Loss

A company comes into existence when the registrar issue the

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Prospectus

Certificate of incorporation

statement in Lieu of prospectus

Companies ordinance

The excess of total assets over total liabilituies of a concern is called.

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Surplus

Deficit

Capital fund

Profit

The amount payable to the retiring partner is shown in the balance sheet of partnership as.

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Capital

Loan

Investment

Assets

Single entry systme can bot be maintained by.

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Sole owner

Partnership concern

Joint stock companies

All of the above

Subscription Received in advance is.

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An income

An assets

Liability

An expenditure

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

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