Question # 1

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

A person whoinvest the minor portion of capital in the business and so he has small share in the profit is called.

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Senior partner

Junior partner

quast partner

Nominal patner

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

According to the decision in Garner Va. Murray rule the loss due to insolvency of a partner is be shared by solvent, partner in the.

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Capital ratios

Profit sharing ratios

Equal ratios

None of these

Kind of company is.

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2

3

4

5

The system in whihc accounting records are not kept strictly according to the double entery principle of book keeping is called.

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Single , entery system

Accrual system

Double enterysystem

Cash system

Single entry system is suitable where,

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Small amount of cash transactions are more

Large amount of cash transaction are more

Smallamount of cash transaction are more

Largeamount of cash transaction are more

The person who sends the goods to his agent for the purpose of sale is called.

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Consignor

Consignee

Debtor

Creditor

A partner goes out of a firm due to certain event or reason is known as.

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Retired or out going partner

Junior partner

Senior partner

Minor partner

Surplus balance cna be shown in the balnce sheet as.

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Asset

Liability

Owner's equity

None of these

Good will is.

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Tangible asset

Imtamgon;e asset

Wasting assets

Frictious assets

Debenture holders are.

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Creditors

Owners

Customers of the company

Debtors

Subcription received during the current year is.

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An income

An expenditure

An asset

An liability.

In single entry system nominal accounts and some assets accounts balances are not available so it is not possible to prepare,

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Debtors account

Creditors account

Trial balance

Statement of affairs

Dividend is calculated on.

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Registered capital

Issue Capital

Paid up Capital

Subscribed Capital

The depreciation charged to motor car account will be debited to.

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Depreciation account

Motor car account

Cash account

None of these

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

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