Question # 1

In case of retirement when the good will raised with retiring partner written off among the remaining partner.

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In gaiing ratios

Sacrifing ratios

Capital ratios

New ratio

The dividend paid to the shareeholders duirng the financial year is.

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Redeemable debentures

Irredeemable debentures

Repayable debebtures

None of these

In the absence of an agreemetn, interest on loan advanced by the partner to the firm is allowd at the rate of.

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5 persent

6 persent

8 persent

9 persent

Single entry system contains,

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A daybook or general journal

A cash book

Ledger accounts for individual customers and creditors

All of the above

In the absence of an agreement, the share of new partner in patnership will be.

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In the portion of capital

Equal

According to work

None of the above

Depreciation caused by some external amoutn of anual depreciation gradully.

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Increase

Decrease

Remain constant

None of these

Good will is.

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Tangible asset

Imtamgon;e asset

Wasting assets

Frictious assets

Receipts and payments account records transaction relating to

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Past year

Future year

Present year

All of the above

Excess of assets over liabilities is an indication of.

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Solvency

Insolvency

Deficiency

Loss

The income and expenditure account begins with.

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Opening debit balance

Opening credit balance

Opening balance

None of these

Debenture holders are.

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Creditors

Owners

Customers of the company

Debtors

Generatal reserve at the time of dissolution is transferred to

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All partners capital accounts

Realization account

Solvent partners capital account

Insolvent patner's capital account

Income and expenditure account shows

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Cash in hand

Surplus or deficit

Cash at bank

Capital account

The maximum number of member in case of public limited company can be

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Forty

Fifty

Sixty

No restriction on maximum number

Interest on drawing is debited to.

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Partners capital accounts

Profit and loss account

Interest account

None of these

Investment in partnership is made byintroducing.

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Cash

Non cash assets

Cash or non cash assets

None of these

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

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