Question # 1

In case of Garner Vs. Murray rule, the decision was given is.

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Mr. Justice james

Mr Garner

Mr. Justice joyee

Mr. Murray

Over riding commission is calculated on.

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Cash sales only

Credit sales only

Total sales

None of the above

A person who purchases the share of the company becomes its.

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Share holder

Debenture holder

Under writer

Promoter

Under annuity method the amount of depreciation is.

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Increasing every year

Decreasing every year

Fixed for all the year

None of these

Normaly the discount on the shares should not exceed from

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Five percent

Eight percent

Twenty percent

Ten percent

Where a partner become unsound mind the dissolution is considered as.

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Dissolution by court

Dissolution by Notice

Dissolution by agreement

Compulsory dissolution

Income and expenditure account is usually accompanied by.

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Trail balance

Balance sheet

Cash book

None of these

Depreciation is

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An Income

An expense

A loss

A liability

It is prepared by non-profit making organizations to determine surplus or deficit

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Trading account

Profit and loss account

Receipts and payments account

Income and expenditure account

In the absence of an partnership agreement the pfofit and losses are divided by the partners in the ratio of.

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Capitals

Profit and loss ratios

Equality

Time devoted by each partner

Capital of the partners are maintained under.

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Fixed capital method

Fluctuating method

By any two of the above

None of the above

Receipts and payments account shows

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Debit and credit balances of ledgers

Incomes and expenditures

Cash receipts and payments

Assets and liabilities

Depreciation written off on fixed assets should be recorded in the.

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Income and expenditure account only

Receipt and payment account only

Receipt and payment account and banalce sheet

Income and expenditure account and balance sheet.

The account of non trading concern are generally maintained according to.

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Mereantile accounging system

Double entry system of book keeping

Cash accounting system

None of the above

The profit on the revaluation of the assets and liabilities o the retirement of the partner should be credited to.

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All partners capital accounts

Only retiring partners capitals accounts

Remaiingng partners capital account

None of these

the loss whihc arises due to natural causes such as evaporation etc is called.

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Abnormal loss

Normal loss

Additional loss

None of these

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