12th Class ICom Part 2 Principles of Accounting Chapter Wise Online MCQ Test with answers PDF English Medium

Principles of Accounting Icom Part 2 English Medium Online Test

Sr. #	Questions	Answers Choice
1	General reserve at the time of admission of anew partner is credited.	New partner capital account General reserve account Old parners capital account All partners capital account
2	Profit on revalutin is to be caredited to old partners in their	Sacrificing ratio New profit shiaring ratio Old prift sharing ratio Equal prift sharing ratio
3	The balance of revaluation accoun tis transferred to the old partners capital accounts in their.	Sacrificing ratio Old profit shairng ratio New profit sharing ratio Equal profit shairng ratio
4	Revaluation account is a.	Real account Personal account Cash account Nominal account
5	When a new partner is admitted with out the consent of the old partner.	Partnership will be dissolved Will value Agreed value None of these
6	A new partner may be admitted to a partnership.	With the consent of all the partners With the consent of any one of the partners With consent of two third the old partners Without the consent of old partners
7	For the firm, interest on drawing is.	Expense Income Liability None of these
8	Interest on drawing is debited to.	Partners capital accounts Profit and loss account Interest account None of these
9	The investment in partners capital accounts is to be credited to.	Partners capital accounts Profit and loss account Interest account None of these
10	Current accout of the partners should be opened when the capitals are.	Fluctuating Fixed Either fixed or fluctuating Neither fixed or fluctuating
11	When the capitals of the partners arr not allowed to change during the life time of the business except in extra ordinary circumslancer then they are called.	Fluctuating capitals Fixed capitals Current capitals None of these
12	The agreement among the partners which sets out the term is which they have agreed to form a partnership is called.	Partnership deed Aribtrartio clause Partnership at will None of these
13	If some proparty is owned jointly with out any attention to carry on a business it is called.	Partnership Co- ownership Sole ownership Agency
14	The owner of the partnership are called as.	Member Partners Share holder None of these
15	Current accoujts of the partners should be opened when the capital are.	Fixed Fluctuating Either fixed or fluctuating None of these

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