Question # 1

In case of dissolution, assets sold for cash are debited to.

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Realization account

Cash account

Assets account

None of these

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

The retired is one who has

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Died

Withdraw his capital

Bought his capital

Decreases his capital

Non-profit making organizations are established for

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Profit

Charitable or religious purpose

To manufacture goods

To help the rich people

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 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 part of the issued capital which has been taken up or subscribed by the public is called

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Issued capital

Authorized capital

Subscribed capital

Paid up capital

Dividend is calculated on.

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Registered capital

Issue Capital

Paid up Capital

Subscribed Capital

In case of dissolution, assets sold for cash are debited to

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Realization account

Cash account

Assets account

None of these

Over riding commission is calculated on.

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Cash sales only

Credit sales only

Total sales

None of the above

Teh single entry system of book keeping is generay followed by

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Small business concern

Large Business concern

Non trading concern

None of these

Current accoujts of the partners should be opened when the capital are.

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Fixed

Fluctuating

Either fixed or fluctuating

None of these

A partner who takes an active part in the managment of the firm is called.

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Active partner

Sleeping partner

Norminal partner

Quasi partner

A partner, who hasnot attained the age of majority is called.

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Junior partner

Minor partner

Nominal patner

Quasi Partner

Under single entery system informatoin relating to expenses must be ascertained from the analysis of.

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Debtors account

Creditors account

Sales book

Cash book

Not worth method is equal to.

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Liabilities - assets

Assets- liabilities

Capital + assets

None of these

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