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Online Tests
Principles of Accounting Icom Part 2 English Medium Online Test MCQs With Answers
Question # 1
Income and expenditure account is equivalent to the.
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Receipt and payment account
Balance sheet
Cash book
Profit and loss account
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Question # 2
On the detah of the partner the amount of the joint policy credited to the capital account of.
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Remaining partners capital account
All partners capital accounts
Deceased parners capital account
None of these
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Question # 3
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
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Question # 4
The amount charged as depreciation goes on declining in
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Depletion fund method
Auunity method
Diminishing balance method
Straiight line method
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Question # 5
Equity share holders are.
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Creditors
Owners
Customers of the company
Debtors of the company
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Question # 6
In the books of consignor, the loss on the consignment should be crediterd to.
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Consignment account
Consigneee 's account
Profit and loss account
Gppds sent on consignemnt
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Question # 7
The balance of realization account is transferred to the capital accounts of the partners in.
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Capital ratio
Equality
Interest ratio
Profit sharing ratio
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Question # 8
The consignment outward books or journal is maintained by.
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Customers
Consignor
Consignee
Debtors
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Question # 9
Arithmetical accuracy of the books of accounts cannot be checked under.
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Single Entry system
Double entery system
None entery system
Both a and b
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Question # 10
Excess of assets over liabilities is an indication of.
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Solvency
Insolvency
Deficiency
Loss
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Question # 11
A new partner may be admitted to a partnership.
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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
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Question # 12
The person who take the initaiative in the matter of formation of a company are known as the.
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Promoters
Share holder
Director
Registered
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Question # 13
Account salesis submitted by.
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Teh consignor to the consignee
The consignee to the consignor
the debtor to the creditors
The principle to his agent
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Question # 14
the activities of non -trading concern are managed by the.
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Directors
Member
governing body
Promoters
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Question # 15
Reserve for bad and doubtful debts appearing in the books of accounts at the time of dissolution shuld be transferred to.
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Realization account
Revalution account
Debtors account
None of these
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Question # 16
If the price required to be paid to the company for the share less than the nominal value of that share, it is called shares.
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At discount
At primium
At par
None of these
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