Question # 1

Joint life policy account after the maturity of the policy shoul dbe transferred to the capital accounts of the partners in.

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Capital ratios

Old profit sharing ratios

New profit sharing ratio

Gaining ratios

Capital is obtained by deductin liabiliities from.

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Expenditures

Receipt

Assets

Incomes

Profit on revalutin is to be caredited to old partners in their

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Sacrificing ratio

New profit shiaring ratio

Old prift sharing ratio

Equal prift sharing ratio

Non-profit seeking organization income and expenditure account performs the same function as profit seeking organization's

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Trading and profit and loss account

Balance sheet

Bank account

Petty cash book

Under single entry system sometimes,

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Double aspects of a transaction are recorded

Single aspect of a transaction is recorded

No aspect of a transaction is recorded

All of the above

On the admission of a new partneer the decreasein the value of assets is debited to.

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Revaluation account

Assets account

Old parner's capital account

New partner capital account

The face value of the share is also known as.

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Book value

Par value

Market value

None of these

The amount charged to depreciation goes on declining in.

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Diminishing balance method

Fixex instaliment method

Annuity method

Depreciation fund method

Kind of company is.

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2

3

4

5

The powers of company are governed by the.

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Sharehoders

Memorandum of association

Prospectus

Articles of association

Abnormal loss arises due to.

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Natural causes

Evaporation drying breaking in bulk

Pilferage , theft fire etc.

Some unavoidable causes

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

If the credit side of the income oand expenditur eaccount is greater it is termed as.

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Deficit

Surplus

Asset

Liability

In the books of consignor on reciving advance in cash from consignee should be debited to.

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Cash account

Consignee account

Consignment account

None of these

Income and expenditur eaccount is prepared at the

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Start of the year

Mid of the year

End of the year

At the start and ed of the year

A person whoinvest the minor portion of capital in the business and so he has small share in the profit is called.

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Senior partner

Junior partner

quast partner

Nominal patner

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

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