Question # 1

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

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

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

A person who is elected to run the club

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Treasurer

Secretary

Chairperson

President

In single entry it is not possible to prepare

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Trial balance

Trading account

Profit and loss account

Balance sheet

In non-profit making organization final accounts contains

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Income and expenditure account and balance sheet

Receipts and payments account and balance sheet

Receipts and payments account and statement of affairs

Profit and loss account and balance sheet

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

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

The fingure of bills payable is worked out by preparing the.

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Total debtors account

Total creditors account

Cash book

Balance sheet

Unclaimed dividend is shown as.

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Asset

Liability

Deduction from paid up capital

None of these

Single entry systme can bot be maintained by.

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Sole owner

Partnership concern

Joint stock companies

All of the above

The method for preparing the final accounts in trading concerns and non-profit making organizations are

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Same

Different

Easy

Difficult

Consignee account is of the natur eof.

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Personal account

Nominal account

Real account

None of these

A partner does not take an acitive partner is the managment firm is called.

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Active partner

Sinior partner

Darment of sleeping partner

Nominal partner

Depreciation fund method is also known as.

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Sinking fund method

Annuity method

Sum- of year's digit method

None of these

On the addimissionof a new partner the increase int he value of assets is debited

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Revaluation account

Assets account

Old partners capital account

New partners capital account

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

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