Question # 1

On the dissolution of the partnership unrecorded assets if takes away by the partners is debited to.

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Realization account

Partners capital account

Assets account

None of these

the activities of non -trading concern are managed by the.

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Directors

Member

governing body

Promoters

Those debentures wihch carry no security as to payment of interest or repayment of principal, are known as.

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Morigage debentures

Secured debentures

Simple or naked debentures

None of these

If the cash sales are missing they are to be ascertained by the construction of.

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Debtors account

Creditors account

Cash account

None of these

Receipt and payment account includes.

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Revenue items

Capital items

Both capital and Revenue items

None of the above

Subcription received during the current year is.

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An income

An expenditure

An asset

An liability.

A person who purchases the share of the company becomes its.

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Share holder

Debenture holder

Under writer

Promoter

The profit on revaluation of assts and liabilities on the retirement of the partners should be credited to the capital account of.

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All the partners

Retiring partner

Remaining partner

None of these

Capital fun of non trading concern is equal to.

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Assets + Income

Assets + Liabilities

Expenditure + Liabilities.

Assets - Liabilities

Another name of diminishing balance method of depreciation is the

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Reducing balance method

Sinking fund method

Straight line mehod

Revaluation method

Revaluation loss should be debited to.

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Revaluation account

All partners capital account

Old partners capital accounts

New partners capital account

The account of non trading concern are generally maintained according to.

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Mereantile accounging system

Double entry system of book keeping

Cash accounting system

None of the above

Under the diminishing balance method the depreciationis calculated on .

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Book value

Original value

Residual value

None of these

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

The method is specially suited to natural surces is said to be

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Annuity method

Depletion method

Revalution method

Sum of digit method

Single entry system is generally adopted by,

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Small business concerns

Large business concerns

Medium business concerns

All of the above

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

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