Question # 1

In single entry system real accounts are not maintained so the preparation of,

Choose an answer

Correctly

Effectively

Wrongly

Approximately

To calculate the true net profit or net loss in single entry system it is necessary that the amount of fresh capital should be subtracted from,

Choose an answer

Adjusted closing capital

Closing capital

Cash in hand

Cash at bank

Receipts and payments account records transaction relating to

Choose an answer

Past year

Future year

Present year

All of the above

The charter of the company containing the objects of whihc for company is being formed is called.

Choose an answer

Articles of association

Prospectus

Memorandum of associaton

Notice

In the absence of an partnership agreement the pfofit and losses are divided by the partners in the ratio of.

Choose an answer

Capitals

Profit and loss ratios

Equality

Time devoted by each partner

Which of the following term is used for the depreciation of wasting assets such as timber tree, mines, oil wells etc.

Choose an answer

Depreciation

Depletion

Amortization

None of these

For the commission due to the consignee on the sales of goods in the books of the consignor will be credited to.

Choose an answer

Commission account

Consignee's personal account

Consignement account

None of these

A partner goes out of a firm due to certain event or reason is known as.

Choose an answer

Retired or out going partner

Junior partner

Senior partner

Minor partner

In increased net worth method, profit or loss is calculated by preparing,

Choose an answer

Income and expenditure account

Profit and loss account

Statement of profit or loss

Balance sheet

The person who sends the goods to his agent for the purpose of sale is called.

Choose an answer

Consignor

Consignee

Debtor

Creditor

If any partner takes over any asset at the time of dissolution then it should be debited to.

Choose an answer

Partner's capital accounts

Realization account

Cash account

None of these

Amount received by the concern as per the will of the donor is known as.

Choose an answer

Lagacy

Donation

Subscription

None of these

The face value of the share is also known as.

Choose an answer

Book value

Par value

Market value

None of these

Amount due to the deceased partner is generally transferred to

Choose an answer

Executor's loan

Profit and loss accounts

Capital account

None of thess

The person who take the initaiative in the matter of formation of a company are known as the.

Choose an answer

Promoters

Share holder

Director

Registered

A company in which memebr gives a guarantee to contribute a specified sum to the company of its being wound up is called.

Choose an answer

Limited company

Un limited company

Company limited by guarantee

Chartered company

More Classes

Other Links

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

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer