Question # 1

In single entery system only.

Choose an answer

Personal account are maintained

Real account are maintained

Nominal accounts are maintained

None of the above

Amount received by the way of gift from any person or organization is called.

Choose an answer

Donation

Subscription

Legacy

None of these

Which of the following method is suitable for charging depreciation an machinery and furniture.

Choose an answer

Straight line method

Diminishing balance method

Depreciation on fixed method

Annuity method

All transactions relating to non-profit seeking concerns are recorded in the books of account strictly according to

Choose an answer

Single entry system

Double entry system

Treble entry system

"a" and "b"

According to companies ordinance, single entry system cannot be adopted by,

Choose an answer

Sole proprietorship

Partnership

"a" and "b"

Joint stock companies

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

Choose an answer

Directors

Member

governing body

Promoters

Share capital int he balance sheet is known as.

Choose an answer

Asset

Liability

Income

Reserve

The gaining ratio are calculated on.

Choose an answer

Admissionof a partner

Death of a partner

Retirement of a partner

None of these

The losses arise in consignment transactions, such as loss of goods in transit, theft, goods damaged or destroyed by fire etc are.

Choose an answer

Normal losses

Additional loss

Abnormal losses

Both abnormal and normal loss

If all the partners but one is solvent it is.

Choose an answer

Compulsory dissolution of firm

Dissolution by agreement

Or may not cause dissolution

None of these

In income and expenditure account

Choose an answer

Expense are recorded on debit side

Revenues are recorded on credit side

Does not start with any opening balance

All of the above

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

Choose an answer

Active partner

Sinior partner

Darment of sleeping partner

Nominal partner

The balance of revaluation accoun tis transferred to the old partners capital accounts in their.

Choose an answer

Sacrificing ratio

Old profit shairng ratio

New profit sharing ratio

Equal profit shairng ratio

The gradual decrease in the value of the fixex assets due to its use in the business is called.

Choose an answer

Depreciation

Depletion

Amorization

Fluctuation

The retired is one who has

Choose an answer

Died

Withdraw his capital

Bought his capital

Decreases his capital

The persons who have entered two partnership are individually called.

Choose an answer

Agents

Partners

A firm

Vendor

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