Question # 1

For the expenses incurred by the consignee on the sale of goods will be credited in the books of the consignor.

Choose an answer

Cash account

Consignee personal account

Consignment account

None of the above

Depreciation arise because of

Choose an answer

Due to fall in the market value of fixex assets

Due to physical wear and tear of the assets

Due to fall in the market value

None of these

Under which method the book value of the fixed assets acn be reduce to zero after certain year

Choose an answer

Diminishing balance method

Straght line method

Depreciation find fond

Deflation method

The persons to whom the goods are dispatched for the purpsoe of sales is called.

Choose an answer

Debtor

Consignee

Consignor

None of these

Donation receivedin heavy amount are treated as.

Choose an answer

Revenue

Capitaized

Liability

Assets

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

Choose an answer

Consignor

Consignee

Debtor

Creditor

At the end of the year non trading institutions prepare.

Choose an answer

Profit and loss account

Income and expenditure account

Manufacturing account

None of the above

The part of the issued capital which has been taken up or subscribed by the public is called

Choose an answer

Issued capital

Authorized capital

Subscribed capital

Paid up capital

Under aunuity method, the annual charger for depreciation wil be debited to.

Choose an answer

Assets account

Depreciation account

Interest account

None of these

The income and expenditure account begins with.

Choose an answer

Opening debit balance

Opening credit balance

Opening balance

None of these

Income and expenditure account is usually accompanied by.

Choose an answer

Trail balance

Balance sheet

Cash book

None of these

In case of retirement the amount of the general reserve any other profit is credited to all partners in.

Choose an answer

Sacrificing Ratios

New profit sharing ratios

Old prift sharing ratios

Gaining ratios

Revaluation loss should be debited to.

Choose an answer

Revaluation account

All partners capital account

Old partners capital accounts

New partners capital account

Over riding commission is calculated on.

Choose an answer

Cash sales only

Credit sales only

Total sales

None of the above

The income through admissionfee shoul dbe.

Choose an answer

Capitalized

Treated as revenue

Treated as liability

An expenses

The system in whihc accounting records are not kept strictly according to the double entery principle of book keeping is called.

Choose an answer

Single , entery system

Accrual system

Double enterysystem

Cash system

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