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Online Tests
Principles of Accounting Icom Part 2 English Medium Online Test MCQs With Answers
Question # 1
The difference of the two sides of receipt and payment account represents.
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Opening cash balance
Closing cash or bank balance
Opening bank balance
None of these
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Question # 2
Partnership is formed by the partners.
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Written agreement
Mutual consent
Verbal agreement
None of these
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Question # 3
Depreciation caused by some external amoutn of anual depreciation gradully.
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Increase
Decrease
Remain constant
None of these
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Question # 4
In case of public company minimum number of members is.
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Six
Seven
Ten
Fifty
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Question # 5
Commission due to the consignee is calculated on.
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Credit sales only
Cash sales only
Total sales
None of these
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Question # 6
Reliization account is opened to find out gain or loss at the time of.
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Admisson of a new partner
Retirement of the partner
Death of the partners
None of these
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Question # 7
The income and expenditure account performs the same function as.
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Trading and profit and loss account
Manafactureng account
Balance sheet
None of these
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Question # 8
How many methods are available to calculate the profit or loss under single entry system,
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One
Two
Three
Four
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Question # 9
Due to drawings made during the year, the closing capital will,
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Increase
Decrease
Constant
Multiply
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Question # 10
Old prifit sharing ratio minus new profit sharing ratio is equal for.
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Sacrifing ratios
Gaining ratios
Distributing ratios
None of these
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Question # 11
In the absence of an partnership agreement the pfofit and losses are divided by the partners in the ratio of.
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Capitals
Profit and loss ratios
Equality
Time devoted by each partner
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Question # 12
In cash of net worth method of sigle entery system net profikt is ascertained by.
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Prepareing the trading and profit and account
By cimparing the capitals in the beginning and at the end of the accounting period.
Capital closing + Drawing - fresh capital - opening capital
Capital opening+ Drawing - fresh capital-closing stock
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Question # 13
Due to fresh capital introduced during the year, the closing capital will,
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Increase
Decrease
Constant
Multiply
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Question # 14
The Receipt and payment account is the summery of the
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Cash book
Balance sheet
Trqail balance
Proft and loss account
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Question # 15
In case of retirement the amount of the general reserve any other profit is credited to all partners in.
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Sacrificing Ratios
New profit sharing ratios
Old prift sharing ratios
Gaining ratios
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Question # 16
In consignee's books, the acceptance of a bil of echange by consignee will be debited to.
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Trading account
Bill payable accont
Consignor account
Consignment account
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