Question # 1

In case of dissolution if there is any undivided profit are reserve should be credited to.

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Partners capital accounts

Realization accounts

Reserve account

Revaluation accounts

On the addimissionof a new partner the increase int he value of assets is debited

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Revaluation account

Assets account

Old partners capital account

New partners capital account

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

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Articles of association

Prospectus

Memorandum of associaton

Notice

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

The which is calculated at the time of retirment of partner is

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Gaining ratio

Serching ratio

Capita ratio

New ratio

In single entry system ledger contains the accounts of,

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Debtors, creditors and cash

Wages and carriage

Salaries and insurance

Assets and liabilities

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

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Share holder

Debenture holder

Under writer

Promoter

A person who is elected to run the club

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Treasurer

Secretary

Chairperson

President

A paartner who have a major investment in the firm and receive a relatively more profit is called.

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Sleeping partner

Darment partner

Senior partner

Estoppels partner

Bills payable issued durint the period must be debited to total creditors account credited to.

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Bills payable account

Bills receivable account

Debtora account

Cash account

Premium on issue of share is a.

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Capital profit

Business loss

Revenue profit

Revenue loss

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

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Donation

Subscription

Legacy

None of these

Non-profit making organizations

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Buy goods

Manufacture goods

Sell goods

None of these

Good will is.

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Tangible asset

Imtamgon;e asset

Wasting assets

Frictious assets

Depreciation is charged on.

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Fixed tangible assets only

Fixex intangible assets only

Current assets only

None of these

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

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Cash account

Consignee personal account

Consignment account

None of the above

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

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