Question # 1

In case of retirement when the good will raised with retiring partner written off among the remaining partner.

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In gaiing ratios

Sacrifing ratios

Capital ratios

New ratio

The Receipt and payment account is the summery of the

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Cash book

Balance sheet

Trqail balance

Proft and loss account

Registraion of the firm.

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It is legally necessary

It is optional

It depends on the will of the partners

It depends uopon the will of theemployee

Ordinary shares are also known as.

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Equity shares

Deffered shares

Bonus shares

Preference shares

The partnership may come to an end due to the

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Death of a partner

Involvency of a partner

Both of the above

None of these

The liability of the shareholder of a public limited company is.

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Unlimited

Limited

Compulsory

None of these

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

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Sacrificing ratio

Old profit shairng ratio

New profit sharing ratio

Equal profit shairng ratio

The agreement among the partners which sets out the term is which they have agreed to form a partnership is called.

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Partnership deed

Aribtrartio clause

Partnership at will

None of these

On the detah of the partner the amount of the joint policy credited to the capital account of.

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Remaining partners capital account

All partners capital accounts

Deceased parners capital account

None of these

Maximum numebr of the partners in an ordinary Partinership.

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Ten partners

Twentry partners

Thirty partners

Fourth partners

Due to fresh capital introduced during the year, the closing capital will,

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Increase

Decrease

Constant

Multiply

Single entry system is suitable where,

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Small amount of cash transactions are more

Large amount of cash transaction are more

Smallamount of cash transaction are more

Largeamount of cash transaction are more

The consignee acts entirely on behalf of the

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Debtors

Creditors

Customer

Principal or consignor

The amount of assets may rise of fell on account of.

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Depreciation

Fluctuation

Depletion

Amortization

Interest is debited to assets account uder the.

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Annuity method

Depreciation fund method

Insurance policy method

Depletion method

If the cash sales are missing they are to be ascertained by the construction of.

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Debtors account

Creditors account

Cash account

None of these

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

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