Question # 1

Single entry system is generally adopted by,

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Small business concerns

Large business concerns

Medium business concerns

All of the above

In the books of consignee the sale of goods by the consigee credited to.

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Sales account

Consignor account

Consignee's account

None of these

When the capitals of the partners arr not allowed to change during the life time of the business except in extra ordinary circumslancer then they are called.

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Fluctuating capitals

Fixed capitals

Current capitals

None of these

In the absence of an agreement partners shall

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Be paid salaries

Not to be paid the salaries

Be paid salaries by the consent of the pariners

Be paid salaris to thos who worked for the firm

A partner goes out of a firm due to certain event or reason is known as.

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Retired or out going partner

Junior partner

Senior partner

Minor partner

Income and expenditure account records the transactions of

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Revenue nature

Capital nature

Revenue and capital nature

None of the these

The value of an asset at the end of the working life is called.

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Book value

Scrape value

Market value

None of these

Normaly the discount on the shares should not exceed from

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Five percent

Eight percent

Twenty percent

Ten percent

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

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Sole proprietorship

Partnership

"a" and "b"

Joint stock companies

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 persons who have entered two partnership are individually called.

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Agents

Partners

A firm

Vendor

Income and expenditur eaccount is prepared at the

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Start of the year

Mid of the year

End of the year

At the start and ed of the year

The retired is one who has

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Died

Withdraw his capital

Bought his capital

Decreases his capital

The extra amount charged fromt he new partner over and above the capital is for.

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Purchase of Machinery

Good will

Purchaser of furniture

Payment of liabilities

Income and expenditure account shows.

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Surplus or deficit

Not profit or net loss

Capital account

Cash in hand

If all the partners but one is solvent it is.

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Compulsory dissolution of firm

Dissolution by agreement

Or may not cause dissolution

None of these

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