Question # 1

The consignee acts entirely on behalf of the

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Debtors

Creditors

Customer

Principal or consignor

An income and expenditure account is.

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Normal account

Real account

Persoanl account

None of these

Investment in partnership is made byintroducing.

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Cash

Non cash assets

Cash or non cash assets

None of these

The sum total of the nominal vaue of shares of company is called is.

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Issued capital

Subscribed capital

Share capital

Called up capital

Acceptance received durinthe period must be debited to bills receivable account and credited to.

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Total bills receivable account

Total debtors account

total cash account

Total bills receivabel account

Kind of company is.

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2

3

4

5

The method for preparing the final accounts in trading concerns and non-profit making organizations are

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Same

Different

Easy

Difficult

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

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

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Sole proprietorship

Partnership

"a" and "b"

Joint stock companies

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

In the absence of any agreement Reserve on dissolution of a partnership firm is credited to the partners.

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In capital ratio

In profit sharing ratio

Equality

None of these

The relation ship between consignor and consignee is thet of.

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Buyer and seller

Debtorsde creditor

Whole seller or retailer

Principal and agent

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

The debentures which are repayable at the end of a specified period are termed as.

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Redeemeble debentures

Irredeemable debentures

Repayable debetures

None of these

Teh single entry system of book keeping is generay followed by

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Small business concern

Large Business concern

Non trading concern

None of these

Depreciation arise because of

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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

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

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