Question # 1

Consignment account is in the nature of.

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Profit and loss account

Real account

Personal Account

None of these

A certificat issue by the company under its seal acknowledging a debt due by it to its holder, is called.

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Debenture

Certificate of commencement

Acknowledge certificate

Noen of these

The assets which have not got physical existence are called.

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Intangible assets

Intangible fixed assets

Current assets

Tangible fixed assets

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

Profit of revaluation should be credited to.

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Revaluation account

Liabilites accounts

Old partners capital accounts

Assets accounts

The consignment outward books or journal is maintained by.

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Customers

Consignor

Consignee

Debtors

Due to drawings made during the year, the closing capital will,

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Increase

Decrease

Constant

Multiply

A new partner may be admitted to a partnership.

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With the consent of all the partners

With the consent of any one of the partners

With consent of two third the old partners

Without the consent of old partners

Which of the following term is used for the depreciation of wasting assets such as timber tree, mines, oil wells etc.

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Depreciation

Depletion

Amortization

None of these

The objective of charging depreciation on fixed assets is.

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Calculate the true net profit

To provide funds for the replacement

To redue the tax libility

All of the above

Amount received by the concern as per the will of the donor is known as.

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Lagacy

Donation

Subscription

None of these

If the goods will raised at the tim e of admissionof a new partner will be written off in.

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Old prifit sharing ratios

Capitals ratios

New profit - Old ratios

Sacrificing ratios

The retired is one who has

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Died

Withdraw his capital

Bought his capital

Decreases his capital

Interest on dividend is paid.

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At the end of financial period

During the fiancancial year

At the time of incorporation

At the time of winding of company

Income and expenditure accout is usually accompanied by.

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Trail balance

Balance sheet

Income and gains

Liabilities

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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