Question # 1

Consignee account is of the natur eof.

Choose an answer

Personal account

Nominal account

Real account

None of these

Equity share holders are.

Choose an answer

Creditors

Owners

Customers of the company

Debtors of the company

In consignment , the remuneration allowd to consignee for selling the goods of the consignor, is termed as.

Choose an answer

Salary

Wages

Profit

Commission

Double entry system means

Choose an answer

The recording of same things twice

Double accounting

The two sides of every transaction are recorded

Entry at two dates

Arithmetical accuracy of the books of accounts cannot be checked under.

Choose an answer

Single Entry system

Double entery system

None entery system

Both a and b

The losses arise in consignment transactions, such as loss of goods in transit, theft, goods damaged or destroyed by fire etc are.

Choose an answer

Normal losses

Additional loss

Abnormal losses

Both abnormal and normal loss

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

Choose an answer

Unlimited

Limited

Compulsory

None of these

The joint stock company is formed under companies ordiance.

Choose an answer

1984

1974

1884

1962

Realizaton account is a.

Choose an answer

Nominal account

Real account

Personal account

Cash account

On retirement of a partner the share of a retiring partner is taken by.

Choose an answer

Remaining partner

New partner

Legal representator or retiring partner

None of these

Partnership is formed by the partners.

Choose an answer

Written agreement

Mutual consent

Verbal agreement

None of these

Non-profit making organization is also known as

Choose an answer

Non-profit seeking concern

Non-trading concern

Trading concern

"a" and "b"

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

Choose an answer

Same

Different

Easy

Difficult

Single entry system contains,

Choose an answer

A daybook or general journal

A cash book

Ledger accounts for individual customers and creditors

All of the above

On the dissolution of the partnership unrecorded assets if takes away by the partners is debited to.

Choose an answer

Realization account

Partners capital account

Assets account

None of these

The value of the share as quoted on the stock exchange is said to be

Choose an answer

Par value

Book value

Cost value

Market value

More Classes

Other Links

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

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer