Multiple Choice Question for Principles of Accounting I Com Part 2 Test 1

Multiple Choice Question for Principles of Accounting I Com Part 2 Test 1

1. Goods sent on consignment should be debited by consignor to


2. The written agreement of partnership is called


3. A company is formed by


4. Goodwill is due to


5. Single entry system cannot be maintained by


6. On the retirement of a partner, a reserve should be transferred to the capital accounts of


7. The persons who take the risk on the issue of shares are known as


8. On the dissolution of firm, the partner’s personal assets are first used for payment of


9. Income and expenditure account reveals


10. Receipts and payments account shows


11. Non-trading institutions prepare


12. In which method depreciation is reduced year to year


13. Under diminishing balance method depreciation is calculated on


14. In the absence of an agreement, profits and losses are divided by partners is the ratio of


15. In single entry system, both the aspects of a transaction are not recorded, so it is


16. A new partner may be admitted to partnership


17. The share issued at printed price is called


18. The total amount of capital of a company is divided into small units is ailed


19. Depreciation of assets is due to


20. The face value of share is called


21. The book value of a machine is Rs. 10,000 and it is sold for Rs. 11,000 and gain Rs. 1,000


22. In single entry system, it is not possible to prepare


23. Maximum number of shareholders in a private limited company


24. The consignee acts entirely on behalf of


25. Amount received from any source by way of gift is treated as


26. In case of private company maximum number of members is


27. Non-trading concerns prepare


28. Artificial person created by law is called


29. Receipts and payments account is


30. Non-profit earning companies are mostly formed as


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