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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