Multiple Choice Question for Principles of Accounting I Com Part 2 Test 4

Multiple Choice Question for Principles of Accounting I Com Part 2 Test 4

1. Normal losses due to


2. Joint Stock Company is an artificial person created by


3. Opening balance of capital is ascertained by preparing


4. Institutions with activities other than trade are known as


5. Partners in a partnership collectively known as


6. Normal loss represents


7. Depreciation is called


8. Additional commission paid to a consignee who guarantees the payment in case of credit sale is called


9. Credit sale can be obtained by


10. The assets having bodily substance are termed as


11. Sale of old newspaper should be treated as


12. For a firm interest on capital is


13. In absence of agreement the rate of interest on


14. Collectively partners are called


15. Depreciation on machinery will be debited to


16. In net worth method of single entry, net profit is ascertained by


17. Newly admitted partner in partnership is called


18. Partners’ contribution to the firm is called


19. The act of sending goods by owner to agent is called as


20. The liability of members of a company is generally


21. For the firm interest on capital


22. The consignee is also called


23. In partnership, number of partners should not exceed than


24. A partner who has not attained the age of maturity is called


25. The powers of company are governed by


26. A profit is distributed among shareholders is called


27. The directors of the company are


28. Goodwill is an


29. Subscription received in advance is


30. Single entry system is a mixture of


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