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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