Objective Type Questions for Principle of Accounting I.Com Part 2 Test 2

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

1. The activities of non-trading are managed by

 
 
 
 

2. Assets contributed by the partner are recorded at

 
 
 
 

3. The gradual decrease in the value of the fixed assets due to its use in business is called

 
 
 
 

4. Partnership is formed under the Act of

 
 
 
 

5. Del credere commission is calculated on

 
 
 
 

6. Income and expenditure account record the transaction

 
 
 
 

7. Realization account is a

 
 
 
 

8. In consignment relation between consignor and consignee is

 
 
 
 

9. In a private company, minimum directors should be

 
 
 
 

10. The process of writing of intangible assets is called

 
 
 
 

11. A private company has to provide in its articles

 
 
 
 

12. Sinking fund investment is

 
 
 
 

13. In Pakistan, joint stock companies are formed, under ordinance of

 
 
 
 

14. Due to fluctuation in the market price the value of an asset may

 
 
 
 

15. The minimum number of members in public limited company is

 
 
 
 

16. Godown rent paid by consignee is debited to

 
 
 
 

17. The asset not depreciable is

 
 
 
 

18. Depreciation is provided for

 
 
 
 

19. System in which accounting record is not kept strictly according to double entry system is

 
 
 
 

20. Discount on issue of shares is a loss of

 
 
 
 

21. In the absence of agreement, the rate of interest on capital is

 
 
 
 

22. Bad debts written off should be credited to

 
 
 
 

23. Income and expenditure account is prepared on

 
 
 
 

24. Old profit sharing ratio is 5:3 whereas on admission of third one, new ratio is 5:2:2. The sacrificing ratio between two old partners will be

 
 
 
 

25. Debenture holders are

 
 
 
 

26. Consignor is also called

 
 
 
 

27. The amount of depreciation charged on machinery will be debited to

 
 
 
 

28. Sale of old newspapers should be treated as

 
 
 
 

29. In Private Limited Company minimum numbers of share-holders are

 
 
 
 

30. Memorandum of association is prepared by

 
 
 
 

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