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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