12th class Principles of Accounting MCQS Set 1

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12th class Principles of Accounting MCQS
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The register which is maintained by consignor to keep full record of goods consigned is called
Consignment outward book
Consignment in transit book
Consignment purchases book
Consignment inward book

The permanent and continuous diminution in the quality, quantity or value of an asset:
Depreciation
Reduction
Appreciation
Diminution

Depreciation is charge against
Expense
Capital
Revenue
Liability

Opening capital is calculated by taking the difference between,
Opening assets and closing liabilities
Opening assets and closing assets
Closing assets and closing liabilities
Opening assets and Opening liabilities

On the admission of a new partner the increase in the value of assets is debited to
Assets account
Old partners capital account
New partner capital account
Profit and loss adjustment account

The current account of a partner
May have a debit balance or a credit balance
None of these
Will always have a debit balance
Will always have a credit balance

The interest on partners capital accounts is to be credited to
Partners capital accounts
Profits and loss account
Trading account
Interest account

How many kinds of companies are registered under company ordinance 1984?
Four
Five
Three
Two

The act of sending goods by owner to his agent for sale is called
Partnership
Purchases
Consignment
Sales

The essential element of partnership is
There must be an agreement entered into by all the persons concerned
The agreement must be to share the profits of a business
The business must be carried on by all or any of them acting for all
All of the above

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