12th class Principles of Accounting MCQS
Decrease in the value of an asset due to change in habit or taste of people.
Accident
Efflux of time
Wear and tear
Obsolescence
In cash book
Each transaction is recorded in chronological order
Each entry is followed by narration
All of the above
Ledger reference is recorded
In consignment expenses after delivery of goods to consignee are borne by
Consignor
Seller
Consignee
Purchaser
The businessmen can increase the sale of their products
By adopting agents in their own country as well as abroad
a and “b”
By opening their own branches in different parts of the country and abroad
By a huge head office building
Receipts and payments account records transaction relating to
All of the above
Future year
Present year
Past year
A partner has a right to
Take part in the conduct of business
All of these
Share in profit
Inspect the books of the firm
Suppose the average profit of last five years is Rs.7000, normal profits Rs.4000, then the value of goodwill on the basis of three years purchase under super profits method will be
Rs.15000
Rs.6000
Rs.9000
Rs.12000
Non-profit making organizations
None of these
Manufacture goods
Buy goods
Sell goods
The relationship between consignor and consignee is that of
Debtor and creditor
Principal and agent
Buyer and seller
None of these
A company is managed by,
Shareholders
Employees
Directors
Managers
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