12th class Principles of Accounting MCQS Set 3

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12th class Principles of Accounting MCQS
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Bear expenses or losses in consignment
All of the above
Receives his commission from the consignor
Share profit made on the sale of goods

Dissolution due to completion of venture, death of partner, Insolvency of partner or expiry of the terms fixed is called:
Dissolution by notice
Dissolution by agreement
Dissolution on the happening of certain contingencies
Dissolution by court

It is an artificial person recognized by law,
Sole proprietorship
Joint stock company
b and “c”

In non-profit making organization final accounts contains
Receipts and payments account and statement of affairs
Receipts and payments account and balance sheet
Income and expenditure account and balance sheet
Profit and loss account and balance sheet

In case of consignment, risk attached to the goods sold before the goods consigned are sold lies with the

Under single entry system sometimes,
Double aspects of a transaction are recorded
No aspect of a transaction is recorded
Single aspect of a transaction is recorded
All of the above

Non-profit making organization is also known as
Non-profit seeking concern
Non-trading concern
Trading concern
a and “b”

If the incoming partner is to bring his share of goodwill is cash, and there exists any balance in goodwill account, then this goodwill account is to be written off among old partners in
Gaining ratio
Old profit sharing ratio
New profit sharing ratio
Sacrificing ratio

This is the principal form of company,
Company limited by shares
Unlimited company
Company limited by guarantee
Association not for profit

If depreciation is not taken into account, the value of asset in the books.
No change
May be more
May be more or less
May be less

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