12th class Principles of Accounting MCQS
Income and expenditure account shows
Cash in hand
Surplus or deficit
Capital account
Cash at bank
Retirement of a partner dissolves
Firm
Business
Partnership
b & “c”
The consignee sells the goods on behalf of
Drawer
Drawee
Consignor
Agent
In partnership other than banking business the members mus not exceed,
20
10
5
15
In case of dissolution closing of various liabilities are credited to:
Realization account
Profit and loss account
Liabilities account
Revaluation account
The end or termination of partnership is called:
Dissolution
Admission
Retirement
Death
What will be the value of goodwill on two years purchase of the average profit of the last three years? The profit earned during the last three years are Rs. 10000, Rs.12000 and Rs.14000
Rs.12000
Rs.24000
Rs.20000
Rs.36000
All transactions relating to non-profit seeking concerns are recorded in the books of account strictly according to
Treble entry system
a and “b”
Single entry system
Double entry system
The excess of actual profits over normal profits is known as
Profit
Loss
Super loss
Super profits
A company is formed by,
Managers
Employees
Owners
Directors
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