12th class Principles of Accounting MCQS
On the admission of a partner, goodwill account is to be raised should be debited to
Partners capital accounts
New partner capital account
Cash account
Goodwill account
In case of retirement funds for payment may be provided out of
All of the above
Firm’s own resources
Additional funds may be bought in by continuing partners
Borrowing by the firm
Maximum members in private company are,
100
150
10
50
Example of non-profit making organization
Shoe factory
Sugar industry
Hospital
Fan factory
The liability of the members is limited according to undertaking of members to contribute to the assets of the company in the event of its being wound up,
Association not for profit
Company limited by guarantee
Unlimited company
Company limited by shares
When goods are dispatched by the consignor to the consignee, it will be from consignor’s view point
Consignment in transit
Consignment inward
All of these
Consignment outward
Receipts and payments account records the transactions of
Revenue and capital nature
None of these
Revenue nature
Capital nature
In case of dissolution, assets taken over by a partner should be debited to:
Cash account
Partner’s capital account
Asset account
Realization account
Depreciation is an:
Expense
Revenue
Liability
Capital
The company in which members are personally liable for the debts of company
Company limited by shares
Association not for profit
Company limited by guarantee
Unlimited company
Need Assistance? In case of any query/problem, Please don’t hesitate to Contact us
Pak Study Library Services for Student provide a wide range of Education
Google Ads