12th class Principles of Accounting MCQS Set 4

12th class Principles of Accounting MCQS
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Shareholders are,
Managers
Directors
Employees
Owners

The company which can be formed by at least two members,
Public company
Sole proprietorship
All of the above
Private company

According to companies ordinance, single entry system cannot be adopted by,
Partnership
Joint stock companies
Sole proprietorship
a and “b”

A receipts and payments account is similar to
A profit or loss account
A cash or a bank account
A statement of affair
An income and expenditure

Where a partner to entitled to interest on capital subscribed by him, such interest will be payable
None of these
Only out of capitals
Only out of profits
Out of profits or out of capitals

Joint stick company is formed under
Companies ordinance 1984
Partnership act 1932
Common carrier act 1865
Finance society act 1913

The balance left in the capital accounts in case of dissolution is transferred to:
Profit & loss appropriation A/c
Bank account
Realization account
Revaluation account

In Partnership, in case of banking business, the partners must not exceed,
5
15
10
20

In case of retirement of partner, full goodwill is credited to the accounts of
None of these
Retiring partner
Remaining partners
All the partner

We cannot prepare the trial balance and precise balance sheet under,
Barter system
Single entry system
Double entry system
a and “b”

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