Accounting MCQ Questions and Solutions with Explanations | Commerce

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81.
For which purpose the profits before incorporation can not be used?

A. To write off capital loss

B. To write off goodwill

C. To create capital accumulation

D. To distribute dividend

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82.
According to Garner Vs Murray rule, loss on account of a partner becoming insolvent should be distributed to remaining partners in

A. Capital ratio

B. Profit and loss ratio

C. Average ratio

D. None of the above

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83.
An ordinary partnership firm can have maximum

A. 5 partners

B. 10 partners

C. 150 partners

D. 20 partners

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84.
The following will be entered in the Total Debtor's Account:

A. Cash Sales

B. Credit Sales

C. Total Sales

D. None of these

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85.
A balance sheet shows financial condition of an organization.

A. For the whole year

B. The day on which if is prepared

C. For a month

D. For a week

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86.
Right shares are those share which are proposed to

A. To the directors of company

B. To the debenture holders

C. To the existing shareholders

D. To the creditors of company

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87.
A and B are partners of 5 : 3 ratio. C Joins and the new ratio agreed 4 : 2 : 2. Find out the sacrificing ratio of A and B.

A. 1 : 2

B. 1 : 3

C. 1 : 1

D. None if the above

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88.
A, B and C are partners sharing profits in the ratio of 4 : 3 : 2. They admit D for $$\frac{1}{3}$$ profit of the firm. The sacrificing ratio of A, B and C will be:

A. 3 : 2 : 1

B. 4 : 2 : 1

C. 4 : 3 : 2

D. 5 : 3 : 2

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89.
Retirement of a partner leads to . . . . . . . . of remaining partners.

A. gain in profit sharing ratio

B. loss in profit sharing ratio

C. no change in profit sharing ratio

D. none of the above

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90.
Which of the following items will be written on credit side of the partner's capital accounts when the accounts are floating?

A. Interest on drawings

B. Loan advanced by a partner to the firm

C. Partner's share in the firm's loss

D. Salary to the active partners

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Accounting MCQ Questions and Solutions with Explanations | Commerce

81. For which purpose the profits before incorporation can not be used?

Answer & Solution

82. According to Garner Vs Murray rule, loss on account of a partner becoming insolvent should be distributed to remaining partners in

Answer & Solution

83. An ordinary partnership firm can have maximum

Answer & Solution

84. The following will be entered in the Total Debtor's Account:

Answer & Solution

85. A balance sheet shows financial condition of an organization.

Answer & Solution

86. Right shares are those share which are proposed to

Answer & Solution

87. A and B are partners of 5 : 3 ratio. C Joins and the new ratio agreed 4 : 2 : 2. Find out the sacrificing ratio of A and B.

Answer & Solution

88. A, B and C are partners sharing profits in the ratio of 4 : 3 : 2. They admit D for $$\frac{1}{3}$$ profit of the firm. The sacrificing ratio of A, B and C will be:

Answer & Solution

89. Retirement of a partner leads to . . . . . . . . of remaining partners.

Answer & Solution

90. Which of the following items will be written on credit side of the partner's capital accounts when the accounts are floating?

Answer & Solution

Read More Section(Accounting)

81.
For which purpose the profits before incorporation can not be used?

82.
According to Garner Vs Murray rule, loss on account of a partner becoming insolvent should be distributed to remaining partners in

83.
An ordinary partnership firm can have maximum

84.
The following will be entered in the Total Debtor's Account:

85.
A balance sheet shows financial condition of an organization.

86.
Right shares are those share which are proposed to

87.
A and B are partners of 5 : 3 ratio. C Joins and the new ratio agreed 4 : 2 : 2. Find out the sacrificing ratio of A and B.

88.
A, B and C are partners sharing profits in the ratio of 4 : 3 : 2. They admit D for $$\frac{1}{3}$$ profit of the firm. The sacrificing ratio of A, B and C will be:

89.
Retirement of a partner leads to . . . . . . . . of remaining partners.

90.
Which of the following items will be written on credit side of the partner's capital accounts when the accounts are floating?