1) Worthless
asset is debited to capital accounts in their –
a) Profit
Sharing Ratio
b) Capital
Ratio
c) Final Claim
Ratio
d) Gain ratio
ANS: A
2) Fictitious
assets are debited to partners capital accounts in their –
a) Profit
sharing ratio
b) Capital
ratio
c) Final Claim
ratio
d) Gain ratio
ANS: A
3) A
partnership firm is _____ on conversionV inatlou ead L; td.
a) Company
b) Dissolved
c) Conversion
d) ignored
ANS: B
4) A
_____ form of organization is suitable for large scale business.
a) Company
b) Sole Trader
c) Co-operative
d) Partnership
Firm
ANS: A
5) A new
company is formed on _____ of a firm into a Ltd. Company
a) Conversion
b) Dissolved
c) admitted
d) Admission
ANS: A
6) Amount
payable by a purchasing company to the vendor firm is called as_____ _____.
a) Purchase
consideration is settled
b) Purchase
Consideration ;
c) Assets
& Liabilities are revalued
d) Capital
Ratio
ANS: B
7) Profit
/ Loss on realisation is distributed among the partners in their _____ _____ ratio.
a) Profit
Sharing Ratio ;
b) Final Claim
Ratio
c) Capital
Ratio
d) Gain ratio
ANS: A
8) Cash
balance take over by a Ltd. Company is debited to _____ A/c.
a) Realization
A/c ;
b) Capital
Accounts
c) P
& L A/c
d) Current
Accounts
ANS: A
9) For
finding unit value capital is divided by
a) Profit
Sharing Ratio
b) Capital
Ratio
c) Gain Ratio
d) Scarifies
ratio
ANS: A
10) After
finding the unit value of three partners A, B and C we select the unit value
a) Which
is lowest
b) Which
is highest
c) Average
d) Ignored
ANS: A
11) Unit
value we multiply with each one’s
a) Profit
Sharing Ratio
b) Capital
Ratio
c) Average
d) Gain Ratio
ANS: A
12) Bank
loan is ` 30,000 secured against stock and stock sold for ` 25,000,
Balance
` 5,000 is
a) Secured
b) Unsecured
c) Party secured
d) Gain Ratio
ANS: B
13) Realisation
of assets on dissolution is
a) Sudden
b) Gradual
c) Unexpected
d) Expected
ANS: B
14) External
liabilities are liabilities due to
a) Partners
b) Creditors
c) Outsiders
d) Employee
ANS: C
15) Employees
dues are
a) Preferential
liabilities
b) Contingent
liabilities
c) External
liabilities
d) Secured
liabilities
ANS: A
16) Contingent
liabilities are the liabilities which are
a) Contingent
on happening of certain event in future
b) Fixed liabilities
c) Current
liabilities
d) Liquid
liabilities
ANS: A
17) Preferential
liabilities are
a) Payable
to creditors
b) Payable
to government
c) Payable
to partners
d) Payable
to none
ANS: B
18) Partners
loan is
a) Internal
liability
b) External
liability
c) Secured
liability
d) Assets
ANS: A
19) Take
over of liability by a partner is
a) Added
to capital of a partner
b) Deducted
from capital of a partner
c) Neglected
Recorded in
d) Trading
A/c
ANS: A
20) General
Reserve should be
a) Distributed
in profit sharing ratio
b) Distributed
in capital ratio
c) Not distributed
among the partners
d) ignored
ANS: A
21) Profit
& Loss Account debit balance should be
a) Deducted
from Capitals
b) Added
to Capitals
c) Transferred
to Realisation Account
d) ignored
ANS: A
22) Realisation
A/c is prepared in case of
a) Admission
b) Retirement
c) Death
d) Dissolution
ANS: D
23) After
payment of outside liabilities
a) Govt. dues
should be paid
b) Partner’s
loan should be paid
c) Partner’s
capital should be paid
d) Expenses
should be paid
ANS: B
24) After
payment of partners loan payment should be made to
a) The partner
having surplus capital
b) The partner
having deficiency
c) Govt. Loan
d) Secured
Loan
ANS: A
25) In
case an asset of a firm purchased by any partner
a) Partners’
capital should be debited
b) Agreed
value should be distributed among all the partners.
c) Book value
should be distributed among all the partners
d) Recorded
in trading A/c
ANS: A
asset is debited to capital accounts in their –
a) Profit
Sharing Ratio
b) Capital
Ratio
c) Final Claim
Ratio
d) Gain ratio
ANS: A
2) Fictitious
assets are debited to partners capital accounts in their –
a) Profit
sharing ratio
b) Capital
ratio
c) Final Claim
ratio
d) Gain ratio
ANS: A
3) A
partnership firm is _____ on conversionV inatlou ead L; td.
a) Company
b) Dissolved
c) Conversion
d) ignored
ANS: B
4) A
_____ form of organization is suitable for large scale business.
a) Company
b) Sole Trader
c) Co-operative
d) Partnership
Firm
ANS: A
5) A new
company is formed on _____ of a firm into a Ltd. Company
a) Conversion
b) Dissolved
c) admitted
d) Admission
ANS: A
6) Amount
payable by a purchasing company to the vendor firm is called as_____ _____.
a) Purchase
consideration is settled
b) Purchase
Consideration ;
c) Assets
& Liabilities are revalued
d) Capital
Ratio
ANS: B
7) Profit
/ Loss on realisation is distributed among the partners in their _____ _____ ratio.
a) Profit
Sharing Ratio ;
b) Final Claim
Ratio
c) Capital
Ratio
d) Gain ratio
ANS: A
8) Cash
balance take over by a Ltd. Company is debited to _____ A/c.
a) Realization
A/c ;
b) Capital
Accounts
c) P
& L A/c
d) Current
Accounts
ANS: A
9) For
finding unit value capital is divided by
a) Profit
Sharing Ratio
b) Capital
Ratio
c) Gain Ratio
d) Scarifies
ratio
ANS: A
10) After
finding the unit value of three partners A, B and C we select the unit value
a) Which
is lowest
b) Which
is highest
c) Average
d) Ignored
ANS: A
11) Unit
value we multiply with each one’s
a) Profit
Sharing Ratio
b) Capital
Ratio
c) Average
d) Gain Ratio
ANS: A
12) Bank
loan is ` 30,000 secured against stock and stock sold for ` 25,000,
Balance
` 5,000 is
a) Secured
b) Unsecured
c) Party secured
d) Gain Ratio
ANS: B
13) Realisation
of assets on dissolution is
a) Sudden
b) Gradual
c) Unexpected
d) Expected
ANS: B
14) External
liabilities are liabilities due to
a) Partners
b) Creditors
c) Outsiders
d) Employee
ANS: C
15) Employees
dues are
a) Preferential
liabilities
b) Contingent
liabilities
c) External
liabilities
d) Secured
liabilities
ANS: A
16) Contingent
liabilities are the liabilities which are
a) Contingent
on happening of certain event in future
b) Fixed liabilities
c) Current
liabilities
d) Liquid
liabilities
ANS: A
17) Preferential
liabilities are
a) Payable
to creditors
b) Payable
to government
c) Payable
to partners
d) Payable
to none
ANS: B
18) Partners
loan is
a) Internal
liability
b) External
liability
c) Secured
liability
d) Assets
ANS: A
19) Take
over of liability by a partner is
a) Added
to capital of a partner
b) Deducted
from capital of a partner
c) Neglected
Recorded in
d) Trading
A/c
ANS: A
20) General
Reserve should be
a) Distributed
in profit sharing ratio
b) Distributed
in capital ratio
c) Not distributed
among the partners
d) ignored
ANS: A
21) Profit
& Loss Account debit balance should be
a) Deducted
from Capitals
b) Added
to Capitals
c) Transferred
to Realisation Account
d) ignored
ANS: A
22) Realisation
A/c is prepared in case of
a) Admission
b) Retirement
c) Death
d) Dissolution
ANS: D
23) After
payment of outside liabilities
a) Govt. dues
should be paid
b) Partner’s
loan should be paid
c) Partner’s
capital should be paid
d) Expenses
should be paid
ANS: B
24) After
payment of partners loan payment should be made to
a) The partner
having surplus capital
b) The partner
having deficiency
c) Govt. Loan
d) Secured
Loan
ANS: A
25) In
case an asset of a firm purchased by any partner
a) Partners’
capital should be debited
b) Agreed
value should be distributed among all the partners.
c) Book value
should be distributed among all the partners
d) Recorded
in trading A/c
ANS: A
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