This quiz works best with JavaScript enabled. Home > Accounting > Accountancy > Accountancy – Quiz 22 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Accountancy Quiz 22 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to as ..... A) Liabilities. B) Assets. C) Income. D) Owner Equity. Show Answer Correct Answer: B) Assets. 2. The relation of partner with the firm is that of A) An Owner. B) An Agent. C) An Owner and an Agent. D) Manager. Show Answer Correct Answer: C) An Owner and an Agent. 3. Any change in the relationship of existing partners which result in an end of the existing agreement and enforces making of a new agreement is called: A) Revaluation of partnership. B) Reconstitution of partnership. C) Realisation of partnership. D) None of the above. Show Answer Correct Answer: B) Reconstitution of partnership. 4. A, B and C are partners sharing profits in the ratio of 1/2:1/4:1/4. New ratio on the retirement of B will be: A) 2:1. B) 2:4. C) 1:2. D) 1/4:1/2. Show Answer Correct Answer: A) 2:1. 5. Mohan, from whom an amount of Rs. 12, 000 was to be received became insolvent and 60 paise per rupee was received from his estate, What will be the amount debited to Cash A/c? A) 6000. B) 12000. C) 7200. D) 8000. Show Answer Correct Answer: C) 7200. 6. What are the responsibilities of the partners? A) A. Limited. B) B. Unlimited. C) S. limited to capital. D) The. none of these. Show Answer Correct Answer: B) B. Unlimited. 7. Debenture interest is paid A) At a predetermined rate. B) At variable rate. C) At a rate based on net profit of the company. D) At a rate as determined by the company from time to time. Show Answer Correct Answer: A) At a predetermined rate. 8. While balancing three column cash book, the discount column are: A) Totaled but not adjusted. B) Totaled and also adjusted. C) Totaled but not balanced. D) Balanced but not totaled. Show Answer Correct Answer: C) Totaled but not balanced. 9. What is another term for sales returns of goods? A) Purchase Return. B) Return Outwards. C) Return Inwards. D) Carriage Returns. Show Answer Correct Answer: C) Return Inwards. 10. Depreciation expense A) Operating. B) Investing. C) Financing. D) Supplemental. Show Answer Correct Answer: A) Operating. 11. Calls in Arrears appear in a Company's Balance Sheet under ..... A) Reserve & Surplus. B) Shareholder's Funds. C) Contingent Liabilities. D) Short-term Borrowings. Show Answer Correct Answer: B) Shareholder's Funds. 12. THE PARTY WHO IS ENTITLED TO RECEIVE THE CASH OF A BILL RECEIVABLE IS CALLED? A) Drawer. B) Drawee. C) Bank. D) None of above. Show Answer Correct Answer: A) Drawer. 13. Journal records the transactions of the form in a ..... A) Periodical manner. B) Chronological order. C) Summarised manner. D) Systematic order. Show Answer Correct Answer: B) Chronological order. 14. Under fixed capital methods, profit will be credited to: A) Capital Account. B) Drawings. C) Current Account. D) Profit & Loss. Show Answer Correct Answer: C) Current Account. 15. Notes payable, accounts payable and unearned income are types of debt A) Fluent. B) Long-term. C) Modal. D) Mortgage debt. Show Answer Correct Answer: A) Fluent. 16. The shares which are issued above the face value is called ..... A) Issue at a loss. B) Issue at a profit. C) Issue at a premium. D) Issue at a discount. Show Answer Correct Answer: C) Issue at a premium. 17. 16 In double entry system of book keeping, every business transaction affects A) Minimum of two accounts. B) Same account on two different dates. C) Two sides of the same account. D) Minimum three accounts . Show Answer Correct Answer: A) Minimum of two accounts. 18. 2 Cash book is a A) Principle book. B) Subsidiary book. C) Both principle and subsidiary book. D) Journal proper. Show Answer Correct Answer: C) Both principle and subsidiary book. 19. A, B, C are partners sharing profit and losses in the ratio of 4:3:1:B retires and gives his share of profit to A Rs. 3, 600 and C Rs. 4, 500. What is the Gaining sharing ratio of A and C? A) 4:5. B) 2:1. C) 68:48. D) (d) 4:1. Show Answer Correct Answer: A) 4:5. 20. Interest on withdrawal is- A) A. loss of firm. B) B. partners' income. C) S. firm's income. D) The. none of these. Show Answer Correct Answer: C) S. firm's income. ← PreviousNext →Related QuizzesAccounting QuizzesAccountancy Quiz 1Accountancy Quiz 2Accountancy Quiz 3Accountancy Quiz 4Accountancy Quiz 5Accountancy Quiz 6Accountancy Quiz 7Accountancy Quiz 8Accountancy Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books