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Option1:
Option2:
Option3:
Option4:
where it Is agreed that a partner will be paid a lump sum amount for dissolution of the payment is made by the firm, the payment is debited to _________
Option1: Realisation Account
Option2: Concerned Partners Capital Account
Option3: All Partners Capital Account
Option4: None of these
option1 4 ACCOUNTS Edit Delete

Option1:
Option2:
Option3:
Option4:
At the time of dissolution of the firm, loan from partner is _______
Option1: transferred to Realisation Account
Option2: not transferred to Realisation Account
Option3: Transferred to the Partners capital Account
Option4: None of these
option2 4 ACCOUNTS Edit Delete

Option1:
Option2:
Option3:
Option4:
Garner Vs. Murray rule applies in case of
Option1: Admission of a partner
Option2: Dissolution of a firm
Option3: Retirement of a partner
Option4: Death of a partner
option2 4 ACCOUNTS Edit Delete

Option1:
Option2:
Option3:
Option4:
Unrecorded asset when realised is credited to _____
Option1: Realisation Account
Option2: Partners' Capital Account
Option3: None of these
Option4: only option A
option1 4 ACCOUNTS Edit Delete

Option1:
Option2:
Option3:
Option4:
Features of a partnership firm are
Option1: Two or more person are carrying common business under an agreement
Option2: They are sharing profit and losses in the fixed ratio
Option3: Business is carried by all or any of them acting for all as an agent
Option4: All of the above
option4 4 ACCOUNTS Edit Delete

Option1:
Option2:
Option3:
Option4:
When a firm is dissolved, Goodwill a/c is closed by transferring to:
Option1: Capital account of the partner
Option2: Revaluation Account
Option3: Realisation Account
Option4: Profit & Loss Account
option3 4 ACCOUNTS Edit Delete

Option1:
Option2:
Option3:
Option4:
At the time of dissolution of the firm, partner relative is ________
Option1: transferred to Realisation Account
Option2: not transferred to Realisation Account
Option3: Transferred to the Partners capital Account
Option4: None of these
option1 4 ACCOUNTS Edit Delete

Option1:
Option2:
Option3:
Option4:
Which of the following is the assumption of the MM model on dividend policy?
Option1: The firm is an all- equity firm
Option2: The investment of the firm are financed solely by retained earnings
Option3: The firm has an infinite life
Option4: None of these
option3 4 ACCOUNTS Edit Delete

Option1:
Option2:
Option3:
Option4:
At the time of dissolution of the firm, if goodwill appears in the Balance Sheet, it is transferred to
Option1: Realisation Account
Option2: Partners' Capital Account
Option3: Revaluation Account
Option4: None of these
option1 4 ACCOUNTS Edit Delete

Option1:
Option2:
Option3:
Option4:
Voluntary winding up comes under _____
Option1: section 433
Option2: section 484- 521
Option3: section 428
Option4: section 473
option2 4 ACCOUNTS Edit Delete

Option1:
Option2:
Option3:
Option4:
Dissolution of a firm means_________
Option1: closing down the undertaking
Option2: suspending permanently the activities of a partnership business
Option3: complete breakdown of a partnership
Option4: All of the above
option4 4 ACCOUNTS Edit Delete

Option1:
Option2:
Option3:
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X, Y, and Z are the partners in the ratio of 2: 1:1. after distribution of realisation loss, Z's capital has a debit balance of Rs. 6000. if Z is personally insolvent his capital balance will cancelled by
Option1: X and Y contributing equally
Option2: X and Y contributing in the ratio of 2:1
Option3: X and Y contributing in the ratio of their capitals
Option4: Writing off to profit and Loss Account
option3 4 ACCOUNTS Edit Delete

Option1:
Option2:
Option3:
Option4:
Provision for bad and doubtful debts appearing in the book at the time of dissolution of firm is transferred to:
Option1: Capital account of the partner
Option2: Debtors Account
Option3: Bad debts Account
Option4: Realisation Account
option4 4 ACCOUNTS Edit Delete

Option1:
Option2:
Option3:
Option4:
Which of the following are true or false? (a) Dissolution of a firm is a wider concept (b) It includes dissolution of the partnership also
Option1: Both (a) and (b) are true
Option2: Both (a) and (b) are false
Option3: (a) is true, but (b) is false
Option4: (a) is false, but (b) is true
option1 4 ACCOUNTS Edit Delete

Option1:
Option2:
Option3:
Option4:
On the dissolution of a firm, if a partner has a debit balance in his capital account then:
Option1: He shall not share in the profit/ loss on dissolution
Option2: He need not bring cash
Option3: He is required to bring in enough cash to clear off his debit balance
Option4: None of these
option3 4 ACCOUNTS Edit Delete

Option1:
Option2:
Option3:
Option4:
L, M, N and O are equal partners. L,M and O die together. This accident results in:
Option1: Dissolution of partnership
Option2: Dissolution of firm
Option3: Dissolution of firm as well as dissolution of partnership
Option4: Neither dissolution of firm nor dissolution of partnership
option3 4 ACCOUNTS Edit Delete

Option1:
Option2:
Option3:
Option4:
Winding up by the court comes under ______
Option1: Section 484-521
Option2: Section 433
Option3: Section 434
Option4: Section 475
option2 4 ACCOUNTS Edit Delete

Option1:
Option2:
Option3:
Option4:
The dissolution of partnership between all partners of a firm is called ________
Option1: The dissolution of the firm
Option2: Compulsory dissolution
Option3: Dissolution by notice
Option4: Dissolution by government
option1 4 ACCOUNTS Edit Delete

Option1:
Option2:
Option3:
Option4:
Unrecorded liabilities when paid are debited to _____
Option1: Realisation Account
Option2: Partners' Capital Account
Option3: None of these
Option4: only option A
option1 4 ACCOUNTS Edit Delete

Option1:
Option2:
Option3:
Option4:
In India, audit of partnership firm is
Option1: Compulsory
Option2: Optional
Option3: Statutory by law
Option4: None of these
option2 4 ACCOUNTS Edit Delete

Option1:
Option2:
Option3:
Option4:
Select the most appropriate alternative from those given below: Drawing account is cloased by transferring the balance to the _____ account
Option1: Drawing
Option2: Liabilities
Option3: Assets
Option4: Capital
option4 4 ACCOUNTS Edit Delete

Option1:
Option2:
Option3:
Option4:
When a firm is dissolved, the piecemeal distribution of cash should be done in such a manner that final unpaid amunt are in the
Option1: Capital ratio
Option2: Profit shairing ratio
Option3: Sacrifing ratio
Option4: Equal ratio
option2 4 ACCOUNTS Edit Delete

Option1:
Option2:
Option3:
Option4:
On dissolution, all assets are transferred to realization account at _____
Option1: book value
Option2: market value
Option3: cost or market value, whatever is less
Option4: replacement value
option1 4 ACCOUNTS Edit Delete

Option1:
Option2:
Option3:
Option4:
A partnership comes to an end due to _______
Option1: Insolvency of all partners
Option2: death of a partner
Option3: by notice dissolution given by a partner all the three
Option4: All of the above
option4 4 ACCOUNTS Edit Delete

Option1:
Option2:
Option3:
Option4:
Where a partner of a firm has become of unsound mind. The suit for dissolution may be brought by:
Option1: Himself
Option2: A friend of that partner
Option3: A relative of that partner
Option4: Both b and c
option4 4 ACCOUNTS Edit Delete

Option1:
Option2:
Option3:
Option4:
Which of the following is not a correct statement?
Option1: The terms capitalisation factors and multipliers are not synonymous terms
Option2: Divisible profit do not includes profit on revaluation of assets
Option3: Managerial remuneration is to be calculated before providing for taxation
Option4: A company may purchase its own debentures
option1 4 ACCOUNTS Edit Delete

Option1:
Option2:
Option3:
Option4:
Which of these can be treated as just and equitable ground for dissolution of a partnership firm under the partnership Act?
Option1: Loss of mutual confidence
Option2: Dead lock amongst the partners
Option3: Both
Option4: None of these
option3 4 ACCOUNTS Edit Delete

Option1:
Option2:
Option3:
Option4:
According to the Partnership Act, which of this statement about the dissolution of the partnership is true
Option1: Dissolution of partnership is called dissolution of the firm
Option2: Dissolution between the two partners is called the dissolution of the firm
Option3: On the completion of the ventures of the firm is called the dissolution of the firm
Option4: Dissolution between all the partners of a firm is called dissolution of the firm
option4 4 ACCOUNTS Edit Delete

Option1:
Option2:
Option3:
Option4:
On sale of the goodwill after dissolution which of the following rights are available to the seller of the goodwill?
Option1: To advertise his business
Option2: To use his firms name
Option3: To represent himself as carrying on the business of the firm
Option4: To Solicit customer from those dealing with the firm
option1 4 ACCOUNTS Edit Delete

Option1:
Option2:
Option3:
Option4:
Which of these is not a method of accounting treatment of premium on joint life policy?
Option1: Treatment as an expenses
Option2: Treatment as an asset
Option3: Deferred revenue expense
Option4: None of these
option3 4 ACCOUNTS Edit Delete