Top 150+ Solved Special Accounting MCQ Questions Answer
Q. In the case of dissolution of the firm , the account openedfor closing various items in the balance sheet is called ----------------
a. Deficiency account
b. Revolution account
c. Realization account
d. None of these
Q. A partnership which can be dissolved at any time by givingnotice to other partners is known as ------------------
a. Particular partnership
b. Partnership at will
c. General partnership
d. None of these
Q. The ------ has distinguished the ‘dissolution of partnership’from ‘dissolution of firm’.
a. Companies act 1956
b. Banking regulation act 1949
c. Indian partnership act 1932
d. Insurance act 1938
Q. Dissolution of a firm leads to
a. Continuing of business with the remaining partners
b. Closure of business
c. Merger with another firm
d. None of these
Q. Amount advanced by partner over and above the capital ispaid
a. Before paying outside debts
b. After paying outside debts
c. Along with outside debts
d. Last along with capital
Q. The nominal account prepared to close the account ofbusiness is --------------
a. Revaluation account
b. Realization account
c. Profit & Loss appropriation account
d. None of these
Q. Realization account is closed by transfer of profit/loss to
a. Cash account
b. Balance sheet
c. Capital accounts
d. Profit and loss account
Q. Realization account Dr.To partner’s capital a/c; this entry is recorded when
a. Profit is transferred
b. Unrecorded liability is discharged
c. Asset taken over
d. (a) and (b)
Q. Realization account Dr.To asset a/c, this entry is written
a. To open the asset account
b. To close the asset account
c. To transfer the profit on asset account
d. None of these
Q. Find the odd one
a. Retirement of a partner
b. Death of a partner
c. All the partners except one become insolvent
d. Admission of a partner
Q. -------------- is a situation where in existing state ofarrangement is changed.
a. Re- possession
b. Insolvency
c. Reconstruction
d. Dissolution
Q. ---------------- of the Indian Partnership Act, 1932 states that when the partnership between all the partners of a firm comes to an end, it is called dissolution of the firm
a. Section 5
b. Section 39
c. Section 50
d. Section 93
Q. When the relation of partnership among different partners changes without affecting the entity of the firm it is called------
a. Dissolution of partnership
b. Dissolution of firm
c. Dissolved by mutual agreement
d. Termination