Top 150+ Solved Special Accounting MCQ Questions Answer
Q. Realization account is a ---------- account
a. Personal
b. Real
c. Nominal
d. Both real and nominal
Q. Firm’s debts are paid first out of ----------- assets
a. Partner’s
b. Firm’s
c. Shareholder’s
d. None of these
Q. On dissolution, all assets excepting cash are transferred tothe ---------- side of realization account
a. Debit
b. Credit
c. Both
d. None of these
Q. Loss of realization is borne by the partners in their ------ ratio
a. Capital
b. Sacrificing
c. Profit sharing
d. None of these
Q. When a liability is assumed by a partner his capital accountis ----------
a. Debited
b. Credited
c. deducted
d. None of these
Q. When an unrecorded asset is taken over by one of thepartners, his capital account is ----------------
a. Debited
b. Credited
c. Added
d. None of these
Q. The account opened to close the various assets andliabilities of the firm on dissolution is called ------------- account
a. Revaluation
b. Amalgamation
c. Realization
d. Reduction
Q. When a firm is dissolved, project or loss on realization isshared by the partner’s in their ------------- ratio
a. Profit sharing ratio
b. Capital contribution
c. Asset
d. None of these
Q. In the event of dissolution of firm the partners personal assets are first used for payment of -------------- liabilities
a. Firm’s
b. Outsiders
c. External
d. Personal
Q. Goodwill appearing in the balance sheet at Rs. 10,000 proved to be valueless, is not to be recorded on the ------------------ side of realization account
a. Debit
b. Credit
c. Both
d. None of these
Q. On dissolution, partners loan, if any, will be paid ---------
a. First
b. Second
c. Third
d. Lastly
Q. -----------of partnership firm means closing the business ofthe firm
a. Admission
b. Retirement
c. Insolvency
d. Dissolution
Q. On dissolution, all assets except cash are transferred to----------- of realization account
a. Debit
b. Credit
c. Both
d. None of these
Q. If a partner takes over some assets for value on dissolution,realization account should be -----------
a. Debited
b. Credited
c. Both
d. None of these