Objectives of Principle of Accounting from book chapters

By: Prof. Dr. Fazal Rehman | Last updated: May 21, 2025

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1. : In the banking sector, the maximum number of persons are:





2. : In partnership account, the persons who entered in the account are collectively known as:





3. : Interest on drawings in the firm is?





4. : The partner’s current account will always have a:





5. : When an agreement is absent, partners shall:





6. : Goodwill is called:





7. : If the actual earning is more than normal earning, then it is termed as:





8. : If the old profit sharing ratio is subtracted from the new profit sharing ratio, then it is equal to:





9. : The partners who contribute in the firm business are called:





10. : If the business is affecting, all members have a right to be consulted in:





11. : On the drawings, the interest is debited to:





12. : The salaries of partners are debited to:





 

Read More MCQs of Accounting

  1. SET 1: Accounting MCQ’s
  2. SET 2: Accounting MCQ’s
  3. SET 3: Accounting MCQ’s
  4. SET 4: Accounting MCQ’s
  5. SET 5: Accounting MCQ’s
  6. SET 6: Accounting MCQ’s
  7. SET 7: Accounting MCQ’s
  8. SET 8: Accounting MCQ’s

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