First Year Principles of Accounting Chapter 1 Online MCQ Test for 1st Year Principles of Accounting Chapter 1 (Introduction)

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ICOM Part 1 Accounting Ch 1 Test
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ICOM Part 1 English Medium Subjects

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Principles of Accounting
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Principles of Economics
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Principles of Commerce
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English
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Islamiat
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Business Mathematics
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Urdu

ICOM Part 1 Urdu Medium Subjects

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Urdu
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Business Mathematics
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Islamiat
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English
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Principles of Commerce
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Principles of Economics
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Principles of Accounting

MCQ's Test For Chapter 1 "Principles of accounting Icom Part 1 English Medium Chapter 1 Online Test"

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Principles of accounting Icom Part 1 English Medium Chapter 1 Online Test

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Question # 1

All cash purchases and cash sales are recorded in:

Question # 2

The accounts of assets and properties

Question # 3

Error due to wrong allocation as expenditure between capital and revenue is regarded as:

Question # 4

The effect of drawing on accounting equation is

Question # 5

Journal shows all necessary information regarding.

Question # 6

Which of the following discloses the financial position of the business:

Question # 7

Expenses paid by a business decrease

Question # 8

Cash paid to Naeem will affect

Question # 9

Accounting records of a business enterprise are required by

Question # 10

Goods returned by customers are

Question # 11

A dealing between two persons is called a

Question # 12

Carriage account is a/an

Question # 13

The act result of the business activities is shown by:

Question # 14

The recording of transaction chronologically in the book  of accounts is called:

Question # 15

A copy of the customer's account in the bank's ledger is called: 

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ICom Part 1 Principles of Accounting Chapter 1 Important MCQ's

Sr.# Question Answer
1 An expenditure which is incurred again and again is a:
A. Capital expenditure
B. Future expenditure
C. Deferred expenditure
D. Revenue expenditure
2 A copy of the customer's account in the bank's ledger is called: 
A. Deposit statement
B. Balance statement
C. Bank statement
D. Customer
3 Ahmad's account is an example of
A. real account
B. personal A/c
C. nominal account
D. none of these
4 Bookkeeping provides the
A. primary information
B. secondary information
C. final information
D. insufficient information
5 Events which are related with money are called:
A. Monetary events
B. Non - monetary events
C. None-social events
D. Political events 
6 How many categories of accounts are
A. two
B. three
C. four
D. five
7 The system of recording transaction based on dual concept is called
A. Double account system
B. Double entry system
C. Single entry system
D. Management system
8 The accounts of assets and properties
A. nominal accounts
B. real accounts
C. personal accounts
D. valuation accounts
9 The act result of the business activities is shown by:
A. Profit and loss account
B. Profit  and loss appropriation account
C. Trading account
D. Balance sheet
10 Purchased goods on credit and for cash will affect
A. cash & goods
B. cash & creditors
C. cash creditors & owner's equity
D. cash goods and creditors

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