11th class Principles of Accounting chapter 1 online mcq test with answers for I.Com part 1 Principles of Accounting chapter 1(Introduction)

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Sr.#	Question	Answer
1	How many categories of accounts are	A. two B. three C. four D. five
2	Accounting records of a business enterprise are required by	A. management of the business B. outsiders C. all of the above D. none of the above
3	Events which are related with money are called:	A. Monetary events B. Non - monetary events C. None-social events D. Political events
4	Double entry means	A. entry in two sets of books B. entry at two dates C. entry for two aspects of a transaction D. recording twice in journal
5	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
6	An expenditure which is incurred again and again is a:	A. Capital expenditure B. Future expenditure C. Deferred expenditure D. Revenue expenditure
7	According to accounting equation, capital is equal to	A. assets + liabilities B. expenses-incomes C. liabilities - assets D. assets - liabilities
8	Journal shows all necessary information regarding.	A. The document B. A transaction C. The accounting D. Meeting
9	The accounts of assets and properties	A. nominal accounts B. real accounts C. personal accounts D. valuation accounts
10	The accounts of expenses, incomes, losses and gains	A. real accounts B. valuation accounts C. nominal accounts D. personal accounts