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

Sr.#	Question	Answer
1	According to accounting equation, capital is equal to	A. assets + liabilities B. expenses-incomes C. liabilities - assets D. assets - liabilities
2	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
3	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
4	Accounts relating to persons of firms are called:	A. Real accounts B. Proprietary accounts C. Personal accounts D. Nominal accounts
5	The errors in which amount have occurred on the opposite sides of two or more accounts and have concealed themselves in the net result, are:	A. Error of principle B. Errors of omission C. Errors of commission D. Compensating error
6	Bookkeeping provides the	A. primary information B. secondary information C. final information D. insufficient information
7	The effect of drawing on accounting equation is	A. decrease in assets and decrease in liabilities B. increase in both assets & liabilities C. decrease in assets and increase in capital D. none of these
8	The accounts of expenses, incomes, losses and gains	A. real accounts B. valuation accounts C. nominal accounts D. personal accounts
9	An expenditure incurred to the increases the profit earning of the concern is a:	A. Revenue expenditure B. Current expenditure C. Capital receipt D. Capital expenditure
10	Accounting principles can be classified in	A. three types B. two types C. five types D. six types

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

ICOM Part 1 English Medium Subjects

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

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

Modern system of bookkeeping is

The effect of drawing on accounting equation is

The errors in which amount have occurred on the opposite sides of two or more accounts and have concealed themselves in the net result, are:

Cash paid to Naeem will affect

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

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

Double entry means

When cash is paid to creditors it will decrease

An expenditure incurred to the increases the profit earning of the concern is a:

A dealing between two persons is called a

The act result of the business activities is shown by:

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

Carriage account is a/an

Expenses paid by a business decrease

Journal shows all necessary information regarding.

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11th Principles of Accounting Chapter 1 Test

Top Scorers Of Chapter 1 "Principles of accounting Icom Part 1 English Medium Chapter 1 Online Test" MCQ`s Test

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

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