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This online test contains MCQs about following topics:
. The two systems of ascertaining profit or loss . Adjustment and their need . Main types of adjustment . Necessity for provision for doubtful debt . Provision for discount on debtors . Provision for discount on creditors . Some typical problems in final accounts
ICOM Part 1 Accounting Ch 10 Test
ICOM Part 1 English Medium Subjects
ICOM Part 1 Urdu Medium Subjects
MCQ's Test For Chapter 10 "Principles of accounting Icom Part 1 English Medium Chapter 10 Online Test"
Try The MCQ's Test For Chapter 10 "Principles of accounting Icom Part 1 English Medium Chapter 10 Online Test"
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Total Questions15
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Time Allowed20
Principles of accounting Icom Part 1 English Medium Chapter 10 Online Test
00:00
Question # 1
A prepaid expense is
Question # 2
Income tax paid is a
Question # 3
Bad debts recovered from debtors should be credited to
Question # 4
Interest on drawings is
Question # 5
Net profit is always
Question # 6
Wages paid of installing a machine should be debited to
Question # 7
The accounting system in which accounting entries are made on the basis of amount having become due for payment or receipt, is called
Question # 8
Net loss is always
Question # 9
Outstanding expense given in adjustment is called
Question # 10
The accrued income or outstanding income will appear in the balance sheet as
Question # 11
Deprecation is
Question # 12
From business point of view, Interest on capital is considered as
Question # 13
Patent is an example of
Question # 14
Provision for the doubtful debts is debited to
Question # 15
The system of accounting in which accounting entries are made only when cash received or paid is known as
11th Principles of Accounting Chapter 10 Test
Here you can prepare 11th Principles of Accounting English Medium Chapter 10 Adjustment and Their Effects on Final Accounts Test. Click the button for 100% free full practice test.
Top Scorers Of Chapter 10 "Principles of accounting Icom Part 1 English Medium Chapter 10 Online Test" MCQ`s Test
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R Rafaqat ali 23 - Jun - 2021 01 Min 51 Sec 15/15 -
J Jiya 7287 29 - Nov - 2024 02 Min 22 Sec 15/15 -
N Niaz 17 - Sep - 2022 02 Min 40 Sec 14/15 -
R Rabia Javaid 11 - Mar - 2023 03 Min 45 Sec 14/15 -
H hamza abid 18 - Aug - 2021 10 Min 50 Sec 14/15 -
A Asfand waseem 25 - Feb - 2023 02 Min 51 Sec 13/15 -
A Abdulah Iftikhar 10 - Nov - 2022 04 Min 30 Sec 13/15 -
M majid arif 04 - Jul - 2021 03 Min 04 Sec 12/15 -
S Sania Butt 08 - Jun - 2024 03 Min 05 Sec 12/15 -
U Ufaq 21 - Jul - 2021 01 Min 47 Sec 11/15 -
W Waniya 06 - Sep - 2021 01 Min 53 Sec 11/15 -
A Ayan Ahmed 04 - May - 2024 01 Min 57 Sec 11/15 -
M Muhammad kashif shakoor 16 - Jun - 2024 02 Min 09 Sec 11/15 -
A Arzoo Qaiser 31 - Jan - 2026 02 Min 20 Sec 11/15 -
S Sohera Aslam 18 - Aug - 2023 02 Min 47 Sec 11/15
ICom Part 1 Principles of Accounting Chapter 10 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Interest on drawings is |
A. An asset
B. A liability
C. An expense
D. A revenue
|
| 2 | Bad debts are business |
A. Expenses
B. Liabilities
C. Assets
D. Revenue
|
| 3 | An income which has earned but not received is called |
A. Unearned income
B. Accrued revenue
C. Revenue received in advance
D. None of these
|
| 4 | Outstanding expense given in adjustment is called |
A. An asset
B. A gain
C. An expense
D. A liability
|
| 5 | All those expenses which have not become due but paid in advance are called |
A. Accrued expenses
B. Outstanding expenses
C. Prepaid expenses
D. Payable expenses
|
| 6 | Net loss is always |
A. Equal to gross loss
B. More than gross loss
C. Less than gross loss
D. None of these
|
| 7 | Bad debts recovered from debtors should be credited to |
A. Debtors a/c
B. Bad debts a/c
C. Bad debts recovered a/c
D. Cash a/c
|
| 8 | The debts, the recovery or realization of which is uncertain are known as |
A. Bad bets
B. Doubtful debts
C. Provision for doubtful debts
D. Loan
|
| 9 | The accrued income or outstanding income will appear in the balance sheet as |
A. An expense
B. A liability
C. An asset
D. Both a & b
|
| 10 | Income tax paid is a |
A. Business expense
B. Revenue for business
C. Liability of business
D. Personal expense
|
Test Questions