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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
All those expenses which have become due but not paid are called
Question # 2
Interest due but not received is an
Question # 3
From business point of view, Interest on capital is considered as
Question # 4
Patent is an example of
Question # 5
Bad debts are business
Question # 6
A prepaid expense is
Question # 7
The accrued income or outstanding income will appear in the balance sheet as
Question # 8
Interest on drawings is
Question # 9
The amount becomes due from the customers is called
Question # 10
All those expenses which have not become due but paid in advance are called
Question # 11
Deprecation is
Question # 12
The debts, which are irrecoverable from the debtors, are called
Question # 13
Net profit is always
Question # 14
The system of accounting in which accounting entries are made only when cash received or paid is known as
Question # 15
Net loss is always
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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J Jiya 7287 29 - Nov - 2024 02 Min 22 Sec 15/15 -
N Niaz 17 - Sep - 2022 02 Min 40 Sec 14/15 -
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U Ufaq 21 - Jul - 2021 01 Min 47 Sec 11/15 -
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ICom Part 1 Principles of Accounting Chapter 10 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | The revenue that has not become due, but received in cash in current year is known as |
A. Revenue received in advance
B. Accrued revenue
C. Unearned revenue
D. Both a & c
|
| 2 | Net loss is always |
A. Equal to gross loss
B. More than gross loss
C. Less than gross loss
D. None of these
|
| 3 | The accounting system in which accounting entries are made on the basis of amount having become due for payment or receipt, is called |
A. Cash system
B. Accrual or mercantile system
C. Outstanding system
D. None of these
|
| 4 | The amount becomes due from the customers is called |
A. Allowance
B. Loan
C. Debts
D. Doubtful debts
|
| 5 | Deprecation is |
A. A Liability
B. A loss
C. An expense
D. Both b & c
|
| 6 | Provision for the doubtful debts is debited to |
A. Debtors a/c
B. Provision for bad debts a/c
C. Profit or loss a/c
D. Bad debts recovered a/c
|
| 7 | The system of accounting in which accounting entries are made only when cash received or paid is known as |
A. Cash system
B. Accrual system
C. Mercantile system
D. Single system
|
| 8 | The debts, which are irrecoverable from the debtors, are called |
A. Debts
B. Doubtful debts
C. Bad debts
D. Good debts
|
| 9 | 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
|
| 10 | Patent is an example of |
A. Assets
B. Liabilities
C. Income
D. Expense
|
Test Questions