First Year Principles of Accounting Chapter 10 Online MCQ Test for 1st Year Principles of Accounting Chapter 10 (Adjustment and Their Effects on Final Accounts)

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
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Principles of Accounting

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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Principles of accounting Icom Part 1 English Medium Chapter 10 Online Test

00:00
Question # 1

Net profit is always

Question # 2

From business point of view, Interest on capital is considered as

Question # 3

Deprecation is

Question # 4

The revenue that has not become due, but received in cash in current year is known as

Question # 5

Bad debts are business

Question # 6

Net loss is always

Question # 7

All those expenses which have not become due but paid in advance are called

Question # 8

The debts, the recovery or realization of which is uncertain are known as

Question # 9

Patent is an example of

Question # 10

Interest on drawings is

Question # 11

Outstanding expense given in adjustment is called

Question # 12

Wages paid of installing a machine should be debited to

Question # 13

Interest due but not received is an

Question # 14

The accrued income or outstanding income will appear in the balance sheet as

Question # 15

An income which has earned but not received is called

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ICom Part 1 Principles of Accounting Chapter 10 Important MCQ's

Sr.# Question Answer
1 Net loss is always
A. Equal to gross loss
B. More than gross loss
C. Less than gross loss
D. None of these
2 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
3 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
4 Bad debts are business
A. Expenses
B. Liabilities
C. Assets
D. Revenue
5 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
6 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
7 All those expenses which have become due but not paid are called
A. Accrued revenue
B. Prapaid revenue
C. Outstanding expenses
D. Advance expenses
8 Wages paid of installing a machine should be debited to
A. Wages a/c
B. cash a/c
C. Machinery a/c
D. None of these
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 A prepaid expense is
A. An asset
B. A liability
C. An expense
D. An income

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