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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.

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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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)

Sr. # Questions Answers Choice
1 From business point of view, Interest on capital is considered as
  • A. An income
  • B. An expense
  • C. A profit
  • D. A liability
2 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
3 The debts, which are irrecoverable from the debtors, are called
  • A. Debts
  • B. Doubtful debts
  • C. Bad debts
  • D. Good debts
4 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
5 A gradual decrease in the value of fixed assets is called
  • A. Reduction
  • B. Revaluation
  • C. Deprecation
  • D. None of these
6 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
7 The amount becomes due from the customers is called
  • A. Allowance
  • B. Loan
  • C. Debts
  • D. Doubtful debts
8 Income tax paid is a
  • A. Business expense
  • B. Revenue for business
  • C. Liability of business
  • D. Personal expense
9 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
10 Interest due but not received is an
  • A. Outstanding expense
  • B. Accrued income
  • C. Prepaid expense
  • D. Unearned income

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

A

ALIYAN FF

Lahore17 - Mar - 2024

9/15
04 Mins 11 Sec

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