ICOM Part 1 Principles of Accounting English Medium Chapter 10 MCQ's 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)

ICOM Part 1 Principles of Accounting English Medium Chapter 10 MCQ's 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 Bad debts are business
  • A. Expenses
  • B. Liabilities
  • C. Assets
  • D. Revenue
2 From business point of view, Interest on capital is considered as
  • A. An income
  • B. An expense
  • C. A profit
  • D. A liability
3 Interest due but not received is an
  • A. Outstanding expense
  • B. Accrued income
  • C. Prepaid expense
  • D. Unearned income
4 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
5 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
6 Net profit is always
  • A. Equal to gross profit
  • B. More than gross profit
  • C. Less than gross profit
  • D. None of these
7 Deprecation is
  • A. A Liability
  • B. A loss
  • C. An expense
  • D. Both b & c
8 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
9 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
10 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

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

A

Anoosh Tariq

Lahore27 - Apr - 2025

11/15
03 Mins 31 Sec
A

Anoosh Tariq

Lahore27 - Apr - 2025

9/15
01 Mins 49 Sec

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