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

Question # 1

Interest due but not received is an

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Outstanding expense

Accrued income

Prepaid expense

Unearned income

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Question # 2

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

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Bad bets

Doubtful debts

Provision for doubtful debts

Loan

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Question # 3

Interest on drawings is

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An asset

A liability

An expense

A revenue

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Question # 4

The amount becomes due from the customers is called

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Allowance

Loan

Debts

Doubtful debts

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Question # 5

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

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An expense

A liability

An asset

Both a & b

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Question # 6

Net profit is always

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Equal to gross profit

More than gross profit

Less than gross profit

None of these

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Question # 7

The system of accounting in which accounting entries are made only when cash received or paid is known as

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Cash system

Accrual system

Mercantile system

Single system

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Question # 8

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

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Accrued expenses

Outstanding expenses

Prepaid expenses

Payable expenses

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Question # 9

The accounting system in which accounting entries are made on the basis of amount having become due for payment or receipt, is called

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Cash system

Accrual or mercantile system

Outstanding system

None of these

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Question # 10

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

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Revenue received in advance

Accrued revenue

Unearned revenue

Both a & c

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Question # 11

Patent is an example of

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Assets

Liabilities

Income

Expense

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