11th Principles of Accounting Chapter 11 Test

Here you can prepare 11th Principles of Accounting English Medium Chapter 11 Work Sheet Test. Click the button for 100% free full practice test.

First Year Principles of Accounting Chapter 11 Online MCQ Test for 1st Year Principles of Accounting Chapter 11 (Work Sheet)

This online test contains MCQs about following topics:

. What is work sheet . Method of preparing work sheet

ICOM Part 1 Accounting Ch 11 Test
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First Year Principles of Accounting Chapter 11 Online MCQ Test for 1st Year Principles of Accounting Chapter 11 (Work Sheet)

Sr. # Questions Answers Choice
1 Worksheet contains ______ pairs of money columns
  • A. Five
  • B. Four
  • C. Three
  • D. Two
2 Work sheet is also used as a source to prepare ______
  • A. Financial statement
  • B. Income statement
  • C. Position statement
  • D. Bank reconciliation statement
3 Adjusted ______ is used to prepare the income statement and balance sheet
  • A. Trail balance
  • B. Ledger
  • C. Balance sheet
  • D. Bank statement
4 The excess of credit column over debit column in income statement is called
  • A. Net loss
  • B. Net profit
  • C. Cash balance
  • D. Gross profit
5 A sheet which minimizes the chances of errors to the maximum possible extent is called
  • A. Balance sheet
  • B. Work sheet
  • C. Paper sheet
  • D. Income statement
6 One way of avoiding errors in the permanent accounting records is to use a form which is called
  • A. Bank statement
  • B. Trail balance
  • C. Balance sheet
  • D. Work sheet
7 In the preparation of the worksheet the amounts on the trail balance columns are taken directly from
  • A. Journal
  • B. Ledger
  • C. Trail balance
  • D. Transaction
8 Financial statement is prepared from the amount given in
  • A. Trail balance columns
  • B. Adjustments columns
  • C. Cash columns
  • D. Adjusted trail balance columns
9 Worksheet provides complete information for preparing
  • A. Income statement
  • B. Position statement
  • C. Financial statement
  • D. Bank reconciliation statement
10 Expired cost of fixed assets means
  • A. Appreciation
  • B. Amortization
  • C. Depreciation
  • D. None of these

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