Question # 1

One way of avoiding errors in the permanent accounting records is to use a form which is called

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Bank statement

Trail balance

Balance sheet

Work sheet

Financial statement is prepared from the amount given in

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Trail balance columns

Adjustments columns

Cash columns

Adjusted trail balance columns

Work sheet is also used as a source to prepare ______

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Financial statement

Income statement

Position statement

Bank reconciliation statement

Worksheet contains ______ pairs of money columns

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Five

Four

Three

Two

The excess of credit column over debit column in income statement is called

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Net loss

Net profit

Cash balance

Gross profit

Adjusted ______ is used to prepare the income statement and balance sheet

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Trail balance

Ledger

Balance sheet

Bank statement

______ is prepared to avoid errors in the permanent records of accounting

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Work sheet

Ledger

Bank statement

Balance sheet

______ must be prepaid for testing ledger accounts, adjusting entries and financial statement

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Work sheet

Balance sheet

Bank statement

Trail balance

Adjusting entries affect

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Balance sheet

Income statement

Work sheet

All of them

The ______ is not a part of the permanent accounting record

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worksheet

Journal

Ledger

Trail balance

The amount of assets, liabilities, capital and drawings are extended form adjusted trail balance to the

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Balance sheet columns

Income statement columns

Cash columns

Bank columns

Worksheet provides complete information for preparing

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Income statement

Position statement

Financial statement

Bank reconciliation statement

Expired cost of fixed assets means

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Appreciation

Amortization

Depreciation

None of these

In the preparation of the worksheet the amounts on the trail balance columns are taken directly from

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Journal

Ledger

Trail balance

Transaction

The body of worksheet contains

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Two pairs of money column

Three pairs of money column

Four pairs of money column

Five pairs of money column

Which one of the following is not considered the permanent part of the accounting record?

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Journal

Trail balance

Ledger

Work sheet

A sheet which minimizes the chances of errors to the maximum possible extent is called

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Balance sheet

Work sheet

Paper sheet

Income statement

Which one of the following in used to simplify work, to be done at the end of period

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Balance sheet

Income sheet

Bank statement

Work sheet

______ simplifies work to be done at the end of the period

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Work sheet

Ledger

Trail balance

Balance sheet

In the preparation of worksheet the amounts in the trail balance are taken directly form the ______

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Ledger

Trail balance

Balance sheet

None of these

Usually every ______ entry affect both income statement and balance sheet

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Adjusting

Work sheet

Balance sheet

Ledger

A ______ is a large columnar sheet of paper

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Worksheet

Balance sheet

Journal

None of these

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Principles of accounting Icom Part 1 English Medium Chapter 11 Online Test MCQs With Answers

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