11th class Principles of Accounting chapter 2 online mcq test with answers for I.Com part 1 Principles of Accounting chapter 2(Transactions and Accounting Equation)

Top Scorers Of Chapter 2 "Principles of accounting Icom Part 1 English Medium Chapter 2 Online Test" MCQ`s Test

Sr.#	Question	Answer
1	The expenditures which reduce revenue (profit) of the business are:	A. Revenue expenditures B. Capital expenditure C. Fixed expenditures D. Future expenditures
2	A trial balance can be constructed by	A. Three Methods B. Two Methods C. Four Methods D. Five Methods
3	Personal account are related to:	A. Assets and liabilities B. Expenses, losses C. Customers, creditors etc. D. Incomes
4	Which of the following normally has a credit balance	A. Machinery a/c B. Purchases a/c C. Stock a/c D. Sales a/c
5	The process of recording business transaction in the journal is called	A. Posting B. Journalizing C. Classifying D. Entry
6	Trading account is the account which is prepared to determine the:	A. Only gross profit of the business B. Only gross loss of the business C. Gross pro0fit or the gross loss of the business D. None of the above
7	A transaction is recorded on the same days as its takes place, so journal is also called:	A. A day book B. A history book C. An entry book D. Ledger book
8	The statement which contains the explanation of different in cash book and bank statement is known as:	A. Bank statement B. Cash statement C. Balance statement D. Bank reconciliation statement
9	In double entry system of bookkeeping every business transaction affects:	A. Debit or credit side of the same account B. Two accounts C. The same side of the same account D. None of the above
10	The Principle book of accounts is	A. Journal B. Ledger C. Trial Balance D. Balance Sheet