First Year Principles of Accounting Chapter 2 Online MCQ Test for 1st Year Principles of Accounting Chapter 2 (Transactions and Accounting Equation)

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English
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ICOM Part 1 Urdu Medium Subjects

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Principles of Accounting

MCQ's Test For Chapter 2 "Principles of accounting Icom Part 1 English Medium Chapter 2 Online Test"

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Principles of accounting Icom Part 1 English Medium Chapter 2 Online Test

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Question # 1

Trading account is the account which is prepared to determine the:

Question # 2

Debit Signifies

Question # 3

A trial balance can be constructed by

Question # 4

Bank account is a:

Question # 5

A Ledger is a book in which

Question # 6

The first successful step of Double Entry System is

Question # 7

Journal means

Question # 8

Payment of Rs. 50 to Raheel as wages for repairing machine should be debited to

Question # 9

The balance of the trading account is the transferred to:

Question # 10

Personal account are related to:

Question # 11

Ledger Records Transaction in a/an

Question # 12

If the total of the credit side of an account exceeds that of debit side of the same account, it is called

Question # 13

A transaction is recorded on the same days as its takes place, so  journal is also called:

Question # 14

The expenditures which reduce revenue (profit) of the business are:

Question # 15

A schedule of balances of all accounts is called

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ICom Part 1 Principles of Accounting Chapter 2 Important MCQ's

Sr.# Question Answer
1 The balance of the trading account is the transferred to:
A. Profit and loss account
B. Balance sheet
C. Work sheet
D. Position statement
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 A bill of exchange is drawn by:
A. A debtor
B. A creditor
C. A holder
D. Endorsee
5 Debit Signifies
A. Increase in Asset Account
B. Decrease in Liability Account
C. Decrease in Capital Account
D. All of the Above
6 Bank account is a:
A. Personal account
B. Real account
C. Nominal account
D. None of these
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 If the total of the credit side of an account exceeds that of debit side of the same account, it is called
A. Credit Balance
B. Debit Balance
C. Balancing
D. Zero Balance
9 کسی شے کے مسلسل اور لگاتار استعمال سے مختتم افادہ میں کمی آتی جاتی ہے بشرطیکہ دیگر امور بدستور ہیں اس قانون کو کہتے ہیں
A. قانون تقلیل افادہ مختتم
B. قانون مساوی افادہ مختتم
C. قانون طلب
D. قانون تقلیل حاصل
10 Book-keeping is mainly concerned with:
A. Recording of business transactions
B. Recording classifying and summarizing the recorded data
C. Interpreting the recorded data
D. None of the above

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