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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ICOM Part 1 Accounting Ch 2 Test
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ICOM Part 1 English Medium Subjects

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Principles of Commerce
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English
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ICOM Part 1 Urdu Medium Subjects

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Urdu
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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

Contain all residual account

Question # 2

Record of business transaction in the journal is called

Question # 3

The statement which contains the explanation of different in  cash book and bank statement is known as:

Question # 4

Journal is prepared in

Question # 5

Ledger Records Transaction in a/an

Question # 6

Which of the following normally has a credit balance

Question # 7

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

Question # 8

A table lost by fire should be debited to

Question # 9

A bill of exchange is drawn by:

Question # 10

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

Question # 11

 Salary outstanding account relevant to:

Question # 12

The Amount of salary paid to Sohail should be debited to

Question # 13

The balance of the trading account is the transferred to:

Question # 14

Personal account are related to:

Question # 15

A Ledger is a book in which

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

Sr.# Question Answer
1 The process of recording business transaction in the journal is called
A. Posting
B. Journalizing
C. Classifying
D. Entry
2 A table lost by fire should be debited to
A. Table a/c
B. Furniture a/c
C. Loss by Fire a/c
D. Purchases a/c
3 The book use to record all credit purchases is called:
A. Purchases book
B. Purchase  return book
C. Cash book
D. Creditor book
4 Debit Signifies
A. Increase in Asset Account
B. Decrease in Liability Account
C. Decrease in Capital Account
D. All of the Above
5 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
6 A trial balance can be constructed by
A. Three Methods
B. Two Methods
C. Four Methods
D. Five Methods
7 Transaction are recorded data wise, so journal is also called:
A. Entry book
B. Transaction book
C. Chronological book
D. Voucher
8 Written below each entry is the
A. Transaction
B. Voucher no
C. Narration
D. Date
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 The Amount of salary paid to Sohail should be debited to
A. Sohail's a/c
B. Cash Account
C. Salaries a/c
D. Both a & c

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