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)

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Sr.#	Question	Answer
1	Payment of Rs. 50 to Raheel as wages for repairing machine should be debited to	A. Machinery a/c B. Repair a/c C. Wages a/c D. Raheel a/c
2	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
3	Journal means	A. Weekly B. Monthly C. Yearly D. Daily
4	Left hand side of an account is called	A. Debit Side B. Credit Side C. Both a & b D. None of these
5	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
6	The Principle book of accounts is	A. Journal B. Ledger C. Trial Balance D. Balance Sheet
7	All the transactions recorded to credit sales are recorded in:	A. Sale return book B. Sales book C. Cash book D. Debtor's book
8	Record of business transaction in the journal is called	A. Detail B. Summary C. Narration D. Entry
9	A Ledger is a book in which	A. Only Personal & Cash Accounts are Opened B. Only Real Accounts are Opened C. Only Nominal Accounts are Opened D. All Real, Nominal and Personal Accounts are Opened
10	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