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 Accounting
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Principles of Economics
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Principles of Commerce
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English
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Islamiat
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Business Mathematics
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Urdu

ICOM Part 1 Urdu Medium Subjects

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Urdu
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Business Mathematics
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Islamiat
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English
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Principles of Commerce
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Principles of Economics
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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

The balance of the trading account is the transferred to:

Question # 2

In case of a debt becoming bad, the amount should be credited to

Question # 3

The book use to record all credit purchases is called:

Question # 4

Record of business transaction in the journal is called

Question # 5

Contain all residual account

Question # 6

Written below each entry is the

Question # 7

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

Question # 8

Personal account are related to:

Question # 9

The process of recording business transaction in the journal is called

Question # 10

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

Question # 11

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

Question # 12

The Principle book of accounts is

Question # 13

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

Question # 14

Book-keeping is mainly concerned with:

Question # 15

The first successful step of Double Entry System is

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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 Bill receivable account is a:
A. Nominal account
B. Personal account
C. Real account
D. Expenses account
3 The Principle book of accounts is
A. Journal
B. Ledger
C. Trial Balance
D. Balance Sheet
4 Bank account is a:
A. Personal account
B. Real account
C. Nominal account
D. None of these
5 Debit Signifies
A. Increase in Asset Account
B. Decrease in Liability Account
C. Decrease in Capital Account
D. All of the Above
6 Personal account are related to:
A. Assets and liabilities
B. Expenses, losses
C. Customers, creditors etc.
D. Incomes
7 A trial balance can be constructed by
A. Three Methods
B. Two Methods
C. Four Methods
D. Five Methods
8 Journal is prepared in
A. Columnar form
B. Vertical form
C. Horizontal form
D. Row form
9 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
10 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

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