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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Business Mathematics
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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 Accounting

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

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

  • Total Questions15

  • Time Allowed20

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

00:00
Question # 1

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

Question # 2

Bank account is a:

Question # 3

In double entry system of bookkeeping every business transaction affects:

Question # 4

The Principle book of accounts is

Question # 5

A trial balance can be constructed by

Question # 6

The first successful step of Double Entry System is

Question # 7

Written below each entry is the

Question # 8

A bill of exchange is drawn by:

Question # 9

Personal account are related to:

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

Which of the following normally has a credit balance

Question # 12

 Salary outstanding account relevant to:

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

Transaction are recorded data wise, so journal is also called:

Question # 15

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

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

Sr.# Question Answer
1 The book use to record all credit purchases is called:
A. Purchases book
B. Purchase  return book
C. Cash book
D. Creditor book
2 A schedule of balances of all accounts is called
A. Journal
B. Ledger
C. Balance Sheet
D. Trial Balance
3 Journal is prepared in
A. Columnar form
B. Vertical form
C. Horizontal form
D. Row form
4 All the transactions recorded to credit sales are recorded in:
A. Sale return book
B. Sales book
C. Cash book
D. Debtor's book
5 Bank account is a:
A. Personal account
B. Real account
C. Nominal account
D. None of these
6 The expenditures which reduce revenue (profit) of the business are:
A. Revenue expenditures
B. Capital expenditure
C. Fixed expenditures
D. Future expenditures
7 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
8 The process of recording business transaction in the journal is called
A. Posting
B. Journalizing
C. Classifying
D. Entry
9 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
10 Journal means
A. Weekly
B. Monthly
C. Yearly
D. Daily

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