Question # 1

Left hand side of an account is called

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Debit Side

Credit Side

Both a & b

None of these

The first successful step of Double Entry System is

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Leger

Journal

Final Account

Trial Balance

The process of recording business transaction in the journal is called

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Posting

Journalizing

Classifying

Entry

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

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Machinery a/c

Repair a/c

Wages a/c

Raheel a/c

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

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قانون تقلیل افادہ مختتم

قانون مساوی افادہ مختتم

قانون طلب

قانون تقلیل حاصل

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

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Credit Balance

Debit Balance

Balancing

Zero Balance

A schedule of balances of all accounts is called

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Journal

Ledger

Balance Sheet

Trial Balance

Which of the following normally has a credit balance

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Machinery a/c

Purchases a/c

Stock a/c

Sales a/c

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

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Debtor's a/c

Bad Debts a/c

Sales a/c

cash a/c

A trial balance can be constructed by

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Three Methods

Two Methods

Four Methods

Five Methods

Personal account are related to:

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Assets and liabilities

Expenses, losses

Customers, creditors etc.

Incomes

In double entry system of bookkeeping every business transaction affects:

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Debit or credit side of the same account

Two accounts

The same side of the same account

None of the above

A table lost by fire should be debited to

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Table a/c

Furniture a/c

Loss by Fire a/c

Purchases a/c

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

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Only gross profit of the business

Only gross loss of the business

Gross pro0fit or the gross loss of the business

None of the above

Book-keeping is mainly concerned with:

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Recording of business transactions

Recording classifying and summarizing the recorded data

Interpreting the recorded data

None of the above

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

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