Question # 1

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

The Principle book of accounts is

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Journal

Ledger

Trial Balance

Balance Sheet

Bill receivable account is a:

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Nominal account

Personal account

Real account

Expenses account

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

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Revenue expenditures

Capital expenditure

Fixed expenditures

Future expenditures

The Amount of salary paid to Sohail should be debited to

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Sohail's a/c

Cash Account

Salaries a/c

Both a & c

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

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Entry book

Transaction book

Chronological book

Voucher

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

Left hand side of an account is called

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Debit Side

Credit Side

Both a & b

None of these

Record of business transaction in the journal is called

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Detail

Summary

Narration

Entry

The book use to record all credit purchases is called:

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Purchases book

Purchase return book

Cash book

Creditor book

Journal is prepared in

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Columnar form

Vertical form

Horizontal form

Row form

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 trial balance can be constructed by

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Three Methods

Two Methods

Four Methods

Five Methods

The process of recording business transaction in the journal is called

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Posting

Journalizing

Classifying

Entry

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

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

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