Question # 1

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

Choose an answer

Credit Balance

Debit Balance

Balancing

Zero Balance

A trial balance can be constructed by

Choose an answer

Three Methods

Two Methods

Four Methods

Five Methods

Record of business transaction in the journal is called

Choose an answer

Detail

Summary

Narration

Entry

The process of recording business transaction in the journal is called

Choose an answer

Posting

Journalizing

Classifying

Entry

Written below each entry is the

Choose an answer

Transaction

Voucher no

Narration

Date

Book-keeping is mainly concerned with:

Choose an answer

Recording of business transactions

Recording classifying and summarizing the recorded data

Interpreting the recorded data

None of the above

Debit Signifies

Choose an answer

Increase in Asset Account

Decrease in Liability Account

Decrease in Capital Account

All of the Above

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

Choose an answer

Debtor's a/c

Bad Debts a/c

Sales a/c

cash a/c

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

Choose an answer

Entry book

Transaction book

Chronological book

Voucher

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

Choose an answer

Bank statement

Cash statement

Balance statement

Bank reconciliation statement

Bill receivable account is a:

Choose an answer

Nominal account

Personal account

Real account

Expenses account

Left hand side of an account is called

Choose an answer

Debit Side

Credit Side

Both a & b

None of these

A schedule of balances of all accounts is called

Choose an answer

Journal

Ledger

Balance Sheet

Trial Balance

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

Choose an answer

قانون تقلیل افادہ مختتم

قانون مساوی افادہ مختتم

قانون طلب

قانون تقلیل حاصل

Journal means

Choose an answer

Weekly

Monthly

Yearly

Daily

Journal is prepared in

Choose an answer

Columnar form

Vertical form

Horizontal form

Row form

The Amount of salary paid to Sohail should be debited to

Choose an answer

Sohail's a/c

Cash Account

Salaries a/c

Both a & c

In double entry system of bookkeeping every business transaction affects:

Choose an answer

Debit or credit side of the same account

Two accounts

The same side of the same account

None of the above

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

Choose an answer

A day book

A history book

An entry book

Ledger book

Contain all residual account

Choose an answer

Debtors Ledger

Creditors Ledger

General Ledger

Cash Ledger

The balance of the trading account is the transferred to:

Choose an answer

Profit and loss account

Balance sheet

Work sheet

Position statement

Personal account are related to:

Choose an answer

Assets and liabilities

Expenses, losses

Customers, creditors etc.

Incomes

More Classes

Other Links

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

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer