First Year Principles of Accounting Chapter 5 Online MCQ Test for 1st Year Principles of Accounting Chapter 5 (Ledger)

This online test contains MCQs about following topics:

. What is ledger . Features . Forms of ledger accounts . Posting procedure . Balancing an account . Normal balances . Posting procedure illustrated . self-balancing form of ledger account . Trail balance . Methods of preparing trail balance . Accounting cycle to the trial balance

ICOM Part 1 Accounting Ch 5 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 5 "Principles of accounting Icom Part 1 English Medium Chapter 5 Online Test"

Try The MCQ's Test For Chapter 5 "Principles of accounting Icom Part 1 English Medium Chapter 5 Online Test"

  • Total Questions15

  • Time Allowed20

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Principles of accounting Icom Part 1 English Medium Chapter 5 Online Test

00:00
Question # 1

The money with which business is started is known as:

Question # 2

Income received in advance during the year is

Question # 3

In adjusting the cash balance one of the following is not taken into account:

Question # 4

The concession given by the supplier to the buyer on purchases of good is known as:

Question # 5

Interest paid on loan is

Question # 6

Net Profit is transferred to

Question # 7

The person to whom a bill is addressed is the:

Question # 8

The const concept applied only to the assets and not to:

Question # 9

Loss of good by fire should be credited to:

Question # 10

Financial accounting is mainly confined to preparation of:

Question # 11

The bad debts which are showed in the trial balance are called

Question # 12

The balance of the 'Caha Column' in cash book is always:

Question # 13

Gross profit represents

Question # 14

The account of depreciation of building of Rs. 30,000 at 5% p.a. will be

Question # 15

Rent account' is a kind of:

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ICom Part 1 Principles of Accounting Chapter 5 Important MCQ's

Sr.# Question Answer
1 From business point of view, interest on capital is considered as
A. An income
B. An Expense
C. A Profit
D. A Liability
2 Net Sales represent
A. Sales - return outwards
B. Sales - return inwards
C. Sales - return to supplier
D. both b and c
3 Interest paid on loan is
A. Abnormal Loss
B. Financial Expenses
C. Management Expenses
D. Maintenance Expenses
4 Assets having some market value
A. Fictitious Assets
B. Real Assets
C. Unreal Assets
D. None of these
5 A bill from the point of view of a creditor is called a:
A. Bill payable
B. Bill receivable
C. Bil acceptable
D. Bill rejectable
6 Income received in advance during the year is
A. Prepaid Expenses
B. Accrued Income
C. Advance Expenses
D. Advance Income
7 Net Profit is transferred to
A. Trading Account
B. Balance Sheet
C. Capital a/c
D. Trial Balance
8 Office rent is a
A. Financial Expense
B. Abnormal Loss
C. Management Expense
D. Maintenance Expense
9 Bad debts recovered should be credited to
A. Balance Sheet
B. Trading a/c
C. Profit & Loss a/c
D. None of these
10 Interest on drawing is debited to
A. Capital
B. Drawings
C. Sundry Creditors
D. Outstanding expense

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