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 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

Bad debts recovered should be credited to

Question # 2

Assets come into existence upon the happening of a certain event, are called:

Question # 3

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

Question # 4

Income tax paid is a

Question # 5

A bill from the point of view of a creditor is called a:

Question # 6

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

Question # 7

Assets having some market value

Question # 8

Wages paid for installing a machine should be debited to

Question # 9

Gross profit is derived from

Question # 10

Interest paid on loan is

Question # 11

Net profit is always

Question # 12

Interest on drawing is debited to

Question # 13

The person to whom a bill is addressed is the:

Question # 14

Loss of good by fire should be credited to:

Question # 15

Net Sales represent

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

Sr.# Question Answer
1 Gross profit represents
A. Opening stock + purchases
B. closing stock + direct expenses - sales
C. closing stock-purchases-direct expenses + sales
D. purchases - sales
2 The const concept applied only to the assets and not to:
A. Expenses
B. Liabilities
C. Incomes
D. None of these
3 Income received in advance during the year is
A. Prepaid Expenses
B. Accrued Income
C. Advance Expenses
D. Advance Income
4 Income tax paid is a
A. Business Expense
B. Business Revenue
C. Business Liability
D. Personal Expense
5 Assets come into existence upon the happening of a certain event, are called:
A. Fixed assets
B. Fictitious assets
C. Floating assets
D. Contingent assets
6 Profit & Loss a/c is prepared to ascertain
A. Gross Profit
B. Net Profit
C. Gross Loss
D. Real Profit
7 From business point of view, interest on capital is considered as
A. An income
B. An Expense
C. A Profit
D. A Liability
8 The person to whom a bill is addressed is the:
A. Debtor
B. Creditor
C. Holder
D. Agent
9 The balance of the 'Caha Column' in cash book is always:
A. Debit balance
B. Credit balance
C. Both debit and credit balance
D. None of the above
10 Wages paid for installing a machine should be debited to
A. Wages a/c
B. Cash a/c
C. Machinery a/c
D. none of these

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