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

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Question # 1

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

Question # 2

The debts, the recovery of which is uncertain are called

Question # 3

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

Question # 4

Cash account is a:

Question # 5

Rent account' is a kind of:

Question # 6

The money with which business is started is known as:

Question # 7

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

Question # 8

Interest paid on loan is

Question # 9

Any mistake in ledger can be easily detected with the help of:

Question # 10

Net Profit is transferred to

Question # 11

Interest on drawing is debited to

Question # 12

Bad debts recovered should be credited to

Question # 13

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

Question # 14

The creditor of the business are called:

Question # 15

Gross profit represents

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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 Office rent is a
A. Financial Expense
B. Abnormal Loss
C. Management Expense
D. Maintenance Expense
3 Net profit is always
A. Equal to gross profit
B. more than gross profit
C. Less than gross profit
D. None of these
4 Net Profit is transferred to
A. Trading Account
B. Balance Sheet
C. Capital a/c
D. Trial Balance
5 Income received in advance during the year is
A. Prepaid Expenses
B. Accrued Income
C. Advance Expenses
D. Advance Income
6 From business point of view, interest on capital is considered as
A. An income
B. An Expense
C. A Profit
D. A Liability
7 The account of depreciation of building of Rs. 30,000 at 5% p.a. will be
A. Rs. 20,00
B. Rs. 15,00
C. Rs. 25,00
D. Rs. 5,00
8 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
9 The money with which business is started is known as:
A. Capital
B. Creditor
C. Income
D. Debtor
10 Gross profit is derived from
A. Trading a/c
B. Profit & Loss a/c
C. Trial Balance
D. Balance Sheet

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