Principles of accounting Icom Part 1 English Medium Chapter 6 Online Test

MCQ's Test For Chapter 6 "Principles of accounting Icom Part 1 English Medium Chapter 6 Online Test"

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Principles of accounting Icom Part 1 English Medium Chapter 6 Online Test

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Question # 1

If the error committed in the capital account, it will affect

Question # 2

Bad debts are

Question # 3

The revenue profit should be transferred to:

Question # 4

Which account will be created in the presence of suspense account, if sales book is undercast by Rs. 500

Question # 5

An expenditure incurred in increasing the efficiency of a fixed asset is called:

Question # 6

Error of posting effects:

Question # 7

Receipts, which are non-recurring by nature, are called

Question # 8

Goods sold to Ali for Rs. 50,000 recorded in purchases day book will affect

Question # 9

A receipt is revenue receipt because

Question # 10

Receipts which are non-recurring by nature:

Question # 11

If sales return for Rs. 3,000 were incorrectly included in sales book, gross profit will be

Question # 12

Capital contributed by the partners is a:

Question # 13

Some expenses are incurred at the time of the sate of an asset. The Amount will be debited to:

Question # 14

The outflow of funds to meet the running expenses of a business

Question # 15

Any difference in trial balance is transferred to

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ICom Part 1 Principles of Accounting Chapter 6 Important MCQ's

Sr.# Question Answer
1 Any expenditure incurred to increase the earning capacity of a business
A. capital expenditure
B. capital loss
C. revenue loss
D. revenue expenditure
2 A receipt is revenue receipt because
A. the amount is small
B. it relates to routine activity of business
C. it is received in the accounting year
D. both b, c
3 The process of totaling the data at the end of the period is called
A. posting
B. casting
C. compensating
D. recording
4 Raw material destroyed in fire represents
A. capital loss
B. revenue loss
C. normal loss
D. both b, c
5 Receipts which are non-recurring by nature:
A. Capital receipts
B. Revenue receipts
C. Short term receipts
D. Capital profit
6 Suspense means
A. certainty
B. uncertainty
C. surly
D. none of these
7 The revenue profit should be transferred to:
A. Balance sheet
B. Trading account
C. Profit and loss account
D. None of these
8 Goods purchased from Robin have been posted to Rahim account, it is an:
A. Error of omission
B. Error of casting
C. Error of posting
D. Error of commission
9 Error of principle involves an incorrect allocation of expenditure or receipt between.
A. Capital and revenue
B. Capital and capitalized
C. Revenue and deferred revenue
D. Revenue and revenue
10 Preliminary expenses incurred before the commencement of business
A. revenue expenditure
B. capital expenditure
C. deferred revenue expenditure
D. capital loss

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