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MCQ's Test For Chapter 0 "Principles of Accounting Icom Part 2 English Medium Chapter 1 Online Test"
Try The MCQ's Test For Chapter 0 "Principles of Accounting Icom Part 2 English Medium Chapter 1 Online Test"
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Total Questions15
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Time Allowed20
Principles of Accounting Icom Part 2 English Medium Chapter 1 Online Test
00:00
Question # 1
In increased net worth method, profit or loss is calculated by preparing,
Question # 2
In appearance, the statement of affairs, is similar to a.
Question # 3
The figure of the bills receivable can be worked out from.
Question # 4
To calculate the true net profit or net loss in single entry system it is necessary that the amount of fresh capital should be subtracted from,
Question # 5
The closing balance of trade debtors can be located from.
Question # 6
Due to fresh capital introduced during the year, the closing capital will,
Question # 7
Due to drawings made during the year, the closing capital will,
Question # 8
How many methods are available to calculate the profit or loss under single entry system,
Question # 9
A statement of assets and liabilities is prepared under the single entery system is called.
Question # 10
Teh single entry system of book keeping is generay followed by
Question # 11
Acceptance received durinthe period must be debited to bills receivable account and credited to.
Question # 12
Cash book is prepared to find out the figure of.
Question # 13
The figure of the credit purchase can be worked out.
Question # 14
In cash of net worth method of sigle entery system net profikt is ascertained by.
Question # 15
If the cash sales are missing they are to be ascertained by the construction of.
ICOM Part 2 English Medium Principles of Accounting Chapter 1 MCQ's Test
Top Scorers Of Chapter 0 "Principles of Accounting Icom Part 2 English Medium Chapter 1 Online Test" MCQ`s Test
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T Taiba Siddique 04 - Jun - 2024 00 Min 16 Sec 15/15 -
W Waiz Sharif 17 - Dec - 2024 01 Min 19 Sec 15/15 -
T Tariq Mohmood 03 - Nov - 2024 01 Min 55 Sec 14/15 -
F Fazilat Official 05 - Dec - 2025 02 Min 00 Sec 14/15 -
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ICom Part II Principles of Accounting Chapter 0 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Acceptance received durinthe period must be debited to bills receivable account and credited to. |
A. Total bills receivable account
B. Total debtors account
C. total cash account
D. Total bills receivabel account
|
| 2 | Not worth method is equal to. |
A. Liabilities - assets
B. Assets- liabilities
C. Capital + assets
D. None of these
|
| 3 | In case of dissolution, assets sold for cash are debited to. |
A. Realization account
B. Cash account
C. Assets account
D. None of these
|
| 4 | In single entry system nominal accounts and some assets accounts balances are not available so it is not possible to prepare, |
A. Debtors account
B. Creditors account
C. Trial balance
D. Statement of affairs
|
| 5 | Opening capital is calculated by taking the difference between, |
A. Opening assets and closing assets
B. Opening assets and closing liabilities
C. Opening assets and Opening liabilities
D. Closing assets and closing liabilities
|
| 6 | The figure of the credit purchase can be worked out. |
A. Total debtors account
B. Total creditors account
C. Cash book
D. Balance sheet
|
| 7 | The system in whihc accounting records are not kept strictly according to the double entery principle of book keeping is called. |
A. Single , entery system
B. Accrual system
C. Double enterysystem
D. Cash system
|
| 8 | Due to drawings made during the year, the closing capital will, |
A. Increase
B. Decrease
C. Constant
D. Multiply
|
| 9 | A statement of assets and liabilities is prepared under the single entery system is called. |
A. Balance sheet
B. Financial statement
C. Statement of affair
D. Cash transaction
|
| 10 | In cash of net worth method of sigle entery system net profikt is ascertained by. |
A. Prepareing the trading and profit and account
B. By cimparing the capitals in the beginning and at the end of the accounting period.
C. Capital closing + Drawing - fresh capital - opening capital
D. Capital opening+ Drawing - fresh capital-closing stock
|
Test Questions