12th Class Principle of Accounting Online MCQ's Test with Answers for Chapter 1 (Accounts from Incomplete Records)

ICOM Part 2 English Medium Principles of Accounting Chapter 1 MCQ's Test

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ICOM Part 2 Principles of Accounting Chapter Wise Online MCQ's Test

MCQ's Test For Chapter 0 "Principles of Accounting Icom Part 2 English Medium Chapter 1 Online Test"

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Principles of Accounting Icom Part 2 English Medium Chapter 1 Online Test

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Question # 1

Under single entry system sometimes,

Question # 2

In single entery system only.

Question # 3

A statement of assets and liabilities is prepared under the single entery system is called.

Question # 4

Bad debt written off always affect the

Question # 5

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 # 6

Single entry systme can bot be maintained by.

Question # 7

In appearance, the statement of affairs, is similar to a.

Question # 8

The opening capitla is ascertained by preparing.

Question # 9

Due to drawings made during the year, the closing capital will,

Question # 10

The fingure of bills payable is worked out by preparing the.

Question # 11

Opening capital is calculated by taking the difference between,

Question # 12

Cash paid to creditors can be woked out from.

Question # 13

Not worth method is equal to.

Question # 14

How many methods are available to calculate the profit or loss under single entry system,

Question # 15

The Closing Capital is worked out by preparing the.

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Principles of Accounting
1st Chapter

ICOM Part 2 English Medium Principles of Accounting Chapter 1 MCQ's Test

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ICom Part II Principles of Accounting Chapter 0 Important MCQ's

Sr.# Question Answer
1 If the cash sales are missing they are to be ascertained by the construction of.
A. Debtors account
B. Creditors account
C. Cash account
D. None of these
2 According to companies ordinance, single entry system cannot be adopted by,
A. Sole proprietorship
B. Partnership
C. "a" and "b"
D. Joint stock companies
3 Single entry system is generally adopted by,
A. Small business concerns
B. Large business concerns
C. Medium business concerns
D. All of the above
4 Single entery system is most suitbale where
A. Credit transactions are numerous.
B. Cash transactions are numerous
C. Cahs and credit transactions both are numerios
D. None of the above
5 Closing capital in single entry system is calculated by preparing,
A. Opening statement of affairs
B. Closing statement of affairs
C. Opening balance sheet
D. Closing balance sheet
6 In single entry system real accounts are not maintained so the preparation of,
A. Correctly
B. Effectively
C. Wrongly
D. Approximately
7 We cannot prepare the trial balance and precise balance sheet under,
A. Single entry system
B. Double entry system
C. "a" and "b"
D. Barter system
8 The closing balance of trade debtors can be located from.
A. Total debtors account
B. Balance sheet
C. Bils receivable account
D. Cash book
9 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
10 To calculate the value of capital both at the beginning and at the end of year in single entry system we prepare,
A. Balance sheet
B. Trading account
C. Trial balance
D. Statement of affairs

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