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

In cash of net worth method of sigle entery system net profikt is ascertained by.

Question # 2

Cash paid to creditors can be woked out from.

Question # 3

In single entry system,

Question # 4

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

Question # 5

We cannot prepare the trial balance and precise balance sheet under,

Question # 6

How many mathods are available to calculate the profit or loss under single entery system.

Question # 7

Arithmetical accuracy of the books of accounts cannot be checked under.

Question # 8

Under single entry system sometimes,

Question # 9

In single entry it is not possible to prepare

Question # 10

In single entrey system statements of assets and liabilities is called.

Question # 11

In single entry system real accounts are not maintained so the preparation of,

Question # 12

Due to fresh capital introduced during the year, the closing capital will,

Question # 13

Teh single entry system of book keeping is generay followed by

Question # 14

Closing capital in single entry system is calculated by preparing,

Question # 15

In single entry system nominal accounts and some assets accounts balances are not available so it is not possible to prepare,

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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 The closing balance of trade debtors can be located from.
A. Total debtors account
B. Balance sheet
C. Bils receivable account
D. Cash book
2 Both aspects of a transaction must be recorded in,
A. Single entry system
B. Barter system
C. Double entry system
D. Islamic system
3 North worth of an organizaton means the excess of its total assets over total.
A. Liabilities
B. Income
C. Expenses
D. None of the above
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,
A. Adjusted closing capital
B. Closing capital
C. Cash in hand
D. Cash at bank
5 In case of dissolution, assets sold for cash are debited to.
A. Realization account
B. Cash account
C. Assets account
D. None of these
6 Single entry system is suitable where,
A. Small amount of cash transactions are more
B. Large amount of cash transaction are more
C. Smallamount of cash transaction are more
D. Largeamount of cash transaction are more
7 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
8 How many methods are available to calculate the profit or loss under single entry system,
A. One
B. Two
C. Three
D. Four
9 In appearance, the statement of affairs, is similar to a.
A. Balance sheet
B. Profit and loss account
C. Trading account
D. Bank Reconciliation statement
10 In single entry system,
A. Personal accounts are maintained
B. Real accounts are maintained
C. Nominal accounts are maintained
D. None of the above

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