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

Closing capital in single entry system is calculated by preparing,

Question # 2

Bad debt written off always affect the

Question # 3

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 # 4

Teh single entry system of book keeping is generay followed by

Question # 5

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

Question # 6

Single entry system is suitable where,

Question # 7

In single entry system ledger contains the accounts of,

Question # 8

To calculate the value of capital both at the beginning and at the end of year in single entry system we prepare,

Question # 9

The figure of the credit purchase can be worked out.

Question # 10

Single entery system is most suitbale where

Question # 11

Opening capital is calculated by taking the difference between,

Question # 12

In single entry system,

Question # 13

The figure of the bills receivable can be worked out from.

Question # 14

Under the conversion method of single entry credit salea are ascertained by preparing the.

Question # 15

In case of dissolution, assets sold for cash are debited to.

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Principles of Accounting
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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 figure of the bills receivable can be worked out from.
A. Total debtors account
B. Total creditors account
C. Trail balance
D. Balance sheet
2 Bills payable issued durint the period must be debited to total creditors account credited to.
A. Bills payable account
B. Bills receivable account
C. Debtora account
D. Cash account
3 Cash book is prepared to find out the figure of.
A. Opening capital
B. Crosing cash balance
C. Net profit
D. Finaincial position
4 Due to fresh capital introduced during the year, the closing capital will,
A. Increase
B. Decrease
C. Constant
D. Multiply
5 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
6 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
7 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
8 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
9 In single entry system both the aspects, debit and credit of a transaction are not recorded soit is.
A. Incomplete and unscientific
B. Complete and scientific
C. Incompleted and scientific
D. Complete and unscientific
10 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

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