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 single entrey system statements of assets and liabilities is called.

Question # 2

Single entry system contains,

Question # 3

The opening and closing balance of bills Receivable can be calculated by preparing the.

Question # 4

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

Question # 5

In single entry it is not possible to prepare

Question # 6

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

Question # 7

Net worth is equal to,

Question # 8

Not worth method is equal to.

Question # 9

Closing capital in single entry system is calculated by preparing,

Question # 10

Under single entery system informatoin relating to expenses must be ascertained from the analysis of.

Question # 11

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

Question # 12

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

Question # 13

Cash book is prepared to find out the figure of.

Question # 14

Bad debt written off always affect the

Question # 15

In increased net worth method, profit or loss is calculated by preparing,

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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 According to companies ordinance, single entry system cannot be adopted by,
A. Sole proprietorship
B. Partnership
C. "a" and "b"
D. Joint stock companies
2 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
3 In single entery system only.
A. Personal account are maintained
B. Real account are maintained
C. Nominal accounts are maintained
D. None of the above
4 In single entry system ledger contains the accounts of,
A. Debtors, creditors and cash
B. Wages and carriage
C. Salaries and insurance
D. Assets and liabilities
5 Both aspects of a transaction must be recorded in,
A. Single entry system
B. Barter system
C. Double entry system
D. Islamic system
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 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 figure of the bills receivable can be worked out from.
A. Total debtors account
B. Total creditors account
C. Trail balance
D. Balance sheet
9 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
10 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

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