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

Opening capital is calculated by taking the difference between,

Question # 2

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

Question # 3

Bills payable issued durint the period must be debited to total creditors account credited to.

Question # 4

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

Question # 5

Both aspects of a transaction must be recorded in,

Question # 6

If the cash sales are missing they are to be ascertained by the construction of.

Question # 7

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

Question # 8

Not worth method is equal to.

Question # 9

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

Question # 10

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

Question # 11

In single entry system ledger contains the accounts of,

Question # 12

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

Question # 13

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

Question # 14

In single entry system,

Question # 15

The figure of the credit purchase can be worked out.

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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 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
2 Net worth is equal to,
A. Assets - Liabilities
B. Liabilities - Assets
C. Liabilities + Capital
D. Capital + Assets
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,
A. Adjusted closing capital
B. Closing capital
C. Cash in hand
D. Cash at bank
4 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
5 Single entry systme can bot be maintained by.
A. Sole owner
B. Partnership concern
C. Joint stock companies
D. All of the above
6 In single entrey system statements of assets and liabilities is called.
A. Balance sheet
B. Statement of Affair
C. Trial balance
D. Income statement
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 Under single entry system sometimes,
A. Double aspects of a transaction are recorded
B. Single aspect of a transaction is recorded
C. No aspect of a transaction is recorded
D. All of the above
9 Bad debt written off always affect the
A. Deblor's account
B. Creditors account
C. Cash account
D. All of the above
10 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

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