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

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

Question # 2

Teh single entry system of book keeping is generay followed by

Question # 3

Double entry system means

Question # 4

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

Question # 5

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

Question # 6

The figure of the credit purchase can be worked out.

Question # 7

In single entery system only.

Question # 8

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

Question # 9

In single entry system,

Question # 10

Acceptance received durinthe period must be debited to bills receivable account and credited to.

Question # 11

Closing capital in single entry system is calculated by preparing,

Question # 12

Cash book is prepared to find out the figure of.

Question # 13

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

Question # 14

Single entry system contains,

Question # 15

North worth of an organizaton means the excess of its total assets over total.

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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 Closing Capital is worked out by preparing the.
A. Opening statement of affair
B. Closing statement of affiar
C. Cash book
D. Balance sheet
2 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
3 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
4 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
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 The opening and closing balance of bills Receivable can be calculated by preparing the.
A. Total debtors accounts
B. Total creditors account
C. Bills Recivable accounts
D. Salaes accounts
7 Not worth method is equal to.
A. Liabilities - assets
B. Assets- liabilities
C. Capital + assets
D. None of these
8 In single entry system real accounts are not maintained so the preparation of,
A. Correctly
B. Effectively
C. Wrongly
D. Approximately
9 Cash received from the debtors can be find out by preparing.
A. Debtors account
B. Creditors account
C. Balance sheet
D. Trial balance
10 Double entry system means
A. The recording of same things twice
B. Double accounting
C. The two sides of every transaction are recorded
D. Entry at two dates

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