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12th Principles of Accounting Chapter 1 Test

Here you can prepare 12th Class Principles of Accounting Chapter 1 Accounts from Incomplete Records Test. Click the button for 100% free full practice test.

12th class Principle of Accounting chapter 1 online mcq test with answers for ICom part 2 Principle of Accounting Chapter 1 (Accounts from Incomplete Records)

This online test contains MCQs about following topics:

. Single Entry System . Profit Determination . Profit Determination by increased Net-Worth Method . Adjustments with the increased Net-Worth Method . Profit Determination under Conversion Method

ICOM Part 2 Accounting Ch 1 Test
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12th class Principle of Accounting chapter 1 online mcq test with answers for ICom part 2 Principle of Accounting Chapter 1 (Accounts from Incomplete Records)

Sr. # Questions Answers Choice
1 Closing capital in single entry system is calculated by preparing,
  • A. Opening statement of affairs
  • B. Closing statement of affairs
  • C. Opening balance sheet
  • D. Closing balance sheet
2 In single entrey system statements of assets and liabilities is called.
  • A. Balance sheet
  • B. Statement of Affair
  • C. Trial balance
  • D. Income statement
3 Not worth method is equal to.
  • A. Liabilities - assets
  • B. Assets- liabilities
  • C. Capital + assets
  • D. None of these
4 In single entry system real accounts are not maintained so the preparation of,
  • A. Correctly
  • B. Effectively
  • C. Wrongly
  • D. Approximately
5 Single entry system contains,
  • A. A daybook or general journal
  • B. A cash book
  • C. Ledger accounts for individual customers and creditors
  • D. All of the above
6 In increased net worth method, profit or loss is calculated by preparing,
  • A. Income and expenditure account
  • B. Profit and loss account
  • C. Statement of profit or loss
  • D. Balance sheet
7 The closing balance of trade debtors can be located from.
  • A. Total debtors account
  • B. Balance sheet
  • C. Bils receivable account
  • D. Cash book
8 Cash received from the debtors can be find out by preparing.
  • A. Debtors account
  • B. Creditors account
  • C. Balance sheet
  • D. Trial balance
9 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
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

Top Scorers of Principles of Accounting Icom Part 2 English Medium Chapter 1 Online Test

M

Mudassar Zidi

Lahore27 - Jun - 2022

15/15
01 Mins 09 Sec
M

Mudassar Zidi

Lahore28 - Jun - 2022

15/15
02 Mins 01 Sec
S

SEO Guru

Lahore28 - Jun - 2022

15/15
03 Mins 02 Sec
M

Mudassar Zidi

Lahore28 - Jun - 2022

14/15
01 Mins 11 Sec
M

Mudassar Zidi

Lahore27 - Jun - 2022

14/15
01 Mins 17 Sec
M

Mudassar Zidi

Lahore27 - Jun - 2022

14/15
01 Mins 18 Sec
M

Mudassar Zidi

Lahore27 - Jun - 2022

14/15
01 Mins 19 Sec
M

Mudassar Zidi

Lahore27 - Jun - 2022

14/15
01 Mins 27 Sec
M

Mudassar Zidi

Lahore27 - Jun - 2022

14/15
01 Mins 33 Sec
M

Mudassar Zidi

Lahore27 - Jun - 2022

14/15
02 Mins 10 Sec
H

Hamza Abid

Abbottabad29 - Jun - 2022

14/15
10 Mins 50 Sec
M

Mudassar Zidi

Lahore27 - Jun - 2022

13/15
01 Mins 47 Sec
S

Saqlain

Lahore19 - Aug - 2022

13/15
01 Mins 51 Sec
M

Mudassar Zidi

Lahore27 - Jun - 2022

13/15
02 Mins 23 Sec
M

Mudassar Zidi

Lahore27 - Jun - 2022

13/15
02 Mins 23 Sec

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  • A

    APURBA MAZUMDER

    15 Aug 2019

    nice

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  • P

    Pakeeza

    05 May 2019

    I choose my subjects in urdu kIndly Qiuz from urdu

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  • G

    Ghulam Ali

    29 Mar 2019

    best knowledge

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  • G

    Gulfaraz

    15 Feb 2016

    Good Work

    Like (1)
    Reply
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