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

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 # 2

The Closing Capital is worked out by preparing the.

Question # 3

Net worth is equal to,

Question # 4

Teh single entry system of book keeping is generay followed by

Question # 5

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

Question # 6

Double entry system means

Question # 7

The system in whihc accounting records are not kept strictly according to the double entery principle of book keeping is called.

Question # 8

In single entry system ledger contains the accounts of,

Question # 9

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

Question # 10

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

Question # 11

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

Question # 12

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

Question # 13

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

Question # 14

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

Question # 15

Single entry systme can bot be maintained by.

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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 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
2 Acceptance received durinthe period must be debited to bills receivable account and credited to.
A. Total bills receivable account
B. Total debtors account
C. total cash account
D. Total bills receivabel account
3 Both aspects of a transaction must be recorded in,
A. Single entry system
B. Barter system
C. Double entry system
D. Islamic system
4 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
5 The fingure of bills payable is worked out by preparing the.
A. Total debtors account
B. Total creditors account
C. Cash book
D. Balance sheet
6 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
7 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
8 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
9 Arithmetical accuracy of the books of accounts cannot be checked under.
A. Single Entry system
B. Double entery system
C. None entery system
D. Both a and b
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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