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MCQ's Test For Chapter 0 "Principles of Accounting Icom Part 2 English Medium Chapter 1 Online Test"
Try The MCQ's Test For Chapter 0 "Principles of Accounting Icom Part 2 English Medium Chapter 1 Online Test"
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Total Questions15
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Time Allowed20
Principles of Accounting Icom Part 2 English Medium Chapter 1 Online Test
00:00
Question # 1
How many methods are available to calculate the profit or loss under single entry system,
Question # 2
According to companies ordinance, single entry system cannot be adopted by,
Question # 3
Acceptance received durinthe period must be debited to bills receivable account and credited to.
Question # 4
We cannot prepare the trial balance and precise balance sheet under,
Question # 5
The system in whihc accounting records are not kept strictly according to the double entery principle of book keeping is called.
Question # 6
In increased net worth method, profit or loss is calculated by preparing,
Question # 7
The opening capitla is ascertained by preparing.
Question # 8
Bad debt written off always affect the
Question # 9
Bills payable issued durint the period must be debited to total creditors account credited to.
Question # 10
Cash received from the debtors can be find out by preparing.
Question # 11
In single entry system both the aspects, debit and credit of a transaction are not recorded soit is.
Question # 12
The opening and closing balance of bills Receivable can be calculated by preparing the.
Question # 13
The closing balance of trade debtors can be located from.
Question # 14
Under single entery system informatoin relating to expenses must be ascertained from the analysis of.
Question # 15
Both aspects of a transaction must be recorded in,
ICOM Part 2 English Medium Principles of Accounting Chapter 1 MCQ's Test
Top Scorers Of Chapter 0 "Principles of Accounting Icom Part 2 English Medium Chapter 1 Online Test" MCQ`s Test
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T Taiba Siddique 04 - Jun - 2024 00 Min 16 Sec 15/15 -
W Waiz Sharif 17 - Dec - 2024 01 Min 19 Sec 15/15 -
T Tariq Mohmood 03 - Nov - 2024 01 Min 55 Sec 14/15 -
F Fazilat Official 05 - Dec - 2025 02 Min 00 Sec 14/15 -
I ikram ullah 22 - Nov - 2024 07 Min 39 Sec 14/15 -
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A Ali Shah 24 - Nov - 2024 03 Min 48 Sec 11/15
ICom Part II Principles of Accounting Chapter 0 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Due to drawings made during the year, the closing capital will, |
A. Increase
B. Decrease
C. Constant
D. Multiply
|
| 2 | 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
|
| 3 | Not worth method is equal to. |
A. Liabilities - assets
B. Assets- liabilities
C. Capital + assets
D. None of these
|
| 4 | Cash book is prepared to find out the figure of. |
A. Opening capital
B. Crosing cash balance
C. Net profit
D. Finaincial position
|
| 5 | 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
|
| 6 | Under single entery system informatoin relating to expenses must be ascertained from the analysis of. |
A. Debtors account
B. Creditors account
C. Sales book
D. Cash book
|
| 7 | 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
|
| 8 | Single entry systme can bot be maintained by. |
A. Sole owner
B. Partnership concern
C. Joint stock companies
D. All of the above
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| 9 | 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
|
| 10 | The closing balance of trade debtors can be located from. |
A. Total debtors account
B. Balance sheet
C. Bils receivable account
D. Cash book
|
Test Questions