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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 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
2 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
3 In single entry system,
  • A. Personal accounts are maintained
  • B. Real accounts are maintained
  • C. Nominal accounts are maintained
  • D. None of the above
4 Net worth is equal to,
  • A. Assets - Liabilities
  • B. Liabilities - Assets
  • C. Liabilities + Capital
  • D. Capital + Assets
5 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
6 Single entry system is generally adopted by,
  • A. Small business concerns
  • B. Large business concerns
  • C. Medium business concerns
  • D. All of the above
7 How many methods are available to calculate the profit or loss under single entry system,
  • A. One
  • B. Two
  • C. Three
  • D. Four
8 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
9 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
10 We cannot prepare the trial balance and precise balance sheet under,
  • A. Single entry system
  • B. Double entry system
  • C. "a" and "b"
  • D. Barter system

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

A

Abdullah Ashfaq

Lahore29 - Dec - 2021

15/15
55 Sec
A

Abdullah Ashfaq

Lahore29 - Dec - 2021

15/15
01 Mins 20 Sec
A

Abdulah Iftikhar

Lahore22 - Nov - 2021

15/15
01 Mins 29 Sec
A

Abdulah Iftikhar

Lahore19 - Nov - 2021

15/15
01 Mins 31 Sec
A

Abdulah Iftikhar

Lahore18 - Nov - 2021

15/15
01 Mins 46 Sec
A

Abdulah Iftikhar

Lahore25 - Nov - 2021

15/15
01 Mins 58 Sec
M

Mahnoor Fatima

Lahore19 - Jan - 2022

15/15
02 Mins 34 Sec
M

Mahnoor Fatima

Lahore19 - Jan - 2022

15/15
02 Mins 34 Sec
A

Abdulah Iftikhar

Lahore19 - Nov - 2021

15/15
04 Mins 27 Sec
S

Shakir Ahned

Lahore10 - Dec - 2021

15/15
05 Mins 19 Sec
H

Hamza Abid

Abbottabad10 - Jan - 2022

15/15
10 Mins 50 Sec
A

Abdullah Ashfaq

Lahore29 - Dec - 2021

14/15
49 Sec
A

Abdullah Ashfaq

Lahore29 - Dec - 2021

14/15
51 Sec
A

Abdullah Ashfaq

Lahore29 - Dec - 2021

14/15
56 Sec
A

Abdullah Ashfaq

Lahore29 - Dec - 2021

14/15
01 Mins 12 Sec

Share your comments questions here
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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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