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

00:00
Question # 1

Cash book is prepared to find out the figure of.

Question # 2

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

Question # 3

We cannot prepare the trial balance and precise balance sheet under,

Question # 4

In single entrey system statements of assets and liabilities is called.

Question # 5

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

Question # 6

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

Question # 7

How many mathods are available to calculate the profit or loss under single entery system.

Question # 8

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

Question # 9

Single entry systme can bot be maintained by.

Question # 10

Arithmetical accuracy of the books of accounts cannot be checked under.

Question # 11

In single entery system only.

Question # 12

Not worth method is equal to.

Question # 13

A statement of assets and liabilities is prepared under the single entery system is called.

Question # 14

The Closing Capital is worked out by preparing the.

Question # 15

Cash paid to creditors can be woked out from.

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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 In single entry system both the aspects, debit and credit of a transaction are not recorded soit is.
A. Incomplete and unscientific
B. Complete and scientific
C. Incompleted and scientific
D. Complete and unscientific
2 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
3 The closing balance of trade debtors can be located from.
A. Total debtors account
B. Balance sheet
C. Bils receivable account
D. Cash book
4 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
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 Due to fresh capital introduced during the year, the closing capital will,
A. Increase
B. Decrease
C. Constant
D. Multiply
7 Net worth is equal to,
A. Assets - Liabilities
B. Liabilities - Assets
C. Liabilities + Capital
D. Capital + Assets
8 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
9 If the cash sales are missing they are to be ascertained by the construction of.
A. Debtors account
B. Creditors account
C. Cash account
D. None of these
10 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

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