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

Single entry systme can bot be maintained by.

Question # 2

Under single entery system informatoin relating to expenses must be ascertained from the analysis of.

Question # 3

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

Question # 4

Net worth is equal to,

Question # 5

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

Question # 6

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

Question # 7

Bills payable issued durint the period must be debited to total creditors account credited to.

Question # 8

Single entry system is generally adopted by,

Question # 9

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

Question # 10

In cash of net worth method of sigle entery system net profikt is ascertained by.

Question # 11

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

Question # 12

The Closing Capital is worked out by preparing the.

Question # 13

In single entry it is not possible to prepare

Question # 14

In appearance, the statement of affairs, is similar to a.

Question # 15

Both aspects of a transaction must be recorded in,

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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 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
2 In single entry it is not possible to prepare
A. Trial balance
B. Trading account
C. Profit and loss account
D. Balance sheet
3 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
4 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
5 In single entery system only.
A. Personal account are maintained
B. Real account are maintained
C. Nominal accounts are maintained
D. None of the above
6 How many methods are available to calculate the profit or loss under single entry system,
A. One
B. Two
C. Three
D. Four
7 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
8 Both aspects of a transaction must be recorded in,
A. Single entry system
B. Barter system
C. Double entry system
D. Islamic system
9 The opening and closing balance of bills Receivable can be calculated by preparing the.
A. Total debtors accounts
B. Total creditors account
C. Bills Recivable accounts
D. Salaes accounts
10 In single entrey system statements of assets and liabilities is called.
A. Balance sheet
B. Statement of Affair
C. Trial balance
D. Income statement

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