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

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

Question # 2

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

Question # 3

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

Question # 4

Cash book is prepared to find out the figure of.

Question # 5

Closing capital in single entry system is calculated by preparing,

Question # 6

The fingure of bills payable is worked out by preparing the.

Question # 7

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

Question # 8

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 # 9

The figure of the bills receivable can be worked out from.

Question # 10

Opening capital is calculated by taking the difference between,

Question # 11

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

Question # 12

Net worth is equal to,

Question # 13

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

Question # 14

Single entry system is generally adopted by,

Question # 15

Acceptance received durinthe period must be debited to bills receivable account and credited to.

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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 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 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
3 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
4 Due to drawings made during the year, the closing capital will,
A. Increase
B. Decrease
C. Constant
D. Multiply
5 Cash received from the debtors can be find out by preparing.
A. Debtors account
B. Creditors account
C. Balance sheet
D. Trial balance
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 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
8 Opening capital is calculated by taking the difference between,
A. Opening assets and closing assets
B. Opening assets and closing liabilities
C. Opening assets and Opening liabilities
D. Closing assets and closing liabilities
9 In single entry it is not possible to prepare
A. Trial balance
B. Trading account
C. Profit and loss account
D. Balance sheet
10 According to companies ordinance, single entry system cannot be adopted by,
A. Sole proprietorship
B. Partnership
C. "a" and "b"
D. Joint stock companies

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