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

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

Question # 2

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

Question # 3

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

Question # 4

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

Question # 5

In single entry system ledger contains the accounts of,

Question # 6

The figure of the credit purchase can be worked out.

Question # 7

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

Question # 8

In single entry system nominal accounts and some assets accounts balances are not available so it is not possible to prepare,

Question # 9

Cash paid to creditors can be woked out from.

Question # 10

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

Question # 11

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

Question # 12

How many methods are available to calculate the profit or loss under single entry system,

Question # 13

The opening and closing balance of bills Receivable can be calculated by preparing the.

Question # 14

Teh single entry system of book keeping is generay followed by

Question # 15

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

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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 Single entry systme can bot be maintained by.
A. Sole owner
B. Partnership concern
C. Joint stock companies
D. All of the above
2 Not worth method is equal to.
A. Liabilities - assets
B. Assets- liabilities
C. Capital + assets
D. None of these
3 In case of dissolution, assets sold for cash are debited to.
A. Realization account
B. Cash account
C. Assets account
D. None of these
4 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
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 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
7 In single entry system real accounts are not maintained so the preparation of,
A. Correctly
B. Effectively
C. Wrongly
D. Approximately
8 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
9 The figure of the credit purchase can be worked out.
A. Total debtors account
B. Total creditors account
C. Cash book
D. Balance sheet
10 Acceptance received durinthe period must be debited to bills receivable account and credited to.
A. Total bills receivable account
B. Total debtors account
C. total cash account
D. Total bills receivabel account

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