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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 Net worth is equal to,
  • A. Assets - Liabilities
  • B. Liabilities - Assets
  • C. Liabilities + Capital
  • D. Capital + Assets
2 Single entry system is suitable where,
  • A. Small amount of cash transactions are more
  • B. Large amount of cash transaction are more
  • C. Smallamount of cash transaction are more
  • D. Largeamount of cash transaction are more
3 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
4 North worth of an organizaton means the excess of its total assets over total.
  • A. Liabilities
  • B. Income
  • C. Expenses
  • D. None of the above
5 In case of dissolution, assets sold for cash are debited to.
  • A. Realization account
  • B. Cash account
  • C. Assets account
  • D. None of these
6 Teh single entry system of book keeping is generay followed by
  • A. Small business concern
  • B. Large Business concern
  • C. Non trading concern
  • D. None of these
7 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
8 In single entry it is not possible to prepare
  • A. Trial balance
  • B. Trading account
  • C. Profit and loss account
  • D. Balance sheet
9 Cash received from the debtors can be find out by preparing.
  • A. Debtors account
  • B. Creditors account
  • C. Balance sheet
  • D. Trial balance
10 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,
  • A. Adjusted closing capital
  • B. Closing capital
  • C. Cash in hand
  • D. Cash at bank

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

S

Subtain Ahmed Raza

Lahore15 - Jul - 2023

15/15
02 Mins 48 Sec
S

Subtain Ahmed Raza

Lahore15 - Jul - 2023

15/15
03 Mins 50 Sec
S

Subtain Ahmed Raza

Lahore22 - Jul - 2023

14/15
02 Mins 20 Sec
S

Subtain Ahmed Raza

Lahore14 - Jul - 2023

14/15
03 Mins 28 Sec
F

Fatima Butt

Lahore03 - Aug - 2023

11/15
03 Mins 13 Sec
S

Sohera Aslam

Lahore19 - Aug - 2023

10/15
02 Mins 38 Sec
H

Haider Ali

Lahore21 - Jul - 2023

10/15
04 Mins 01 Sec
H

Haider Ali

Lahore21 - Jul - 2023

10/15
04 Mins 01 Sec
H

Hazal Tarhun

Lahore27 - Aug - 2023

9/15
05 Mins 03 Sec
F

Fatima Butt

Lahore04 - Aug - 2023

8/15
02 Mins 43 Sec
S

Subtain Ahmed Raza

Lahore14 - Jul - 2023

8/15
04 Mins 58 Sec

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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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