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

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

Question # 2

The closing balance of trade debtors can be located from.

Question # 3

Net worth is equal to,

Question # 4

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

Question # 5

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

Question # 6

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

Question # 7

In single entry system ledger contains the accounts of,

Question # 8

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

Question # 9

Cash book is prepared to find out the figure of.

Question # 10

Single entry system is suitable where,

Question # 11

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

Question # 12

Single entery system is most suitbale where

Question # 13

In single entery system only.

Question # 14

Single entry system is generally adopted by,

Question # 15

In single entry system,

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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 In single entrey system statements of assets and liabilities is called.
A. Balance sheet
B. Statement of Affair
C. Trial balance
D. Income statement
2 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
3 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
4 Single entery system is most suitbale where
A. Credit transactions are numerous.
B. Cash transactions are numerous
C. Cahs and credit transactions both are numerios
D. None of the above
5 In single entry it is not possible to prepare
A. Trial balance
B. Trading account
C. Profit and loss account
D. Balance sheet
6 Cash book is prepared to find out the figure of.
A. Opening capital
B. Crosing cash balance
C. Net profit
D. Finaincial position
7 Due to fresh capital introduced during the year, the closing capital will,
A. Increase
B. Decrease
C. Constant
D. Multiply
8 Under the conversion method of single entry credit salea are ascertained by preparing the.
A. Total debtors account
B. Total creditors account
C. Total cash account
D. Total bills receivable account
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 Not worth method is equal to.
A. Liabilities - assets
B. Assets- liabilities
C. Capital + assets
D. None of these

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