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

Question # 2

In single entry it is not possible to prepare

Question # 3

Single entry system contains,

Question # 4

In case of dissolution, assets sold for cash are debited 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

Cash book is prepared to find out the figure of.

Question # 8

In increased net worth method, profit or loss is calculated by preparing,

Question # 9

The Closing Capital is worked out by preparing the.

Question # 10

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

Question # 11

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

Question # 12

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

Question # 13

In single entry system both the aspects, debit and credit of a transaction are not recorded soit is.

Question # 14

Both aspects of a transaction must be recorded in,

Question # 15

Teh single entry system of book keeping is generay followed by

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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 A statement of assets and liabilities is prepared under the single entery system is called.
A. Balance sheet
B. Financial statement
C. Statement of affair
D. Cash transaction
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 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
4 How many mathods are available to calculate the profit or loss under single entery system.
A. One
B. Two
C. Three
D. Four
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 In single entry system both the aspects, debit and credit of a transaction are not recorded soit is.
A. Incomplete and unscientific
B. Complete and scientific
C. Incompleted and scientific
D. Complete and unscientific
7 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
8 According to companies ordinance, single entry system cannot be adopted by,
A. Sole proprietorship
B. Partnership
C. "a" and "b"
D. Joint stock companies
9 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
10 Due to drawings made during the year, the closing capital will,
A. Increase
B. Decrease
C. Constant
D. Multiply

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