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

00:00
Question # 1

In single entery system only.

Question # 2

The figure of the credit purchase can be worked out.

Question # 3

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

Question # 4

According to companies ordinance, single entry system cannot be adopted by,

Question # 5

To calculate the value of capital both at the beginning and at the end of year in single entry system we prepare,

Question # 6

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

Question # 7

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

Question # 8

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

Question # 9

Net worth is equal to,

Question # 10

Opening capital is calculated by taking the difference between,

Question # 11

Single entry system contains,

Question # 12

Cash received from the debtors can be find out by preparing.

Question # 13

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 # 14

Cash paid to creditors can be woked out from.

Question # 15

In single entry it is not possible to prepare

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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 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
2 Due to fresh capital introduced during the year, the closing capital will,
A. Increase
B. Decrease
C. Constant
D. Multiply
3 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
4 The opening capitla is ascertained by preparing.
A. Cash account
B. Opening statements of affairs
C. Total debtors account
D. Total creditors account
5 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
6 Not worth method is equal to.
A. Liabilities - assets
B. Assets- liabilities
C. Capital + assets
D. None of these
7 How many mathods are available to calculate the profit or loss under single entery system.
A. One
B. Two
C. Three
D. Four
8 The fingure of bills payable is worked out by preparing the.
A. Total debtors account
B. Total creditors account
C. Cash book
D. Balance sheet
9 Both aspects of a transaction must be recorded in,
A. Single entry system
B. Barter system
C. Double entry system
D. Islamic system
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

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