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

Question # 2

Teh single entry system of book keeping is generay followed by

Question # 3

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

Question # 4

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

Question # 5

In single entry system,

Question # 6

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

Question # 7

In single entry it is not possible to prepare

Question # 8

Net worth is equal to,

Question # 9

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

Question # 10

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

Question # 11

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

Question # 12

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

Question # 13

Single entry system is suitable where,

Question # 14

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

Question # 15

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,

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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 The opening capitla is ascertained by preparing.
A. Cash account
B. Opening statements of affairs
C. Total debtors account
D. Total creditors account
2 Due to drawings made during the year, the closing capital will,
A. Increase
B. Decrease
C. Constant
D. Multiply
3 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
4 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
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 Both aspects of a transaction must be recorded in,
A. Single entry system
B. Barter system
C. Double entry system
D. Islamic system
7 In case of dissolution, assets sold for cash are debited to.
A. Realization account
B. Cash account
C. Assets account
D. None of these
8 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
9 According to companies ordinance, single entry system cannot be adopted by,
A. Sole proprietorship
B. Partnership
C. "a" and "b"
D. Joint stock companies
10 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

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