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

Due to drawings made during the year, the closing capital will,

Question # 2

How many methods are available to calculate the profit or loss under single entry system,

Question # 3

Under the conversion method of single entry credit salea are ascertained by preparing the.

Question # 4

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

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

Cash paid to creditors can be woked out from.

Question # 7

Single entery system is most suitbale where

Question # 8

The Closing Capital is worked out by preparing the.

Question # 9

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

Question # 10

Both aspects of a transaction must be recorded in,

Question # 11

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

Question # 12

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

Question # 13

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

Question # 14

In single entry system,

Question # 15

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

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Principles of Accounting
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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 Net worth is equal to,
A. Assets - Liabilities
B. Liabilities - Assets
C. Liabilities + Capital
D. Capital + Assets
2 In single entry system ledger contains the accounts of,
A. Debtors, creditors and cash
B. Wages and carriage
C. Salaries and insurance
D. Assets and liabilities
3 How many mathods are available to calculate the profit or loss under single entery system.
A. One
B. Two
C. Three
D. Four
4 Cash received from the debtors can be find out by preparing.
A. Debtors account
B. Creditors account
C. Balance sheet
D. Trial balance
5 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
6 To calculate the value of capital both at the beginning and at the end of year in single entry system we prepare,
A. Balance sheet
B. Trading account
C. Trial balance
D. Statement of affairs
7 The opening capitla is ascertained by preparing.
A. Cash account
B. Opening statements of affairs
C. Total debtors account
D. Total creditors account
8 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
9 In single entry system,
A. Personal accounts are maintained
B. Real accounts are maintained
C. Nominal accounts are maintained
D. None of the above
10 We cannot prepare the trial balance and precise balance sheet under,
A. Single entry system
B. Double entry system
C. "a" and "b"
D. Barter system

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