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

In single entery system only.

Question # 2

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

Question # 3

Single entery system is most suitbale where

Question # 4

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

Question # 5

Both aspects of a transaction must be recorded in,

Question # 6

In single entry system ledger contains the accounts of,

Question # 7

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

Question # 8

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

Question # 9

Cash book is prepared to find out the figure of.

Question # 10

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

Question # 11

Teh single entry system of book keeping is generay followed by

Question # 12

Single entry system is suitable where,

Question # 13

Double entry system means

Question # 14

The closing balance of trade debtors can be located from.

Question # 15

How many mathods are available to calculate the profit or loss under single entery system.

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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 Closing capital in single entry system is calculated by preparing,
A. Opening statement of affairs
B. Closing statement of affairs
C. Opening balance sheet
D. Closing balance sheet
2 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
3 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
4 How many methods are available to calculate the profit or loss under single entry system,
A. One
B. Two
C. Three
D. Four
5 In case of dissolution, assets sold for cash are debited to.
A. Realization account
B. Cash account
C. Assets account
D. None of these
6 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
7 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
8 Single entry system is generally adopted by,
A. Small business concerns
B. Large business concerns
C. Medium business concerns
D. All of the above
9 Not worth method is equal to.
A. Liabilities - assets
B. Assets- liabilities
C. Capital + assets
D. None of these
10 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

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