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

Both aspects of a transaction must be recorded in,

Question # 2

In single entry system,

Question # 3

Bad debt written off always affect the

Question # 4

Cash book is prepared to find out the figure of.

Question # 5

Acceptance received durinthe period must be debited to bills receivable account and credited to.

Question # 6

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

Question # 7

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

Question # 8

Arithmetical accuracy of the books of accounts cannot be checked under.

Question # 9

In single entry system ledger contains the accounts of,

Question # 10

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

Question # 11

The Closing Capital is worked out by preparing the.

Question # 12

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 # 13

Teh single entry system of book keeping is generay followed by

Question # 14

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

Question # 15

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

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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 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
2 Not worth method is equal to.
A. Liabilities - assets
B. Assets- liabilities
C. Capital + assets
D. None of these
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 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
5 Cash paid to creditors can be woked out from.
A. Debtora account
B. Creditors account
C. Balance sheet
D. None of theses
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 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 In single entry it is not possible to prepare
A. Trial balance
B. Trading account
C. Profit and loss account
D. Balance sheet
9 The opening and closing balance of bills Receivable can be calculated by preparing the.
A. Total debtors accounts
B. Total creditors account
C. Bills Recivable accounts
D. Salaes accounts
10 In single entry system nominal accounts and some assets accounts balances are not available so it is not possible to prepare,
A. Debtors account
B. Creditors account
C. Trial balance
D. Statement of affairs

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