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MCQ's Test For Chapter 0 "Principles of Accounting Icom Part 2 English Medium Chapter 1 Online Test"
Try The MCQ's Test For Chapter 0 "Principles of Accounting Icom Part 2 English Medium Chapter 1 Online Test"
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Total Questions15
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Time Allowed20
Principles of Accounting Icom Part 2 English Medium Chapter 1 Online Test
00:00
Question # 1
In appearance, the statement of affairs, is similar to a.
Question # 2
The figure of the credit purchase can be worked out.
Question # 3
How many mathods are available to calculate the profit or loss under single entery system.
Question # 4
Cash paid to creditors can be woked out from.
Question # 5
The fingure of bills payable is worked out by preparing the.
Question # 6
Cash book is prepared to find out the figure of.
Question # 7
In increased net worth method, profit or loss is calculated by preparing,
Question # 8
Due to fresh capital introduced during the year, the closing capital will,
Question # 9
In single entry system nominal accounts and some assets accounts balances are not available so it is not possible to prepare,
Question # 10
The Closing Capital is worked out by preparing the.
Question # 11
A statement of assets and liabilities is prepared under the single entery system is called.
Question # 12
The opening capitla is ascertained by preparing.
Question # 13
To calculate the value of capital both at the beginning and at the end of year in single entry system we prepare,
Question # 14
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 # 15
In single entry it is not possible to prepare
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 | How many mathods are available to calculate the profit or loss under single entery system. |
A. One
B. Two
C. Three
D. Four
|
| 2 | 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
|
| 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 | Bills payable issued durint the period must be debited to total creditors account credited to. |
A. Bills payable account
B. Bills receivable account
C. Debtora account
D. Cash account
|
| 5 | Due to drawings made during the year, the closing capital will, |
A. Increase
B. Decrease
C. Constant
D. Multiply
|
| 6 | Under single entry system sometimes, |
A. Double aspects of a transaction are recorded
B. Single aspect of a transaction is recorded
C. No aspect of a transaction is recorded
D. All of the above
|
| 7 | Due to fresh capital introduced during the year, the closing capital will, |
A. Increase
B. Decrease
C. Constant
D. Multiply
|
| 8 | The closing balance of trade debtors can be located from. |
A. Total debtors account
B. Balance sheet
C. Bils receivable account
D. Cash book
|
| 9 | 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
|
| 10 | In single entrey system statements of assets and liabilities is called. |
A. Balance sheet
B. Statement of Affair
C. Trial balance
D. Income statement
|
Test Questions