Question # 1

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

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Realization account

Cash account

Assets account

None of these

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

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One

Two

Three

Four

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

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Single , entery system

Accrual system

Double enterysystem

Cash system

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

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Total bills receivable account

Total debtors account

total cash account

Total bills receivabel account

Cash paid to creditors can be woked out from.

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Debtora account

Creditors account

Balance sheet

None of theses

Due to fresh capital introduced during the year, the closing capital will,

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Increase

Decrease

Constant

Multiply

Single entry system is suitable where,

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Small amount of cash transactions are more

Large amount of cash transaction are more

Smallamount of cash transaction are more

Largeamount of cash transaction are more

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

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One

Two

Three

Four

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

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Debtors account

Creditors account

Balance sheet

Trial balance

Single entry system contains,

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A daybook or general journal

A cash book

Ledger accounts for individual customers and creditors

All of the above

Net worth is equal to,

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Assets - Liabilities

Liabilities - Assets

Liabilities + Capital

Capital + Assets

Both aspects of a transaction must be recorded in,

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Single entry system

Barter system

Double entry system

Islamic system

The closing balance of trade debtors can be located from.

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Total debtors account

Balance sheet

Bils receivable account

Cash book

Teh single entry system of book keeping is generay followed by

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Small business concern

Large Business concern

Non trading concern

None of these

Bad debt written off always affect the

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Deblor's account

Creditors account

Cash account

All of the above

If the cash sales are missing they are to be ascertained by the construction of.

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Debtors account

Creditors account

Cash account

None of these

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Principles of Accounting Icom Part 2 English Medium Chapter 1 Online Test MCQs With Answers

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