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

Question # 1

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

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Single Entry system

Double entery system

None entery system

Both a and b

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Question # 2

A statement of assets and liabilities is prepared under the single entery system is called.

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Balance sheet

Financial statement

Statement of affair

Cash transaction

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Question # 3

To calculate the value of capital both at the beginning and at the end of year in single entry system we prepare,

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Balance sheet

Trading account

Trial balance

Statement of affairs

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Question # 4

Double entry system means

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The recording of same things twice

Double accounting

The two sides of every transaction are recorded

Entry at two dates

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Question # 5

Cash paid to creditors can be woked out from.

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Debtora account

Creditors account

Balance sheet

None of theses

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Question # 6

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

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Bills payable account

Bills receivable account

Debtora account

Cash account

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Question # 7

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

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One

Two

Three

Four

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Question # 8

Opening capital is calculated by taking the difference between,

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Opening assets and closing assets

Opening assets and closing liabilities

Opening assets and Opening liabilities

Closing assets and closing liabilities

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Question # 9

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,

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Adjusted closing capital

Closing capital

Cash in hand

Cash at bank

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