Question # 1

Single entry system is generally adopted by,

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Small business concerns

Large business concerns

Medium business concerns

All of the above

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

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

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Total debtors accounts

Total creditors account

Bills Recivable accounts

Salaes accounts

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

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

Bad debt written off always affect the

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Deblor's account

Creditors account

Cash account

All of the above

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

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Total debtors account

Total creditors account

Trail balance

Balance sheet

We cannot prepare the trial balance and precise balance sheet under,

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Single entry system

Double entry system

"a" and "b"

Barter system

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

Both aspects of a transaction must be recorded in,

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Single entry system

Barter system

Double entry system

Islamic system

Cash paid to creditors can be woked out from.

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Debtora account

Creditors account

Balance sheet

None of theses

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

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One

Two

Three

Four

In single entry system both the aspects, debit and credit of a transaction are not recorded soit is.

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Incomplete and unscientific

Complete and scientific

Incompleted and scientific

Complete and unscientific

North worth of an organizaton means the excess of its total assets over total.

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Liabilities

Income

Expenses

None of the above

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

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