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

Question # 1

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

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Question # 2

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

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Question # 3

Both aspects of a transaction must be recorded in,

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Single entry system

Barter system

Double entry system

Islamic system

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Question # 4

In single entry system real accounts are not maintained so the preparation of,

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Correctly

Effectively

Wrongly

Approximately

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Question # 5

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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Question # 6

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

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Question # 7

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

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Question # 8

Single entery system is most suitbale where

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Credit transactions are numerous.

Cash transactions are numerous

Cahs and credit transactions both are numerios

None of the above

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Question # 9

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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