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MCQ's Test For Chapter 0 "Principles of Accounting Icom Part 2 English Medium Chapter 2 Online Test"
Try The MCQ's Test For Chapter 0 "Principles of Accounting Icom Part 2 English Medium Chapter 2 Online Test"
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Total Questions15
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Time Allowed20
Principles of Accounting Icom Part 2 English Medium Chapter 2 Online Test
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Question # 1
The difference of the two sides of receipt and payment account represents.
Question # 2
If the debit side of the income and expenditure account is greater thanthe credit sideit is termed as.
Question # 3
In receipt and payments account
Question # 4
Credit side of iincome and expenditure account records.
Question # 5
Receipt and payment account is prepared at the.
Question # 6
Income and expenditure account is equivalent to the.
Question # 7
Amount received by the concern as per the will of the donor is known as.
Question # 8
The account of non trading concern are generally maintained according to.
Question # 9
Income and expenditure account shows
Question # 10
In cash book
Question # 11
Excess of liablilities over assets is an indication of .
Question # 12
The basic club record or book of original entry in non-profit making organization
Question # 13
Income and expenditur eaccount is prepared on.
Question # 14
Example of non-profit making organization
Question # 15
An income and expenditure account is.
ICOM Part 2 English Medium Principles of Accounting Chapter 2 MCQ's Test
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ICom Part II Principles of Accounting Chapter 0 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Receipt and payment account starts with the. |
A. Opening balance
B. Ending balance
C. Beginning or ending balance
D. None of these
|
| 2 | The excess of total assets over total liabilituies of a concern is called. |
A. Surplus
B. Deficit
C. Capital fund
D. Profit
|
| 3 | The Receipt and payment account is the summery of the |
A. Cash book
B. Balance sheet
C. Trqail balance
D. Proft and loss account
|
| 4 | Income and expenditure account shows. |
A. Surplus or deficit
B. Not profit or net loss
C. Capital account
D. Cash in hand
|
| 5 | Depreciation written off on fixed assets should be recorded in the. |
A. Income and expenditure account only
B. Receipt and payment account only
C. Receipt and payment account and banalce sheet
D. Income and expenditure account and balance sheet.
|
| 6 | Excess of assets over liabilities is an indication of. |
A. Solvency
B. Insolvency
C. Deficiency
D. Loss
|
| 7 | Non-profit seeking organization income and expenditure account performs the same function as profit seeking organization's |
A. Trading and profit and loss account
B. Balance sheet
C. Bank account
D. Petty cash book
|
| 8 | Lagacies are generally treated as. |
A. Income
B. Capitalized
C. Assets
D. Liability
|
| 9 | Non-profit seeking organizations prepare |
A. Manufacturing account
B. Trading account
C. Income and expenditure account
D. Profit and loss account
|
| 10 | All transactions relating to non-profit seeking concerns are recorded in the books of account strictly according to |
A. Single entry system
B. Double entry system
C. Treble entry system
D. "a" and "b"
|
Test Questions
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