Question # 1

The process of totaling the data at the end of the period is called

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posting

casting

compensating

recording

Cash of sales is equal to

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Sales - purchases

Purchases - return + closing stock

Opening stock + Purchases (Net) - Closing stock

Sales + Opening stock - (Purchases + Closing stock)

The capital profit should be transferred to:

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Profit and loss account

Trading account

Balance Sheet

Both Trading and profit and loss account and balance sheet

The inflow of assets in return for services performed or products delivered during a period is

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Asset

Revenue

Non current asset

None of these

A prepaid expense is

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An asset

A liability

An expense

An income

An expenditure, which is temporarily increase the profit making capacity of the business is called

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Deferred expenditure

Capital expenditure

Revenue expenditure

Non-recurring expenditure

An operating statement is similar to a

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Balance sheet

bank reconciliation statement

Financial statement

Profit or loss statement

Events which are related with money are called:

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Monetary events

Non - monetary events

None-social events

Political events

Patent is an example of

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Assets

Liabilities

Income

Expense

Adjusted ______ is used to prepare the income statement and balance sheet

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Trail balance

Ledger

Balance sheet

Bank statement

Income tax paid is a

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Business expense

Revenue for business

Liability of business

Personal expense

The transactions, the effect of which is not exhausted with in the current accounting year are called

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Revenue transaction

Capital transaction

Current transaction

Monetary transaction

Goods withdrawn by the proprietor for personal use should be credited to

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Purchase a/c

Drawings a/c

Expenses a/c

Revenue a/c

Narration is always written:

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Above each entry

Below each entry

Between of each entry

None of these

Position statement is similar to a

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Trial balance

Balance sheet

Financial statement

Bank reconciliation statement

Cash account is a

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Personal account

Nominal account

Real account

Both personal and real account

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Principles of accounting Icom Part 1 English Medium Online Test MCQs With Answers

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