Question # 1

Net Sales represent

Choose an answer

Sales - return outwards

Sales - return inwards

Sales - return to supplier

both b and c

All the transactions recorded to credit sales are recorded in:

Choose an answer

Sale return book

Sales book

Cash book

Debtor's book

Income tax paid is a

Choose an answer

Business expense

Revenue for business

Liability of business

Personal expense

A sheet which minimizes the chances of errors to the maximum possible extent is called

Choose an answer

Balance sheet

Work sheet

Paper sheet

Income statement

Errors, which do not affect on profit calculation, will have an effect only on

Choose an answer

Trail balance

Balance sheet

Profit or loss account

Trading account

A statement which is used to reconcile the bank balance as per cash book with the balance as per pass book is called

Choose an answer

Bank statement

Income statement

Bank reconciliation statement

Financial statements

The book in which all cash transaction are primarily recorded is called

Choose an answer

Pass book

Cheque book

Finance book

Cash book

The concession given by the supplier to the buyer on purchases of good is known as:

Choose an answer

Sales discount

Trade discount

Purchase discount

Discount received

Expenditure, which helps to maintain the business efficiency is called

Choose an answer

Revenue expenditure

Deferred expenditure

Capital expenditure

Future expenditure

A table lost by fire should be debited to

Choose an answer

Table a/c

Furniture a/c

Loss by Fire a/c

Purchases a/c

Gross profit represents

Choose an answer

Opening stock + purchases

closing stock + direct expenses - sales

closing stock-purchases-direct expenses + sales

purchases - sales

The gross amount of goods sold or services performed during an accounting period is known as

Choose an answer

Purchase

Sale

Gross profit

Net profit

When money is paid to a creditor or supplier a receipt is obtained from him which is called

Choose an answer

Cash voucher

Cash payment

Receipt voucher

Payment voucher

Which account will be created in the presence of suspense account, if sales book is undercast by Rs. 500

Choose an answer

suspense A/c

sales A/c

cash A/c

none of above

The owner of the business is known as:

Choose an answer

Sale man

Agent

Proprietor

Employee

Personal account are related to:

Choose an answer

Assets and liabilities

Expenses, losses

Customers, creditors etc.

Incomes

More Classes

Other Links

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

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer