Question # 1

When a Bill is dishonoured, the holder of the bill goes to an official called

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Inspector

Notary Public

Drawer

Manager

Ledger Records Transaction in a/an

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Chronological Order

Daily order

Arithmetical Order

Analytical Order

Cash account is a

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Personal account

Nominal account

Real account

Both personal and real account

Interest on drawings is

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An asset

A liability

An expense

A revenue

A bill of exchange is a / an

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Promise

Unconditional Order

Request

Conditional Order

Net profit is equal to

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Gross profit - expenses

Sales - Cost of goods sold

Sales - expenses

Capital - expenses

Retiring a bill under rebate means:

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Making payment for the bill before the due date

Making payment for the bill after the due date

Dishonouring bill

None of the above

Income tax paid is a

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Business expense

Revenue for business

Liability of business

Personal expense

The cash book is a

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Subsidiary Journal

Ledger Account

Subsidiary Journal and Ledger

Trial Balance

Suspense means

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certainty

uncertainty

surly

none of these

All the transactions recorded to credit sales are recorded in:

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Sale return book

Sales book

Cash book

Debtor's book

Nominal account are related to:

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Assets and liabilities

Expenses, losses and incomes

Customers, creditors etc

Capital account

All those expenses which have become due but not paid are called

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Accrued revenue

Prapaid revenue

Outstanding expenses

Advance expenses

Preliminary expenses incurred before the commencement of business

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revenue expenditure

capital expenditure

deferred revenue expenditure

capital loss

Error of carry forward will affect

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Personal accounts

Nominal accounts

Impersonal accounts

None of these

Which one of the following in used to simplify work, to be done at the end of period

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Balance sheet

Income sheet

Bank statement

Work sheet

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

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