Question # 1

Assets which have no physical existence are called

Choose an answer

Tangible assets

Fictitious assets

Liquid assets

Intangible assets

The money can be deposited into bank by means of

Choose an answer

Cash book

Cheque book

Pay-in-slip book

Pass book

Ahmad's account is an example of

Choose an answer

real account

personal A/c

nominal account

none of these

Expenditure is revenue expenditure because

Choose an answer

It is intended to benefit the current period

The amount involved is small

It is deducted from the gross sale proceeds

None of these

Income received in advance during the year is

Choose an answer

Prepaid Expenses

Accrued Income

Advance Expenses

Advance Income

Any difference in trial balance is transferred to

Choose an answer

sales account

nominal account

purchases account

suspense account

If a liability is recorded as income, it will be considered as

Choose an answer

Error of commission

Error of omission

Error of Principle

None of these

Cost incurred to generate revenue is called

Choose an answer

Revenue

Cost

Expense

Liability

Excise duty is a

Choose an answer

Direct revenue

Indirect revenue

Direct expense

Indirect expense

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

Choose an answer

posting

casting

compensating

recording

All the time of endorsement of a bill the drawer credits:

Choose an answer

The drawee account

The endorser's personal account

Bill receivable account

Endorser's account

Cheques issued to a creditor but not presented for payment are called

Choose an answer

Un Credited Cheques

Uncollected Cheques

Un Presented Cheques

Dishonoured Cheques

An Entry which is recorded on the both sides of cash book is called

Choose an answer

Simple Entry

Compound Entry

Combined Entry

Contra Entry

When a drawee honours his acceptance, he will credit

Choose an answer

Capital Account

Drawer Account

Bill Payable Account

Cash Account

Bad debts recovered from debtors should be credited to

Choose an answer

Debtors a/c

Bad debts a/c

Bad debts recovered a/c

Cash a/c

Contra Refers to

Choose an answer

Same Side

Parallel Side

Opposite Side

None of these

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