Question # 1

Narration is always written:

Choose an answer

Above each entry

Below each entry

Between of each entry

None of these

Deprecation is

Choose an answer

A Liability

A loss

An expense

Both b & c

The capital profit should be transferred to:

Choose an answer

Profit and loss account

Trading account

Balance Sheet

Both Trading and profit and loss account and balance sheet

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

Choose an answer

Deferred expenditure

Capital expenditure

Revenue expenditure

Non-recurring expenditure

The valuation of closing stock is at

Choose an answer

Cost price

Market price

Cost or market price whichever is lower

Cost or market price whichever is higher

A transaction is recorded on the same days as its takes place, so journal is also called:

Choose an answer

A day book

A history book

An entry book

Ledger book

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

Choose an answer

posting

casting

compensating

recording

All revenue expenditure are taken to

Choose an answer

Trading a/c

Trading & profit or Loss a/c

Profit or loss a/c

Balance sheet

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

Choose an answer

Inspector

Notary Public

Drawer

Manager

Cash paid to Naeem will affect

Choose an answer

cash & capital

cash & creditor

cash and debtors

cash & goods

It is used to record only cash receipts and payments

Choose an answer

Single column cash book

Double column cash book

Treble column cash book

Sales book

Receipts which are non-recurring by nature:

Choose an answer

Capital receipts

Revenue receipts

Short term receipts

Capital profit

Credit Balance of pass book must be equal to debit balance of

Choose an answer

Cash Book

Bank Ledger

Clients other Account

None of these

Which of the following discloses the financial position of the business

Choose an answer

Trading account

Profit or loss account

Profit or loss appropriation account

Balance sheet

The balance of petty cash book is a/an

Choose an answer

Asset

Liability

Expense

Income

The accounting system in which accounting entries are made on the basis of amount having become due for payment or receipt, is called

Choose an answer

Cash system

Accrual or mercantile system

Outstanding system

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