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

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Principles of accounting Icom Part 1 English Medium Online Test

Sr. # Questions Answers Choice
1 The process of recording business transaction in the journal is called Posting Journalizing Classifying Entry
2 How many categories of accounts are two three four five
3 Ahmad's account is an example of real account personal A/c nominal account none of these
4 Carriage account is a/an asset account revenue account expenditure A/c withdrawal account
5 The accounts of assets and properties nominal accounts real accounts personal accounts valuation accounts
6 The accounts of expenses, incomes, losses and gains real accounts valuation accounts nominal accounts personal accounts
7 Cash paid to Naeem will affect cash & capital cash & creditor cash and debtors cash & goods
8 The effect of drawing on accounting equation is decrease in assets and decrease in liabilities increase in both assets & liabilities decrease in assets and increase in capital none of these
9 When cash is paid to creditors it will decrease cash capital debtor cash & creditors
10 Purchased goods on credit and for cash will affect cash & goods cash & creditors cash creditors & owner's equity cash goods and creditors
11 Expenses paid by a business decrease cash capital cash & capital none of these
12 According to accounting equation, capital is equal to assets + liabilities expenses-incomes liabilities - assets assets - liabilities
13 Accounting records of a business enterprise are required by management of the business outsiders all of the above none of the above
14 For every debit, there is a credit going concern concept dual aspect concept matching concept cost concept
15 Accounting principles can be classified in three types two types five types six types
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