Question # 1

Acceptance received durinthe period must be debited to bills receivable account and credited to.

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Total bills receivable account

Total debtors account

total cash account

Total bills receivabel account

In single entry system nominal accounts and some assets accounts balances are not available so it is not possible to prepare,

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Debtors account

Creditors account

Trial balance

Statement of affairs

The excess of total assets over total liabilituies of a concern is called.

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Surplus

Deficit

Capital fund

Profit

Current accoujts of the partners should be opened when the capital are.

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Fixed

Fluctuating

Either fixed or fluctuating

None of these

If the price required to be paid to the company for the share is equal to the nominal value of that share it is called.

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At discount

At premium

At par

None of these

To calculate the true net profit or net loss in single entry system it is necessary that the amount of fresh capital should be subtracted from,

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Adjusted closing capital

Closing capital

Cash in hand

Cash at bank

Good will is.

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Tangible asset

Imtamgon;e asset

Wasting assets

Frictious assets

In single entery system only.

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Personal account are maintained

Real account are maintained

Nominal accounts are maintained

None of the above

The closing balance of trade debtors can be located from.

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Total debtors account

Balance sheet

Bils receivable account

Cash book

Realizaton account is a.

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Nominal account

Real account

Personal account

Cash account

Income and expenditure account records the transactions of

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Revenue nature

Capital nature

Revenue and capital nature

None of the these

For the firm, interest on drawing is.

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Expense

Income

Liability

None of these

The income and expenditure account performs the same function as.

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Trading and profit and loss account

Manafactureng account

Balance sheet

None of these

Income and expenditur eaccount is prepared on.

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Cash basis

Accrual basis

Cahs of accural basis

None of these

The persons to whom the goods are dispatched for the purpsoe of sales is called.

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Debtor

Consignee

Consignor

None of these

How many methods are available to calculate the profit or loss under single entry system,

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One

Two

Three

Four

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Principles of Accounting Icom Part 2 English Medium Online Test MCQs With Answers

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