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Online Tests
Principles of Accounting Icom Part 2 English Medium Online Test MCQs With Answers
Question # 1
The method for preparing the final accounts in trading concerns and non-profit making organizations are
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Same
Different
Easy
Difficult
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Question # 2
The closing balance of trade debtors can be located from.
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Total debtors account
Balance sheet
Bils receivable account
Cash book
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Question # 3
The joint stock company is formed under companies ordiance.
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1984
1974
1884
1962
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Question # 4
Interest on drawing is debited to.
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Partners capital accounts
Profit and loss account
Interest account
None of these
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Question # 5
Income and expenditure account shows
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Cash in hand
Surplus or deficit
Cash at bank
Capital account
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Question # 6
Receipt and payment account starts with the.
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Opening balance
Ending balance
Beginning or ending balance
None of these
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Question # 7
In single entry it is not possible to prepare
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Trial balance
Trading account
Profit and loss account
Balance sheet
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Question # 8
Debenture holders are.
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Creditors
Owners
Customers of the company
Debtors
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Question # 9
Due to drawings made during the year, the closing capital will,
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Increase
Decrease
Constant
Multiply
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Question # 10
Depreciation is charged on.
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Fixed tangible assets only
Fixex intangible assets only
Current assets only
None of these
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Question # 11
Closing capital in single entry system is calculated by preparing,
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Opening statement of affairs
Closing statement of affairs
Opening balance sheet
Closing balance sheet
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Question # 12
Credit side of iincome and expenditure account records.
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Expenses and losses
Income and gains
Assets
Liabilities
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