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

The closing balance of trade debtors can be located from.

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Total debtors account

Balance sheet

Bils receivable account

Cash book

The joint stock company is formed under companies ordiance.

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1984

1974

1884

1962

Interest on drawing is debited to.

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Partners capital accounts

Profit and loss account

Interest account

None of these

Income and expenditure account shows

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Cash in hand

Surplus or deficit

Cash at bank

Capital account

Receipt and payment account starts with the.

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Opening balance

Ending balance

Beginning or ending balance

None of these

In single entry it is not possible to prepare

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Trial balance

Trading account

Profit and loss account

Balance sheet

Debenture holders are.

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Creditors

Owners

Customers of the company

Debtors

Due to drawings made during the year, the closing capital will,

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Increase

Decrease

Constant

Multiply

Depreciation is charged on.

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Fixed tangible assets only

Fixex intangible assets only

Current assets only

None of these

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

Credit side of iincome and expenditure account records.

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Expenses and losses

Income and gains

Assets

Liabilities

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

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