Question # 1

The accounts of expenses, incomes, losses and gains

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real accounts

valuation accounts

nominal accounts

personal accounts

Accounting principles can be classified in

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three types

two types

five types

six types

All cash purchases and cash sales are recorded in:

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Sales book

Purchases book

Both a & b

Cash book

For every debit, there is a credit

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going concern concept

dual aspect concept

matching concept

cost concept

Double entry means

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entry in two sets of books

entry at two dates

entry for two aspects of a transaction

recording twice in journal

Expenses paid by a business decrease

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cash

capital

cash & capital

none of these

Error due to wrong allocation as expenditure between capital and revenue is regarded as:

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Error of omission

Error of principle

Compensating errors

Error of Commission

Carriage account is a/an

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asset account

revenue account

expenditure A/c

withdrawal account

According to accounting equation, capital is equal to

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assets + liabilities

expenses-incomes

liabilities - assets

assets - liabilities

A dealing between two persons is called a

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business

transaction

purchases

sales

A copy of the customer's account in the bank's ledger is called:

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Deposit statement

Balance statement

Bank statement

Customer

Modern system of bookkeeping is

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single entry system

double entry system

modern system

none of these

A basis of business languages

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accounting

bookkeeping

transaction

cost accounting

Disagreement in balances may arise owing to mistake or mistakes in the:

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Cash book only

Bank statement

Cash book or bank statement

Bank column of the cash book only

Journal shows all necessary information regarding.

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The document

A transaction

The accounting

Meeting

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

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