Question # 1

According to accounting equation, capital is equal to

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assets + liabilities

expenses-incomes

liabilities - assets

assets - liabilities

The errors in which amount have occurred on the opposite sides of two or more accounts and have concealed themselves in the net result, are:

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Error of principle

Errors of omission

Errors of commission

Compensating error

The act result of the business activities is shown by:

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Profit and loss account

Profit and loss appropriation account

Trading account

Balance sheet

Ahmad's account is an example of

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real account

personal A/c

nominal account

none of these

Which of the following discloses the financial position of the business:

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Trading account

Profit and loss account

Profit and loss appropriation account

Balance sheet

Modern system of bookkeeping is

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single entry system

double entry system

modern system

none of these

Accounting records of a business enterprise are required by

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management of the business

outsiders

all of the above

none of the above

A basis of business languages

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accounting

bookkeeping

transaction

cost accounting

An expenditure incurred to the increases the profit earning of the concern is a:

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Revenue expenditure

Current expenditure

Capital receipt

Capital expenditure

Purchased goods on credit and for cash will affect

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cash & goods

cash & creditors

cash creditors & owner's equity

cash goods and creditors

How many categories of accounts are

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two

three

four

five

An expenditure which is incurred again and again is a:

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Capital expenditure

Future expenditure

Deferred expenditure

Revenue expenditure

The accounts of assets and properties

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nominal accounts

real accounts

personal accounts

valuation accounts

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

The system of recording transaction based on dual concept is called

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Double account system

Double entry system

Single entry system

Management system

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

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