Question # 1

The recording of transaction chronologically in the book of accounts is called:

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Summarizing

Classifying

Recording

None of above

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

Goods returned by customers are

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purchases

purchases returns

sales returns

sales

Accounts relating to persons of firms are called:

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Real accounts

Proprietary accounts

Personal accounts

Nominal accounts

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

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

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

Expenses paid by a business decrease

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cash

capital

cash & capital

none of these

Ahmad's account is an example of

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real account

personal A/c

nominal account

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

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

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

All cash purchases and cash sales are recorded in:

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Sales book

Purchases book

Both a & b

Cash book

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

A basis of business languages

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accounting

bookkeeping

transaction

cost accounting

The effect of drawing on accounting equation is

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decrease in assets and decrease in liabilities

increase in both assets & liabilities

decrease in assets and increase in capital

none of these

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

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

The accounts of assets and properties

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nominal accounts

real accounts

personal accounts

valuation accounts

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 expenses, incomes, losses and gains

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real accounts

valuation accounts

nominal accounts

personal accounts

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

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