Question # 1

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

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

The accounts of assets and properties

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nominal accounts

real accounts

personal accounts

valuation accounts

Accounts relating to persons of firms are called:

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Real accounts

Proprietary accounts

Personal accounts

Nominal accounts

Modern system of bookkeeping is

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single entry system

double entry system

modern system

none of these

Events which are related with money are called:

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Monetary events

Non - monetary events

None-social events

Political events

Carriage account is a/an

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asset account

revenue account

expenditure A/c

withdrawal account

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

When cash is paid to creditors it will decrease

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cash

capital

debtor

cash & creditors

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

Accounting principles can be classified in

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three types

two types

five types

six types

An expenditure which is incurred again and again is a:

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Capital expenditure

Future expenditure

Deferred expenditure

Revenue expenditure

Journal shows all necessary information regarding.

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The document

A transaction

The accounting

Meeting

Expenses paid by a business decrease

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cash

capital

cash & capital

none of these

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

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

A bill of exchange contains:

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An unconditional order

A promise

A request

A conditional order

All cash purchases and cash sales are recorded in:

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Sales book

Purchases book

Both a & b

Cash book

How many categories of accounts are

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two

three

four

five

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

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