11th Principles of Accounting Chapter 10 Test

Here you can prepare 11th Principles of Accounting English Medium Chapter 10 Adjustment and Their Effects on Final Accounts Test. Click the button for 100% free full practice test.

First Year Principles of Accounting Chapter 10 Online MCQ Test for 1st Year Principles of Accounting Chapter 10 (Adjustment and Their Effects on Final Accounts)

This online test contains MCQs about following topics:

. The two systems of ascertaining profit or loss . Adjustment and their need . Main types of adjustment . Necessity for provision for doubtful debt . Provision for discount on debtors . Provision for discount on creditors . Some typical problems in final accounts

ICOM Part 1 Accounting Ch 10 Test
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First Year Principles of Accounting Chapter 10 Online MCQ Test for 1st Year Principles of Accounting Chapter 10 (Adjustment and Their Effects on Final Accounts)

Sr. # Questions Answers Choice
1 Net profit is always
  • A. Equal to gross profit
  • B. More than gross profit
  • C. Less than gross profit
  • D. None of these
2 A prepaid expense is
  • A. An asset
  • B. A liability
  • C. An expense
  • D. An income
3 The debts, the recovery or realization of which is uncertain are known as
  • A. Bad bets
  • B. Doubtful debts
  • C. Provision for doubtful debts
  • D. Loan
4 Patent is an example of
  • A. Assets
  • B. Liabilities
  • C. Income
  • D. Expense
5 Income tax paid is a
  • A. Business expense
  • B. Revenue for business
  • C. Liability of business
  • D. Personal expense
6 Bad debts are business
  • A. Expenses
  • B. Liabilities
  • C. Assets
  • D. Revenue
7 Interest due but not received is an
  • A. Outstanding expense
  • B. Accrued income
  • C. Prepaid expense
  • D. Unearned income
8 From business point of view, Interest on capital is considered as
  • A. An income
  • B. An expense
  • C. A profit
  • D. A liability
9 The revenue that has not become due, but received in cash in current year is known as
  • A. Revenue received in advance
  • B. Accrued revenue
  • C. Unearned revenue
  • D. Both a & c
10 Outstanding expense given in adjustment is called
  • A. An asset
  • B. A gain
  • C. An expense
  • D. A liability

Top Scorers of Principles of accounting Icom Part 1 English Medium Chapter 10 Online Test

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Sadia6560 Noman

Lahore04 - Mar - 2025

15/15
01 Mins 11 Sec
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Sadia6560 Noman

Lahore04 - Mar - 2025

14/15
01 Mins 27 Sec
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Sadia6560 Noman

Lahore04 - Mar - 2025

14/15
01 Mins 55 Sec
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Sadia6560 Noman

Lahore04 - Mar - 2025

14/15
02 Mins 08 Sec
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Sadia6560 Noman

Lahore04 - Mar - 2025

13/15
01 Mins 17 Sec
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Sadia6560 Noman

Lahore04 - Mar - 2025

13/15
01 Mins 29 Sec
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Sadia6560 Noman

Lahore04 - Mar - 2025

13/15
01 Mins 59 Sec
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Sadia6560 Noman

Lahore04 - Mar - 2025

12/15
01 Mins 27 Sec
S

Sadia6560 Noman

Lahore04 - Mar - 2025

12/15
03 Mins 12 Sec
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Najeeb Ullah

Lahore15 - Mar - 2025

9/15
02 Mins 10 Sec

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