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Online Tests
Principles of accounting Icom Part 1 English Medium Chapter 10 Online Test MCQs With Answers
Question # 1
The revenue that has not become due, but received in cash in current year is known as
Choose an answer
Revenue received in advance
Accrued revenue
Unearned revenue
Both a & c
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Question # 2
All those expenses which have not become due but paid in advance are called
Choose an answer
Accrued expenses
Outstanding expenses
Prepaid expenses
Payable expenses
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Question # 3
Patent is an example of
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Assets
Liabilities
Income
Expense
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Question # 4
From business point of view, Interest on capital is considered as
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An income
An expense
A profit
A liability
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Question # 5
Net loss is always
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Equal to gross loss
More than gross loss
Less than gross loss
None of these
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Question # 6
Net profit is always
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Equal to gross profit
More than gross profit
Less than gross profit
None of these
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Question # 7
Bad debts are business
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Expenses
Liabilities
Assets
Revenue
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Question # 8
Outstanding expense given in adjustment is called
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An asset
A gain
An expense
A liability
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Question # 9
An income which has earned but not received is called
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Unearned income
Accrued revenue
Revenue received in advance
None of these
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Question # 10
Deprecation is
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A Liability
A loss
An expense
Both b & c
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Question # 11
A gradual decrease in the value of fixed assets is called
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Reduction
Revaluation
Deprecation
None of these
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Question # 12
A prepaid expense is
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An asset
A liability
An expense
An income
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Question # 13
The accounting system in which accounting entries are made on the basis of amount having become due for payment or receipt, is called
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Cash system
Accrual or mercantile system
Outstanding system
None of these
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Question # 14
The amount becomes due from the customers is called
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Allowance
Loan
Debts
Doubtful debts
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Question # 15
Income tax paid is a
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Business expense
Revenue for business
Liability of business
Personal expense
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