Question # 1

Income tax paid is a

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Business expense

Revenue for business

Liability of business

Personal expense

The debts, the recovery or realization of which is uncertain are known as

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Bad bets

Doubtful debts

Provision for doubtful debts

Loan

Deprecation is

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A Liability

A loss

An expense

Both b & c

Wages paid of installing a machine should be debited to

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Wages a/c

cash a/c

Machinery a/c

None of these

A gradual decrease in the value of fixed assets is called

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Reduction

Revaluation

Deprecation

None of these

Patent is an example of

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Assets

Liabilities

Income

Expense

Net loss is always

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Equal to gross loss

More than gross loss

Less than gross loss

None of these

From business point of view, Interest on capital is considered as

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An income

An expense

A profit

A liability

Bad debts recovered from debtors should be credited to

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Debtors a/c

Bad debts a/c

Bad debts recovered a/c

Cash a/c

Provision for the doubtful debts is debited to

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Debtors a/c

Provision for bad debts a/c

Profit or loss a/c

Bad debts recovered a/c

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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Principles of accounting Icom Part 1 English Medium Chapter 10 Online Test MCQs With Answers

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