Question # 1

A sheet which minimizes the chances of errors to the maximum possible extent is called

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Balance sheet

Work sheet

Paper sheet

Income statement

Usually every ______ entry affect both income statement and balance sheet

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Adjusting

Work sheet

Balance sheet

Ledger

______ simplifies work to be done at the end of the period

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Work sheet

Ledger

Trail balance

Balance sheet

Expired cost of fixed assets means

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Appreciation

Amortization

Depreciation

None of these

The excess of credit column over debit column in income statement is called

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Net loss

Net profit

Cash balance

Gross profit

Which one of the following is not considered the permanent part of the accounting record?

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Journal

Trail balance

Ledger

Work sheet

Work sheet is also used as a source to prepare ______

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Financial statement

Income statement

Position statement

Bank reconciliation statement

One way of avoiding errors in the permanent accounting records is to use a form which is called

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Bank statement

Trail balance

Balance sheet

Work sheet

In the preparation of worksheet the amounts in the trail balance are taken directly form the ______

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Ledger

Trail balance

Balance sheet

None of these

The amount of assets, liabilities, capital and drawings are extended form adjusted trail balance to the

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Balance sheet columns

Income statement columns

Cash columns

Bank columns

In the preparation of the worksheet the amounts on the trail balance columns are taken directly from

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Journal

Ledger

Trail balance

Transaction

Which one of the following in used to simplify work, to be done at the end of period

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Balance sheet

Income sheet

Bank statement

Work sheet

Adjusted ______ is used to prepare the income statement and balance sheet

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Trail balance

Ledger

Balance sheet

Bank statement

______ is prepared to avoid errors in the permanent records of accounting

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Work sheet

Ledger

Bank statement

Balance sheet

Financial statement is prepared from the amount given in

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Trail balance columns

Adjustments columns

Cash columns

Adjusted trail balance columns

Worksheet contains ______ pairs of money columns

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Five

Four

Three

Two

Worksheet provides complete information for preparing

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Income statement

Position statement

Financial statement

Bank reconciliation statement

Adjusting entries affect

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Balance sheet

Income statement

Work sheet

All of them

______ must be prepaid for testing ledger accounts, adjusting entries and financial statement

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Work sheet

Balance sheet

Bank statement

Trail balance

A ______ is a large columnar sheet of paper

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Worksheet

Balance sheet

Journal

None of these

The body of worksheet contains

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Two pairs of money column

Three pairs of money column

Four pairs of money column

Five pairs of money column

The ______ is not a part of the permanent accounting record

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worksheet

Journal

Ledger

Trail balance

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Principles of accounting Icom Part 1 English Medium Chapter 11 Online Test MCQs With Answers

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