Question # 1

A table lost by fire should be debited to

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Table a/c

Furniture a/c

Loss by Fire a/c

Purchases a/c

The book use to record all credit purchases is called:

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Purchases book

Purchase return book

Cash book

Creditor book

Which of the following normally has a credit balance

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Machinery a/c

Purchases a/c

Stock a/c

Sales a/c

All the transactions recorded to credit sales are recorded in:

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Sale return book

Sales book

Cash book

Debtor's book

Bank account is a:

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Personal account

Real account

Nominal account

None of these

Ledger Records Transaction in a/an

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Chronological Order

Daily order

Arithmetical Order

Analytical Order

Book-keeping is mainly concerned with:

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Recording of business transactions

Recording classifying and summarizing the recorded data

Interpreting the recorded data

None of the above

Record of business transaction in the journal is called

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Detail

Summary

Narration

Entry

Debit Signifies

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Increase in Asset Account

Decrease in Liability Account

Decrease in Capital Account

All of the Above

Left hand side of an account is called

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Debit Side

Credit Side

Both a & b

None of these

The expenditures which reduce revenue (profit) of the business are:

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Revenue expenditures

Capital expenditure

Fixed expenditures

Future expenditures

A schedule of balances of all accounts is called

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Journal

Ledger

Balance Sheet

Trial Balance

The first successful step of Double Entry System is

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Leger

Journal

Final Account

Trial Balance

Contain all residual account

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Debtors Ledger

Creditors Ledger

General Ledger

Cash Ledger

Trading account is the account which is prepared to determine the:

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Only gross profit of the business

Only gross loss of the business

Gross pro0fit or the gross loss of the business

None of the above

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Principles of accounting Icom Part 1 English Medium Chapter 2 Online Test MCQs With Answers

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