11th class Principles of Accounting chapter 2 online mcq test with answers for I.Com part 1 Principles of Accounting chapter 2(Transactions and Accounting Equation)

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

Sr. #	Questions	Answers Choice
1	کسی شے کے مسلسل اور لگاتار استعمال سے مختتم افادہ میں کمی آتی جاتی ہے بشرطیکہ دیگر امور بدستور ہیں اس قانون کو کہتے ہیں	قانون تقلیل افادہ مختتم قانون مساوی افادہ مختتم قانون طلب قانون تقلیل حاصل
2	The expenditures which reduce revenue (profit) of the business are:	Revenue expenditures Capital expenditure Fixed expenditures Future expenditures
3	The balance of the trading account is the transferred to:	Profit and loss account Balance sheet Work sheet Position statement
4	Trading account is the account which is prepared to determine the:	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
5	Bill receivable account is a:	Nominal account Personal account Real account Expenses account
6	A bill of exchange is drawn by:	A debtor A creditor A holder Endorsee
7	Bank account is a:	Personal account Real account Nominal account None of these
8	The statement which contains the explanation of different in cash book and bank statement is known as:	Bank statement Cash statement Balance statement Bank reconciliation statement
9	All the transactions recorded to credit sales are recorded in:	Sale return book Sales book Cash book Debtor's book
10	The book use to record all credit purchases is called:	Purchases book Purchase  return book Cash book Creditor book
11	A transaction is recorded on the same days as its takes place, so journal is also called:	A day book A history book An  entry book Ledger book
12	Transaction are recorded data wise, so journal is also called:	Entry book Transaction book Chronological book Voucher
13	Personal account are related to:	Assets and liabilities Expenses, losses Customers, creditors etc. Incomes
14	Salary outstanding account relevant to:	Representative personal account * Artificial person's account* Natural persons account Nominal accounts
15	In double entry system of bookkeeping every business transaction affects:	Debit or credit side of the same account Two accounts The same side of the same account None of the above

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