Question # 1

Salary outstanding account relevant to:

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Representative personal account

Artificial person's account

Natural persons account

Nominal accounts

Payment of Rs. 50 to Raheel as wages for repairing machine should be debited to

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Machinery a/c

Repair a/c

Wages a/c

Raheel a/c

In case of a debt becoming bad, the amount should be credited to

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Debtor's a/c

Bad Debts a/c

Sales a/c

cash a/c

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

Transaction are recorded data wise, so journal is also called:

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Entry book

Transaction book

Chronological book

Voucher

The process of recording business transaction in the journal is called

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Posting

Journalizing

Classifying

Entry

The Principle book of accounts is

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Journal

Ledger

Trial Balance

Balance Sheet

In double entry system of bookkeeping every business transaction affects:

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Debit or credit side of the same account

Two accounts

The same side of the same account

None of the above

Ledger Records Transaction in a/an

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Chronological Order

Daily order

Arithmetical Order

Analytical Order

The first successful step of Double Entry System is

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Leger

Journal

Final Account

Trial Balance

Journal is prepared in

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Columnar form

Vertical form

Horizontal form

Row form

Left hand side of an account is called

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Debit Side

Credit Side

Both a & b

None of these

Contain all residual account

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Debtors Ledger

Creditors Ledger

General Ledger

Cash Ledger

Record of business transaction in the journal is called

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Detail

Summary

Narration

Entry

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

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Revenue expenditures

Capital expenditure

Fixed expenditures

Future expenditures

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

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