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	Book-keeping is mainly concerned with:	Recording of business transactions Recording classifying and summarizing the recorded data Interpreting the recorded data None of the above
2	A trial balance can be constructed by	Three Methods Two Methods Four Methods Five Methods
3	A schedule of balances of all accounts is called	Journal Ledger Balance Sheet Trial Balance
4	Left hand side of an account is called	Debit Side Credit Side Both a & b None of these
5	Ledger Records Transaction in a/an	Chronological Order Daily order Arithmetical Order Analytical Order
6	Which of the following normally has a credit balance	Machinery a/c Purchases a/c Stock a/c Sales a/c
7	A Ledger is a book in which	Only Personal & Cash Accounts are Opened Only Real Accounts are Opened Only Nominal Accounts are Opened All Real, Nominal and Personal Accounts are Opened
8	If the total of the credit side of an account exceeds that of debit side of the same account, it is called	Credit Balance Debit Balance Balancing Zero Balance
9	Contain all residual account	Debtors Ledger Creditors Ledger General Ledger Cash Ledger
10	The Principle book of accounts is	Journal Ledger Trial Balance Balance Sheet
11	Debit Signifies	Increase in Asset Account Decrease in Liability Account Decrease in Capital Account All of the Above
12	Payment of Rs. 50 to Raheel as wages for repairing machine should be debited to	Machinery a/c Repair a/c Wages a/c Raheel a/c
13	A table lost by fire should be debited to	Table a/c Furniture a/c Loss by Fire a/c Purchases a/c
14	In case of a debt becoming bad, the amount should be credited to	Debtor's a/c Bad Debts a/c Sales a/c cash a/c
15	The Amount of salary paid to Sohail should be debited to	Sohail's a/c Cash Account Salaries a/c Both a & c

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