Question # 1

Bill receivable account is a:

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Nominal account

Personal account

Real account

Expenses account

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

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قانون تقلیل افادہ مختتم

قانون مساوی افادہ مختتم

قانون طلب

قانون تقلیل حاصل

Left hand side of an account is called

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Debit Side

Credit Side

Both a & b

None of these

Personal account are related to:

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Assets and liabilities

Expenses, losses

Customers, creditors etc.

Incomes

The first successful step of Double Entry System is

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Leger

Journal

Final Account

Trial Balance

Ledger Records Transaction in a/an

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Chronological Order

Daily order

Arithmetical Order

Analytical Order

Written below each entry is the

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Transaction

Voucher no

Narration

Date

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

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Revenue expenditures

Capital expenditure

Fixed expenditures

Future expenditures

The process of recording business transaction in the journal is called

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Posting

Journalizing

Classifying

Entry

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

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Entry book

Transaction book

Chronological book

Voucher

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

The balance of the trading account is the transferred to:

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Profit and loss account

Balance sheet

Work sheet

Position statement

A bill of exchange is drawn by:

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A debtor

A creditor

A holder

Endorsee

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

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 Amount of salary paid to Sohail should be debited to

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Sohail's a/c

Cash Account

Salaries a/c

Both a & c

Bank account is a:

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Personal account

Real account

Nominal account

None of these

Salary outstanding account relevant to:

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Representative personal account

Artificial person's account

Natural persons account

Nominal accounts

A schedule of balances of all accounts is called

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Journal

Ledger

Balance Sheet

Trial Balance

A transaction is recorded on the same days as its takes place, so journal is also called:

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A day book

A history book

An entry book

Ledger book

All the transactions recorded to credit sales are recorded in:

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Sale return book

Sales book

Cash book

Debtor's 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

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

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