Question # 1

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

A schedule of balances of all accounts is called

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Journal

Ledger

Balance Sheet

Trial Balance

Journal means

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Weekly

Monthly

Yearly

Daily

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

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

Personal account are related to:

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Assets and liabilities

Expenses, losses

Customers, creditors etc.

Incomes

Contain all residual account

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Debtors Ledger

Creditors Ledger

General Ledger

Cash Ledger

Salary outstanding account relevant to:

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Representative personal account

Artificial person's account

Natural persons account

Nominal accounts

The balance of the trading account is the transferred to:

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Profit and loss account

Balance sheet

Work sheet

Position statement

All the transactions recorded to credit sales are recorded in:

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Sale return book

Sales book

Cash book

Debtor's book

A bill of exchange is drawn by:

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A debtor

A creditor

A holder

Endorsee

Debit Signifies

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Increase in Asset Account

Decrease in Liability Account

Decrease in Capital Account

All 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

Written below each entry is the

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Transaction

Voucher no

Narration

Date

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

Left hand side of an account is called

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Debit Side

Credit Side

Both a & b

None of these

The process of recording business transaction in the journal is called

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Posting

Journalizing

Classifying

Entry

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

The statement which contains the explanation of different in cash book and bank statement is known as:

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Bank statement

Cash statement

Balance statement

Bank reconciliation statement

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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