Question # 1

In double entry system of bookkeeping every business transaction affects:

Choose an answer

Debit or credit side of the same account

Two accounts

The same side of the same account

None of the above

Written below each entry is the

Choose an answer

Transaction

Voucher no

Narration

Date

Bill receivable account is a:

Choose an answer

Nominal account

Personal account

Real account

Expenses account

Book-keeping is mainly concerned with:

Choose an answer

Recording of business transactions

Recording classifying and summarizing the recorded data

Interpreting the recorded data

None of the above

A trial balance can be constructed by

Choose an answer

Three Methods

Two Methods

Four Methods

Five Methods

Which of the following normally has a credit balance

Choose an answer

Machinery a/c

Purchases a/c

Stock a/c

Sales a/c

A bill of exchange is drawn by:

Choose an answer

A debtor

A creditor

A holder

Endorsee

Contain all residual account

Choose an answer

Debtors Ledger

Creditors Ledger

General Ledger

Cash Ledger

A schedule of balances of all accounts is called

Choose an answer

Journal

Ledger

Balance Sheet

Trial Balance

Ledger Records Transaction in a/an

Choose an answer

Chronological Order

Daily order

Arithmetical Order

Analytical Order

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

Choose an answer

A day book

A history book

An entry book

Ledger book

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

Choose an answer

Bank statement

Cash statement

Balance statement

Bank reconciliation statement

The Amount of salary paid to Sohail should be debited to

Choose an answer

Sohail's a/c

Cash Account

Salaries a/c

Both a & c

A Ledger is a book in which

Choose an answer

Only Personal & Cash Accounts are Opened

Only Real Accounts are Opened

Only Nominal Accounts are Opened

All Real, Nominal and Personal Accounts are Opened

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

Choose an answer

قانون تقلیل افادہ مختتم

قانون مساوی افادہ مختتم

قانون طلب

قانون تقلیل حاصل

Trading account is the account which is prepared to determine the:

Choose an answer

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

Bank account is a:

Choose an answer

Personal account

Real account

Nominal account

None of these

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

Choose an answer

Machinery a/c

Repair a/c

Wages a/c

Raheel a/c

The balance of the trading account is the transferred to:

Choose an answer

Profit and loss account

Balance sheet

Work sheet

Position statement

Personal account are related to:

Choose an answer

Assets and liabilities

Expenses, losses

Customers, creditors etc.

Incomes

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

Choose an answer

Revenue expenditures

Capital expenditure

Fixed expenditures

Future expenditures

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

Choose an answer

Debtor's a/c

Bad Debts a/c

Sales a/c

cash a/c

More Classes

Other Links

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

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer