11th class Principles of Accounting chapter 3 online mcq test with answers for I.Com part 1 Principles of Accounting chapter 3(Analysis of Business Transactions and Double Entry System)

Principles of accounting Icom Part 1 English Medium Chapter 3 Online Test

Sr. #	Questions	Answers Choice
1	All those expenses which are incurred to convert raw-materials into finished goods are called:	Direct expenses Indirect expenses Administrative expenses Sales expenses
2	A many buy Rs. 40,000 worth good and sells them for Rs. 50,000. His gross profit is:	Rs.10,000 Rs.20,000 Rs,30,000 Rs. 40,000
3	When a bill is discharged the acceptor debits:	Creditors account Cash account Bill payable account Bill receivable account
4	At the time of drawing a bill the drawer credits:	Debtors account Creditors account bill receivable account Suppliers account
5	When bank column of a cash book shows a credit balance, it means:	Cash balance Bank balance Under draft Over draft
6	A bank reconciliation statement is prepared by:	banker Accountant of the business Statutory auditors Rigistar
7	Subsidiary books are called the book of:	Original entry Secondary entry Temporary entry Basic entry
8	The transaction for which non separate book is maintained are recorded in:	Journal proper Bills receivable book Bills payable book Cash book
9	A Journal is generally kept on:	A columnar basis A row basis A single line basis Vertical basis
10	Narration is always written:	Above each entry Below each entry Between of each entry None of these
11	Nominal account are related to:	Assets and liabilities Expenses, losses and incomes Customers, creditors etc Capital account
12	Real accounts are related to:	Assets Expenses,  losses and incomes Customers,  creditors Incomes
13	The concept of conservation will have the effect of:	Understatement of assets Under statement of liabilities Overstatement of assets None of the above
14	Any activity undertaken for the purpose of earning profit is called:	Performance Dealing Business Duties
15	Which cash is paid or received in an exchange the transaction is called:	Sale transaction  Cash transaction Credit transaction None of the above

Download This Set