Question # 1

Credit Balance of pass book must be equal to debit balance of

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Cash Book

Bank Ledger

Clients other Account

None of these

The owner of the business is known as:

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Sale man

Agent

Proprietor

Employee

All the time of endorsement of a bill the drawer credits:

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The drawee account

The endorser's personal account

Bill receivable account

Endorser's account

Cheques issued to a creditor but not presented for payment are called

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Un Credited Cheques

Uncollected Cheques

Un Presented Cheques

Dishonoured Cheques

The favourable balance of bank statement is

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Credit Balance

Debit Balance

Zero Balance

Both b and c

Contra Refers to

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Same Side

Parallel Side

Opposite Side

None of these

Bank reconciliation statement is prepared by

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Banker

Customers Accountant

Auditor

Manager

When saleable goods are bought in a business are called:

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Sales

Purchase

Assets

Goods

The excess of gross profit on sale over total operating expenses is called:

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Cost of goods sold

Gross profit

Net profit

None-operating income

The rules of the debiting the receiving and crediting the giver is applicable to:

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Persona account

Real account

Nominal account

Expense account

An Entry which is recorded on the both sides of cash book is called

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Simple Entry

Compound Entry

Combined Entry

Contra Entry

Petty cash book is a branch of

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Pass Book

Cash Book

Journal

Ledger

How many columns are drawn on one side of three column cash book ?

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Five Columns

Six Columns

Seven Columns

Eight Columns

Unfavourable balance means

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Credit Balance in the Pass Book

Credit Balance in the Cash Book

Debit Balance in Bank Statement

Both b and c

In journalizing the page numbers of the ledgers are written in:

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The first column of journal

The second column of journal

The third column of journal

The fourth column of journal

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Principles of accounting Icom Part 1 English Medium Chapter 4 Online Test MCQs With Answers

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