First Year Principles of Accounting Chapter 5 Online MCQ Test for 1st Year Principles of Accounting Chapter 5 (Ledger)

This online test contains MCQs about following topics:

. What is ledger . Features . Forms of ledger accounts . Posting procedure . Balancing an account . Normal balances . Posting procedure illustrated . self-balancing form of ledger account . Trail balance . Methods of preparing trail balance . Accounting cycle to the trial balance

ICOM Part 1 Accounting Ch 5 Test
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ICOM Part 1 English Medium Subjects

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Principles of Accounting
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Principles of Economics
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Principles of Commerce
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English
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Islamiat
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Business Mathematics
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ICOM Part 1 Urdu Medium Subjects

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Urdu
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Business Mathematics
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Islamiat
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English
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Principles of Commerce
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Principles of Economics
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Principles of Accounting

MCQ's Test For Chapter 5 "Principles of accounting Icom Part 1 English Medium Chapter 5 Online Test"

Try The MCQ's Test For Chapter 5 "Principles of accounting Icom Part 1 English Medium Chapter 5 Online Test"

  • Total Questions15

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Principles of accounting Icom Part 1 English Medium Chapter 5 Online Test

00:00
Question # 1

Cash account is a:

Question # 2

The creditor of the business are called:

Question # 3

The money with which business is started is known as:

Question # 4

The payments side of the cash book is undercast by Rs. 200, when overdraft as per bank statement i s the starting points:

Question # 5

A bill from the point of view of a creditor is called a:

Question # 6

Assets come into existence upon the happening of a certain event, are called:

Question # 7

The balance of the 'Caha Column' in cash book is always:

Question # 8

Any mistake in ledger can be easily detected with the help of:

Question # 9

Bad debts recovered should be credited to

Question # 10

Net Sales represent

Question # 11

Income tax paid is a

Question # 12

Assets having some market value

Question # 13

Goods withdrawn by the proprietor for personal use should be credited to

Question # 14

Income received in advance during the year is

Question # 15

In adjusting the cash balance one of the following is not taken into account:

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ICom Part 1 Principles of Accounting Chapter 5 Important MCQ's

Sr.# Question Answer
1 Assets having some market value
A. Fictitious Assets
B. Real Assets
C. Unreal Assets
D. None of these
2 Interest on drawing is debited to
A. Capital
B. Drawings
C. Sundry Creditors
D. Outstanding expense
3 The bad debts which are showed in the trial balance are called
A. new bad debts
B. old bad debts
C. further bad debts
D. additional bad debts
4 Interest paid on loan is
A. Abnormal Loss
B. Financial Expenses
C. Management Expenses
D. Maintenance Expenses
5 Financial accounting is mainly confined to preparation of:
A. Manufacturing statement
B. Financial statements
C. Production statement
D. Sale statement
6 Goodwill, patent, copyright are classified as
A. Current Assets
B. Fixed Assets
C. Tangible Assets
D. Wasting Assets
7 The balance of the 'Caha Column' in cash book is always:
A. Debit balance
B. Credit balance
C. Both debit and credit balance
D. None of the above
8 Income tax paid is a
A. Business Expense
B. Business Revenue
C. Business Liability
D. Personal Expense
9 Net profit is always
A. Equal to gross profit
B. more than gross profit
C. Less than gross profit
D. None of these
10 Cash account is a:
A. Personal account
B. Real account
C. Nominal account
D. Both real and personal account

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