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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English
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ICOM Part 1 Urdu Medium Subjects

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Urdu
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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

  • Time Allowed20

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

00:00
Question # 1

Rent account' is a kind of:

Question # 2

Interest on drawing is debited to

Question # 3

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

Question # 4

Income tax paid is a

Question # 5

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

Question # 6

Office rent is a

Question # 7

Net Sales represent

Question # 8

From business point of view, interest on capital is considered as

Question # 9

The bad debts which are showed in the trial balance are called

Question # 10

Gross profit represents

Question # 11

Net profit is always

Question # 12

Wages paid for installing a machine should be debited to

Question # 13

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

Question # 14

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

Question # 15

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

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

Sr.# Question Answer
1 The payments side of the cash book is undercast by Rs. 200, when overdraft as per bank statement i s the starting points:
A. Rs. 200 will be deducted
B. Rs. 200 will be added
C. Rs. 400 will be added
D. Rs. 400 will be deducted
2 Office rent is a
A. Financial Expense
B. Abnormal Loss
C. Management Expense
D. Maintenance Expense
3 The creditor of the business are called:
A. Assets
B. Liabilities
C. Capital 
D. Income
4 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
5 Income received in advance during the year is
A. Prepaid Expenses
B. Accrued Income
C. Advance Expenses
D. Advance Income
6 Cash account is a:
A. Personal account
B. Real account
C. Nominal account
D. Both real and personal account
7 Assets having some market value
A. Fictitious Assets
B. Real Assets
C. Unreal Assets
D. None of these
8 Goodwill, patent, copyright are classified as
A. Current Assets
B. Fixed Assets
C. Tangible Assets
D. Wasting Assets
9 The debts, the recovery of which is uncertain are called
A. Unbelievable debts
B. unrealized debts
C. doubtful debts
D. both b and c
10 Loss of good by fire should be credited to:
A. Purchase account
B. Sales account
C. Loss by goods by fire account
D. Capital account

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