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 Commerce
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English
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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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Islamiat
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English
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Principles of Commerce
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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

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Question # 1

Assets having some market value

Question # 2

The const concept applied only to the assets and not to:

Question # 3

Gross profit is derived from

Question # 4

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

Question # 5

The account of depreciation of building of Rs. 30,000 at 5% p.a. will be

Question # 6

Interest paid on loan is

Question # 7

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

Question # 8

Goodwill, patent, copyright are classified as

Question # 9

Net profit is always

Question # 10

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

Question # 11

Net Profit is transferred to

Question # 12

Bad debts recovered should be credited to

Question # 13

Income tax paid is a

Question # 14

Net Sales represent

Question # 15

Financial accounting is mainly confined to preparation of:

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

Sr.# Question Answer
1 The const concept applied only to the assets and not to:
A. Expenses
B. Liabilities
C. Incomes
D. None of these
2 Gross profit is derived from
A. Trading a/c
B. Profit & Loss a/c
C. Trial Balance
D. Balance Sheet
3 The money with which business is started is known as:
A. Capital
B. Creditor
C. Income
D. Debtor
4 Net profit is always
A. Equal to gross profit
B. more than gross profit
C. Less than gross profit
D. None of these
5 Office rent is a
A. Financial Expense
B. Abnormal Loss
C. Management Expense
D. Maintenance Expense
6 Income received in advance during the year is
A. Prepaid Expenses
B. Accrued Income
C. Advance Expenses
D. Advance Income
7 Profit & Loss a/c is prepared to ascertain
A. Gross Profit
B. Net Profit
C. Gross Loss
D. Real Profit
8 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
9 Net Sales represent
A. Sales - return outwards
B. Sales - return inwards
C. Sales - return to supplier
D. both b and c
10 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

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