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 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

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

Question # 2

The money with which business is started is known as:

Question # 3

Rent account' is a kind of:

Question # 4

Gross profit represents

Question # 5

Goods withdrawn by the proprietor for personal use should be credited to

Question # 6

Net Profit is transferred to

Question # 7

Financial accounting is mainly confined to preparation of:

Question # 8

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

Question # 9

Office rent is a

Question # 10

Interest paid on loan is

Question # 11

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

Question # 12

Bad debts recovered should be credited to

Question # 13

Loss of good by fire should be credited to:

Question # 14

Income tax paid is a

Question # 15

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

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

Sr.# Question Answer
1 Goodwill, patent, copyright are classified as
A. Current Assets
B. Fixed Assets
C. Tangible Assets
D. Wasting Assets
2 The person to whom a bill is addressed is the:
A. Debtor
B. Creditor
C. Holder
D. Agent
3 Bad debts recovered should be credited to
A. Balance Sheet
B. Trading a/c
C. Profit & Loss a/c
D. None of these
4 Wages paid for installing a machine should be debited to
A. Wages a/c
B. Cash a/c
C. Machinery a/c
D. none of these
5 The money with which business is started is known as:
A. Capital
B. Creditor
C. Income
D. Debtor
6 Cash account is a:
A. Personal account
B. Real account
C. Nominal account
D. Both real and personal account
7 From business point of view, interest on capital is considered as
A. An income
B. An Expense
C. A Profit
D. A Liability
8 Interest on drawing is debited to
A. Capital
B. Drawings
C. Sundry Creditors
D. Outstanding expense
9 Income tax paid is a
A. Business Expense
B. Business Revenue
C. Business Liability
D. Personal Expense
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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