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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Urdu

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"

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

00:00
Question # 1

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

Question # 2

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

Question # 3

Financial accounting is mainly confined to preparation of:

Question # 4

Bad debts recovered should be credited to

Question # 5

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

Question # 6

Interest paid on loan is

Question # 7

Loss of good by fire should be credited to:

Question # 8

Income received in advance during the year is

Question # 9

Net profit is always

Question # 10

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

Question # 11

Assets having some market value

Question # 12

The creditor of the business are called:

Question # 13

The concession given by the supplier to the buyer on purchases of good is known as:

Question # 14

Profit & Loss a/c is prepared to ascertain

Question # 15

Net Profit is transferred to

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

Sr.# Question Answer
1 Profit & Loss a/c is prepared to ascertain
A. Gross Profit
B. Net Profit
C. Gross Loss
D. Real Profit
2 From business point of view, interest on capital is considered as
A. An income
B. An Expense
C. A Profit
D. A Liability
3 Interest on drawing is debited to
A. Capital
B. Drawings
C. Sundry Creditors
D. Outstanding expense
4 Any mistake in ledger can be easily detected with the help of:
A. Journal 
B. Balance sheet
C. Trial balance
D. Financial statement
5 In adjusting the cash balance one of the following is not taken into account:
A. Mistakes in the cash book
B. Mistake in the bank statement
C. Interest and dividends credited in the bank statement
D. None of the abvove
6 A bill from the point of view of a creditor is called a:
A. Bill payable
B. Bill receivable
C. Bil acceptable
D. Bill rejectable
7 The person to whom a bill is addressed is the:
A. Debtor
B. Creditor
C. Holder
D. Agent
8 Cash account is a:
A. Personal account
B. Real account
C. Nominal account
D. Both real and personal account
9 Interest paid on loan is
A. Abnormal Loss
B. Financial Expenses
C. Management Expenses
D. Maintenance Expenses
10 Financial accounting is mainly confined to preparation of:
A. Manufacturing statement
B. Financial statements
C. Production statement
D. Sale statement

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