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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Business Mathematics
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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"

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  • 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

Gross profit is derived from

Question # 3

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

Question # 4

The creditor of the business are called:

Question # 5

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

Question # 6

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

Question # 7

The money with which business is started is known as:

Question # 8

Income received in advance during the year is

Question # 9

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

Question # 10

Bad debts recovered should be credited to

Question # 11

Goodwill, patent, copyright are classified as

Question # 12

Income tax paid is a

Question # 13

Gross profit represents

Question # 14

Goods withdrawn by the proprietor for personal use should be credited to

Question # 15

Wages paid for installing a machine should be debited to

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11th Principles of Accounting Chapter 5 Test

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

Sr.# Question Answer
1 Net Profit is transferred to
A. Trading Account
B. Balance Sheet
C. Capital a/c
D. Trial Balance
2 Income received in advance during the year is
A. Prepaid Expenses
B. Accrued Income
C. Advance Expenses
D. Advance Income
3 Profit & Loss a/c is prepared to ascertain
A. Gross Profit
B. Net Profit
C. Gross Loss
D. Real Profit
4 The const concept applied only to the assets and not to:
A. Expenses
B. Liabilities
C. Incomes
D. None of these
5 Gross profit represents
A. Opening stock + purchases
B. closing stock + direct expenses - sales
C. closing stock-purchases-direct expenses + sales
D. purchases - sales
6 Goods withdrawn by the proprietor for personal use should be credited to
A. Purchase a/c
B. Drawings a/c
C. Expenses a/c
D. Revenue a/c
7 Goodwill, patent, copyright are classified as
A. Current Assets
B. Fixed Assets
C. Tangible Assets
D. Wasting Assets
8 Cash account is a:
A. Personal account
B. Real account
C. Nominal account
D. Both real and personal account
9 The account of depreciation of building of Rs. 30,000 at 5% p.a. will be
A. Rs. 20,00
B. Rs. 15,00
C. Rs. 25,00
D. Rs. 5,00
10 The concession given by the supplier to the buyer on purchases of good is known as:
A. Sales discount
B. Trade discount
C. Purchase discount
D. Discount received

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