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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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"

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

00:00
Question # 1

The creditor of the business are called:

Question # 2

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

Question # 3

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

Question # 4

Profit & Loss a/c is prepared to ascertain

Question # 5

Net profit is always

Question # 6

Bad debts recovered should be credited to

Question # 7

Goodwill, patent, copyright are classified as

Question # 8

Assets having some market value

Question # 9

Income tax paid is a

Question # 10

Goods withdrawn by the proprietor for personal use should be credited to

Question # 11

Interest on drawing is debited to

Question # 12

The debts, the recovery of which is uncertain are called

Question # 13

Wages paid for installing a machine should be debited to

Question # 14

Income received in advance during the year is

Question # 15

Rent account' is a kind of:

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

Sr.# Question Answer
1 Financial accounting is mainly confined to preparation of:
A. Manufacturing statement
B. Financial statements
C. Production statement
D. Sale statement
2 The bad debts which are showed in the trial balance are called
A. new bad debts
B. old bad debts
C. further bad debts
D. additional bad debts
3 Rent account' is a kind of:
A. Real account
B. Personal account
C. Nominal account
D.
Capital account
4 Cash account is a:
A. Personal account
B. Real account
C. Nominal account
D. Both real and personal account
5 Net Sales represent
A. Sales - return outwards
B. Sales - return inwards
C. Sales - return to supplier
D. both b and c
6 Income received in advance during the year is
A. Prepaid Expenses
B. Accrued Income
C. Advance Expenses
D. Advance Income
7 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
8 Office rent is a
A. Financial Expense
B. Abnormal Loss
C. Management Expense
D. Maintenance Expense
9 The person to whom a bill is addressed is the:
A. Debtor
B. Creditor
C. Holder
D. Agent
10 Income tax paid is a
A. Business Expense
B. Business Revenue
C. Business Liability
D. Personal Expense

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