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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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

The money with which business is started is known as:

Question # 2

Loss of good by fire should be credited to:

Question # 3

Office rent is a

Question # 4

The creditor of the business are called:

Question # 5

Gross profit is derived from

Question # 6

Income tax paid is a

Question # 7

Financial accounting is mainly confined to preparation of:

Question # 8

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

Question # 9

Goodwill, patent, copyright are classified as

Question # 10

Net Sales represent

Question # 11

Assets having some market value

Question # 12

Profit & Loss a/c is prepared to ascertain

Question # 13

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

Question # 14

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

Question # 15

Bad debts recovered should be credited 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 Profit & Loss a/c is prepared to ascertain
A. Gross Profit
B. Net Profit
C. Gross Loss
D. Real Profit
2 Gross profit is derived from
A. Trading a/c
B. Profit & Loss a/c
C. Trial Balance
D. Balance Sheet
3 Any mistake in ledger can be easily detected with the help of:
A. Journal 
B. Balance sheet
C. Trial balance
D. Financial statement
4 Net Profit is transferred to
A. Trading Account
B. Balance Sheet
C. Capital a/c
D. Trial Balance
5 Bad debts recovered should be credited to
A. Balance Sheet
B. Trading a/c
C. Profit & Loss a/c
D. None of these
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 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
8 Income received in advance during the year is
A. Prepaid Expenses
B. Accrued Income
C. Advance Expenses
D. Advance Income
9 Assets come into existence upon the happening of a certain event, are called:
A. Fixed assets
B. Fictitious assets
C. Floating assets
D. Contingent assets
10 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

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