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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English
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ICOM Part 1 Urdu Medium Subjects

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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

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

00:00
Question # 1

Rent account' is a kind of:

Question # 2

Assets having some market value

Question # 3

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

Question # 4

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

Question # 5

Net Profit is transferred to

Question # 6

Financial accounting is mainly confined to preparation of:

Question # 7

The payments side of the cash book is undercast by Rs. 200, when overdraft as per bank statement i s the starting points:

Question # 8

Cash account is a:

Question # 9

Office rent is a

Question # 10

Profit & Loss a/c is prepared to ascertain

Question # 11

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

Question # 12

Wages paid for installing a machine should be debited to

Question # 13

Bad debts recovered should be credited to

Question # 14

The person to whom a bill is addressed is the:

Question # 15

The debts, the recovery of which is uncertain are called

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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 The const concept applied only to the assets and not to:
A. Expenses
B. Liabilities
C. Incomes
D. None of these
3 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
4 The balance of the 'Caha Column' in cash book is always:
A. Debit balance
B. Credit balance
C. Both debit and credit balance
D. None of the above
5 Rent account' is a kind of:
A. Real account
B. Personal account
C. Nominal account
D.
Capital account
6 Interest on drawing is debited to
A. Capital
B. Drawings
C. Sundry Creditors
D. Outstanding expense
7 Office rent is a
A. Financial Expense
B. Abnormal Loss
C. Management Expense
D. Maintenance Expense
8 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
9 Income received in advance during the year is
A. Prepaid Expenses
B. Accrued Income
C. Advance Expenses
D. Advance Income
10 The debts, the recovery of which is uncertain are called
A. Unbelievable debts
B. unrealized debts
C. doubtful debts
D. both b and c

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