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"

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

Net profit is always

Question # 2

Bad debts recovered should be credited to

Question # 3

The creditor of the business are called:

Question # 4

Cash account is a:

Question # 5

The const concept applied only to the assets and not to:

Question # 6

Income tax paid is a

Question # 7

Loss of good by fire should be credited to:

Question # 8

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

Question # 9

Income received in advance during the year is

Question # 10

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

Question # 11

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

Question # 12

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

Question # 13

Financial accounting is mainly confined to preparation of:

Question # 14

The debts, the recovery of which is uncertain are called

Question # 15

The money with which business is started is known as:

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

Sr.# Question Answer
1 Gross profit represents
A. Opening stock + purchases
B. closing stock + direct expenses - sales
C. closing stock-purchases-direct expenses + sales
D. purchases - sales
2 Interest on drawing is debited to
A. Capital
B. Drawings
C. Sundry Creditors
D. Outstanding expense
3 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
4 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
5 The const concept applied only to the assets and not to:
A. Expenses
B. Liabilities
C. Incomes
D. None of these
6 From business point of view, interest on capital is considered as
A. An income
B. An Expense
C. A Profit
D. A Liability
7 The person to whom a bill is addressed is the:
A. Debtor
B. Creditor
C. Holder
D. Agent
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 The payments side of the cash book is undercast by Rs. 200, when overdraft as per bank statement i s the starting points:
A. Rs. 200 will be deducted
B. Rs. 200 will be added
C. Rs. 400 will be added
D. Rs. 400 will be deducted
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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