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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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"

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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

The bad debts which are showed in the trial balance are called

Question # 3

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

Question # 4

Net Profit is transferred to

Question # 5

Goods withdrawn by the proprietor for personal use should be credited to

Question # 6

Assets having some market value

Question # 7

Net profit is always

Question # 8

Interest paid on loan is

Question # 9

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

Question # 10

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

Question # 11

Income received in advance during the year is

Question # 12

Interest on drawing is debited to

Question # 13

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

Question # 14

Income tax paid is a

Question # 15

The creditor of the business are called:

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

Sr.# Question Answer
1 Office rent is a
A. Financial Expense
B. Abnormal Loss
C. Management Expense
D. Maintenance Expense
2 The const concept applied only to the assets and not to:
A. Expenses
B. Liabilities
C. Incomes
D. None of these
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 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
6 Goodwill, patent, copyright are classified as
A. Current Assets
B. Fixed Assets
C. Tangible Assets
D. Wasting Assets
7 Net profit is always
A. Equal to gross profit
B. more than gross profit
C. Less than gross profit
D. None of these
8 Income received in advance during the year is
A. Prepaid Expenses
B. Accrued Income
C. Advance Expenses
D. Advance Income
9 Profit & Loss a/c is prepared to ascertain
A. Gross Profit
B. Net Profit
C. Gross Loss
D. Real Profit
10 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

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