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 Economics
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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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Urdu

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 Economics
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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

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

Question # 2

Interest on drawing is debited to

Question # 3

Income tax paid is a

Question # 4

The debts, the recovery of which is uncertain are called

Question # 5

The creditor of the business are called:

Question # 6

Net profit is always

Question # 7

Financial accounting is mainly confined to preparation of:

Question # 8

Goods withdrawn by the proprietor for personal use should be credited to

Question # 9

Gross profit is derived from

Question # 10

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

Question # 11

Rent account' is a kind of:

Question # 12

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

Question # 13

Loss of good by fire should be credited to:

Question # 14

Profit & Loss a/c is prepared to ascertain

Question # 15

Net Profit is transferred to

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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 Income tax paid is a
A. Business Expense
B. Business Revenue
C. Business Liability
D. Personal Expense
3 Interest paid on loan is
A. Abnormal Loss
B. Financial Expenses
C. Management Expenses
D. Maintenance Expenses
4 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
5 Interest on drawing is debited to
A. Capital
B. Drawings
C. Sundry Creditors
D. Outstanding expense
6 Financial accounting is mainly confined to preparation of:
A. Manufacturing statement
B. Financial statements
C. Production statement
D. Sale statement
7 The creditor of the business are called:
A. Assets
B. Liabilities
C. Capital 
D. Income
8 The money with which business is started is known as:
A. Capital
B. Creditor
C. Income
D. Debtor
9 Assets having some market value
A. Fictitious Assets
B. Real Assets
C. Unreal Assets
D. None of these
10 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

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