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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ICOM Part 1 Urdu Medium Subjects

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Urdu
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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"

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

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Question # 1

The account of depreciation of building of Rs. 30,000 at 5% p.a. will be

Question # 2

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

Question # 3

Goods withdrawn by the proprietor for personal use should be credited to

Question # 4

Rent account' is a kind of:

Question # 5

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

Question # 6

A bill from the point of view of a creditor is called a:

Question # 7

Office rent is a

Question # 8

Net profit is always

Question # 9

Net Profit is transferred to

Question # 10

Profit & Loss a/c is prepared to ascertain

Question # 11

Financial accounting is mainly confined to preparation of:

Question # 12

Goodwill, patent, copyright are classified as

Question # 13

Assets having some market value

Question # 14

Bad debts recovered should be credited to

Question # 15

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

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

Sr.# Question Answer
1 The const concept applied only to the assets and not to:
A. Expenses
B. Liabilities
C. Incomes
D. None of these
2 Net profit is always
A. Equal to gross profit
B. more than gross profit
C. Less than gross profit
D. None of these
3 The debts, the recovery of which is uncertain are called
A. Unbelievable debts
B. unrealized debts
C. doubtful debts
D. both b and c
4 Cash account is a:
A. Personal account
B. Real account
C. Nominal account
D. Both real and personal account
5 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
6 Net Profit is transferred to
A. Trading Account
B. Balance Sheet
C. Capital a/c
D. Trial Balance
7 Assets having some market value
A. Fictitious Assets
B. Real Assets
C. Unreal Assets
D. None of these
8 Gross profit is derived from
A. Trading a/c
B. Profit & Loss a/c
C. Trial Balance
D. Balance Sheet
9 The person to whom a bill is addressed is the:
A. Debtor
B. Creditor
C. Holder
D. Agent
10 Interest on drawing is debited to
A. Capital
B. Drawings
C. Sundry Creditors
D. Outstanding expense

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