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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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

00:00
Question # 1

Net Sales represent

Question # 2

Assets having some market value

Question # 3

Gross profit represents

Question # 4

Goodwill, patent, copyright are classified as

Question # 5

The money with which business is started is known as:

Question # 6

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

Question # 7

Office rent is a

Question # 8

Rent account' is a kind of:

Question # 9

Net Profit is transferred to

Question # 10

Financial accounting is mainly confined to preparation of:

Question # 11

The person to whom a bill is addressed is the:

Question # 12

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

Question # 13

Profit & Loss a/c is prepared to ascertain

Question # 14

Net profit is always

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 Financial accounting is mainly confined to preparation of:
A. Manufacturing statement
B. Financial statements
C. Production statement
D. Sale statement
2 Office rent is a
A. Financial Expense
B. Abnormal Loss
C. Management Expense
D. Maintenance Expense
3 Profit & Loss a/c is prepared to ascertain
A. Gross Profit
B. Net Profit
C. Gross Loss
D. Real Profit
4 Bad debts recovered should be credited to
A. Balance Sheet
B. Trading a/c
C. Profit & Loss a/c
D. None of these
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 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
7 Income received in advance during the year is
A. Prepaid Expenses
B. Accrued Income
C. Advance Expenses
D. Advance Income
8 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
9 The const concept applied only to the assets and not to:
A. Expenses
B. Liabilities
C. Incomes
D. None of these
10 A bill from the point of view of a creditor is called a:
A. Bill payable
B. Bill receivable
C. Bil acceptable
D. Bill rejectable

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