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"

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

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Question # 1

Income tax paid is a

Question # 2

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

Question # 3

Rent account' is a kind of:

Question # 4

Gross profit is derived from

Question # 5

Assets come into existence upon the happening of a certain event, are called:

Question # 6

Net Profit is transferred to

Question # 7

Goods withdrawn by the proprietor for personal use should be credited to

Question # 8

Net Sales represent

Question # 9

Bad debts recovered should be credited to

Question # 10

Profit & Loss a/c is prepared to ascertain

Question # 11

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

Question # 12

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

Question # 13

The money with which business is started is known as:

Question # 14

Cash account 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 Income received in advance during the year is
A. Prepaid Expenses
B. Accrued Income
C. Advance Expenses
D. Advance Income
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 Bad debts recovered should be credited to
A. Balance Sheet
B. Trading a/c
C. Profit & Loss a/c
D. None of these
4 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
5 Financial accounting is mainly confined to preparation of:
A. Manufacturing statement
B. Financial statements
C. Production statement
D. Sale statement
6 Office rent is a
A. Financial Expense
B. Abnormal Loss
C. Management Expense
D. Maintenance Expense
7 The balance of the 'Caha Column' in cash book is always:
A. Debit balance
B. Credit balance
C. Both debit and credit balance
D. None of the above
8 Goodwill, patent, copyright are classified as
A. Current Assets
B. Fixed Assets
C. Tangible Assets
D. Wasting Assets
9 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
10 Net Profit is transferred to
A. Trading Account
B. Balance Sheet
C. Capital a/c
D. Trial Balance

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