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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Business Mathematics
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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

  • Time Allowed20

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

00:00
Question # 1

Interest paid on loan is

Question # 2

Wages paid for installing a machine should be debited to

Question # 3

Income received in advance during the year is

Question # 4

Gross profit represents

Question # 5

The money with which business is started is known as:

Question # 6

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

Question # 7

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

Question # 8

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

Question # 9

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

Question # 10

Assets having some market value

Question # 11

The debts, the recovery of which is uncertain are called

Question # 12

In adjusting the cash balance one of the following is not taken into account:

Question # 13

Rent account' is a kind of:

Question # 14

Goods withdrawn by the proprietor for personal use should be credited to

Question # 15

Office rent is a

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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 The money with which business is started is known as:
A. Capital
B. Creditor
C. Income
D. Debtor
3 Financial accounting is mainly confined to preparation of:
A. Manufacturing statement
B. Financial statements
C. Production statement
D. Sale statement
4 The creditor of the business are called:
A. Assets
B. Liabilities
C. Capital 
D. Income
5 Net Sales represent
A. Sales - return outwards
B. Sales - return inwards
C. Sales - return to supplier
D. both b and c
6 Gross profit represents
A. Opening stock + purchases
B. closing stock + direct expenses - sales
C. closing stock-purchases-direct expenses + sales
D. purchases - sales
7 Rent account' is a kind of:
A. Real account
B. Personal account
C. Nominal account
D.
Capital account
8 The bad debts which are showed in the trial balance are called
A. new bad debts
B. old bad debts
C. further bad debts
D. additional bad debts
9 Assets having some market value
A. Fictitious Assets
B. Real Assets
C. Unreal Assets
D. None of these
10 Interest on drawing is debited to
A. Capital
B. Drawings
C. Sundry Creditors
D. Outstanding expense

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