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

00:00
Question # 1

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

Question # 2

From business point of view, interest on capital is considered as

Question # 3

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

Question # 4

Assets having some market value

Question # 5

The creditor of the business are called:

Question # 6

Gross profit represents

Question # 7

Interest paid on loan is

Question # 8

Office rent is a

Question # 9

Loss of good by fire should be credited to:

Question # 10

Net profit is always

Question # 11

Income tax paid is a

Question # 12

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

Question # 13

Wages paid for installing a machine should be debited to

Question # 14

Profit & Loss a/c is prepared to ascertain

Question # 15

Goodwill, patent, copyright are classified as

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Sr.# Question Answer
1 From business point of view, interest on capital is considered as
A. An income
B. An Expense
C. A Profit
D. A Liability
2 The debts, the recovery of which is uncertain are called
A. Unbelievable debts
B. unrealized debts
C. doubtful debts
D. both b and c
3 Goodwill, patent, copyright are classified as
A. Current Assets
B. Fixed Assets
C. Tangible Assets
D. Wasting Assets
4 In adjusting the cash balance one of the following is not taken into account:
A. Mistakes in the cash book
B. Mistake in the bank statement
C. Interest and dividends credited in the bank statement
D. None of the abvove
5 Bad debts recovered should be credited to
A. Balance Sheet
B. Trading a/c
C. Profit & Loss a/c
D. None of these
6 Cash account is a:
A. Personal account
B. Real account
C. Nominal account
D. Both real and personal account
7 Interest paid on loan is
A. Abnormal Loss
B. Financial Expenses
C. Management Expenses
D. Maintenance Expenses
8 The person to whom a bill is addressed is the:
A. Debtor
B. Creditor
C. Holder
D. Agent
9 Gross profit represents
A. Opening stock + purchases
B. closing stock + direct expenses - sales
C. closing stock-purchases-direct expenses + sales
D. purchases - sales
10 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
11 Net Sales represent
A. Sales - return outwards
B. Sales - return inwards
C. Sales - return to supplier
D. both b and c
12 The creditor of the business are called:
A. Assets
B. Liabilities
C. Capital 
D. Income
13 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
14 Net profit is always
A. Equal to gross profit
B. more than gross profit
C. Less than gross profit
D. None of these
15 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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