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 Economics
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Principles of Commerce
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English
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Islamiat
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Business Mathematics
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Urdu

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

  • Time Allowed20

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

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Question # 1

Income received in advance during the year is

Question # 2

The person to whom a bill is addressed is the:

Question # 3

Wages paid for installing a machine should be debited to

Question # 4

The balance of the 'Caha Column' in cash book is always:

Question # 5

Goods withdrawn by the proprietor for personal use should be credited to

Question # 6

The creditor of the business are called:

Question # 7

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

Question # 8

Assets having some market value

Question # 9

Income tax paid is a

Question # 10

Office rent is a

Question # 11

Net Sales represent

Question # 12

Interest on drawing is debited to

Question # 13

The money with which business is started is known as:

Question # 14

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

Question # 15

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

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

Sr.# Question Answer
1 Rent account' is a kind of:
A. Real account
B. Personal account
C. Nominal account
D.
Capital account
2 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
3 Gross profit is derived from
A. Trading a/c
B. Profit & Loss a/c
C. Trial Balance
D. Balance Sheet
4 Net Sales represent
A. Sales - return outwards
B. Sales - return inwards
C. Sales - return to supplier
D. both b and c
5 Interest paid on loan is
A. Abnormal Loss
B. Financial Expenses
C. Management Expenses
D. Maintenance Expenses
6 Goods withdrawn by the proprietor for personal use should be credited to
A. Purchase a/c
B. Drawings a/c
C. Expenses a/c
D. Revenue a/c
7 Net profit is always
A. Equal to gross profit
B. more than gross profit
C. Less than gross profit
D. None of these
8 The const concept applied only to the assets and not to:
A. Expenses
B. Liabilities
C. Incomes
D. None of these
9 Income received in advance during the year is
A. Prepaid Expenses
B. Accrued Income
C. Advance Expenses
D. Advance Income
10 The debts, the recovery of which is uncertain are called
A. Unbelievable debts
B. unrealized debts
C. doubtful debts
D. both b and c

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