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 Urdu Medium Subjects

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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

00:00
Question # 1

Gross profit represents

Question # 2

Rent account' is a kind of:

Question # 3

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

Question # 4

The money with which business is started is known as:

Question # 5

The debts, the recovery of which is uncertain are called

Question # 6

The person to whom a bill is addressed is the:

Question # 7

Interest on drawing is debited to

Question # 8

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

Question # 9

Cash account is a:

Question # 10

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

Question # 11

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

Question # 12

Financial accounting is mainly confined to preparation of:

Question # 13

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

Question # 14

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

Question # 15

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

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11th Principles of Accounting Chapter 5 Test

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

Sr.# Question Answer
1 The money with which business is started is known as:
A. Capital
B. Creditor
C. Income
D. Debtor
2 Net Profit is transferred to
A. Trading Account
B. Balance Sheet
C. Capital a/c
D. Trial Balance
3 Any mistake in ledger can be easily detected with the help of:
A. Journal 
B. Balance sheet
C. Trial balance
D. Financial statement
4 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
5 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
6 Assets having some market value
A. Fictitious Assets
B. Real Assets
C. Unreal Assets
D. None of these
7 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
8 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
9 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
10 Net Sales represent
A. Sales - return outwards
B. Sales - return inwards
C. Sales - return to supplier
D. both b and c

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