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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
ICOM Part 1 English Medium Subjects
ICOM Part 1 Urdu Medium Subjects
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"
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Total Questions15
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Time Allowed20
Principles of accounting Icom Part 1 English Medium Chapter 5 Online Test
00:00
Question # 1
The bad debts which are showed in the trial balance are called
Question # 2
Net profit is always
Question # 3
Assets come into existence upon the happening of a certain event, are called:
Question # 4
The const concept applied only to the assets and not to:
Question # 5
Net Profit is transferred to
Question # 6
Bad debts recovered should be credited to
Question # 7
Gross profit is derived from
Question # 8
Gross profit represents
Question # 9
Rent account' is a kind of:
Question # 10
The concession given by the supplier to the buyer on purchases of good is known as:
Question # 11
The debts, the recovery of which is uncertain are called
Question # 12
Any mistake in ledger can be easily detected with the help of:
Question # 13
Income tax paid is a
Question # 14
Interest on drawing is debited to
Question # 15
The person to whom a bill is addressed is the:
11th Principles of Accounting Chapter 5 Test
Here you can prepare 11th Principles of Accounting English Medium Chapter 5 Ledger Test. Click the button for 100% free full practice test.
Top Scorers Of Chapter 5 "Principles of accounting Icom Part 1 English Medium Chapter 5 Online Test" MCQ`s Test
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Z Zahid javed Butt 08 - Jun - 2024 01 Min 38 Sec 14/15 -
W Waj Khan 15 - Dec - 2023 01 Min 55 Sec 14/15 -
A Abdullah Zafar 20 - Sep - 2023 01 Min 56 Sec 14/15 -
F Fatima Asif 22 - May - 2024 09 Min 31 Sec 14/15 -
T Taiba Siddique 30 - May - 2024 00 Min 08 Sec 13/15 -
A Alishba Pervaiz 24 - Jun - 2023 01 Min 49 Sec 12/15 -
S Sania Butt 28 - May - 2024 02 Min 01 Sec 12/15 -
I ishrat fatima 07 - Jun - 2024 01 Min 17 Sec 11/15 -
A Abeer 07 - Feb - 2024 02 Min 08 Sec 11/15 -
A Ayan Ahmed 01 - May - 2024 01 Min 54 Sec 10/15 -
M Mudassar Ali 12 - Jun - 2023 03 Min 55 Sec 10/15 -
L Laraib Zaman 16 - Jun - 2023 03 Min 56 Sec 10/15 -
S Sohera Aslam 18 - Aug - 2023 02 Min 12 Sec 9/15 -
S Subtain Ahmed Raza 22 - Jul - 2023 03 Min 17 Sec 9/15 -
W Waqas Khan 02 - Oct - 2023 04 Min 20 Sec 9/15
ICom Part 1 Principles of Accounting Chapter 5 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | 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
|
| 2 | Financial accounting is mainly confined to preparation of: |
A. Manufacturing statement
B. Financial statements
C. Production statement
D. Sale statement
|
| 3 | Gross profit represents |
A. Opening stock + purchases
B. closing stock + direct expenses - sales
C. closing stock-purchases-direct expenses + sales
D. purchases - sales
|
| 4 | Profit & Loss a/c is prepared to ascertain |
A. Gross Profit
B. Net Profit
C. Gross Loss
D. Real Profit
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| 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 | 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
|
| 7 | 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
|
| 8 | 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
|
| 9 | Any mistake in ledger can be easily detected with the help of: |
A. Journal
B. Balance sheet
C. Trial balance
D. Financial statement
|
| 10 | From business point of view, interest on capital is considered as |
A. An income
B. An Expense
C. A Profit
D. A Liability
|
Test Questions
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