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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Business Mathematics
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ICOM Part 1 Urdu Medium Subjects

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Urdu
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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

00:00
Question # 1

Profit & Loss a/c is prepared to ascertain

Question # 2

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

Question # 3

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

Question # 4

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

Question # 5

Income received in advance during the year is

Question # 6

Wages paid for installing a machine should be debited to

Question # 7

Interest paid on loan is

Question # 8

The person to whom a bill is addressed is the:

Question # 9

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

Question # 10

Gross profit is derived from

Question # 11

Bad debts recovered should be credited to

Question # 12

The money with which business is started is known as:

Question # 13

Goods withdrawn by the proprietor for personal use should be credited to

Question # 14

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

Question # 15

Goodwill, patent, copyright are classified as

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

Sr.# Question Answer
1 The payments side of the cash book is undercast by Rs. 200, when overdraft as per bank statement i s the starting points:
A. Rs. 200 will be deducted
B. Rs. 200 will be added
C. Rs. 400 will be added
D. Rs. 400 will be deducted
2 The person to whom a bill is addressed is the:
A. Debtor
B. Creditor
C. Holder
D. Agent
3 Income received in advance during the year is
A. Prepaid Expenses
B. Accrued Income
C. Advance Expenses
D. Advance Income
4 Financial accounting is mainly confined to preparation of:
A. Manufacturing statement
B. Financial statements
C. Production statement
D. Sale statement
5 Loss of good by fire should be credited to:
A. Purchase account
B. Sales account
C. Loss by goods by fire account
D. Capital account
6 Interest on drawing is debited to
A. Capital
B. Drawings
C. Sundry Creditors
D. Outstanding expense
7 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
8 Gross profit represents
A. Opening stock + purchases
B. closing stock + direct expenses - sales
C. closing stock-purchases-direct expenses + sales
D. purchases - sales
9 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
10 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

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