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 Economics
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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"

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

00:00
Question # 1

Bad debts recovered should be credited to

Question # 2

Goodwill, patent, copyright are classified as

Question # 3

Interest paid on loan is

Question # 4

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

Question # 5

Income received in advance during the year is

Question # 6

Income tax paid is a

Question # 7

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

Question # 8

The creditor of the business are called:

Question # 9

Gross profit is derived from

Question # 10

Cash account is a:

Question # 11

Office rent is a

Question # 12

Net Profit is transferred to

Question # 13

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

Question # 14

The person to whom a bill is addressed is the:

Question # 15

Net profit is always

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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 Profit & Loss a/c is prepared to ascertain
A. Gross Profit
B. Net Profit
C. Gross Loss
D. Real Profit
2 Net Profit is transferred to
A. Trading Account
B. Balance Sheet
C. Capital a/c
D. Trial Balance
3 Cash account is a:
A. Personal account
B. Real account
C. Nominal account
D. Both real and personal account
4 Any mistake in ledger can be easily detected with the help of:
A. Journal 
B. Balance sheet
C. Trial balance
D. Financial statement
5 Net profit is always
A. Equal to gross profit
B. more than gross profit
C. Less than gross profit
D. None of these
6 Office rent is a
A. Financial Expense
B. Abnormal Loss
C. Management Expense
D. Maintenance Expense
7 Income tax paid is a
A. Business Expense
B. Business Revenue
C. Business Liability
D. Personal Expense
8 Income received in advance during the year is
A. Prepaid Expenses
B. Accrued Income
C. Advance Expenses
D. Advance Income
9 Financial accounting is mainly confined to preparation of:
A. Manufacturing statement
B. Financial statements
C. Production statement
D. Sale statement
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

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