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"

  • Total Questions15

  • Time Allowed20

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

00:00
Question # 1

Income received in advance during the year is

Question # 2

Net profit is always

Question # 3

Goods withdrawn by the proprietor for personal use should be credited to

Question # 4

Cash account is a:

Question # 5

Office rent is a

Question # 6

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

Question # 7

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

Question # 8

The debts, the recovery of which is uncertain are called

Question # 9

Net Sales represent

Question # 10

Interest paid on loan is

Question # 11

Loss of good by fire should be credited to:

Question # 12

Assets having some market value

Question # 13

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

Question # 14

Interest on drawing is debited to

Question # 15

Net Profit is transferred to

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

Sr.# Question Answer
1 The person to whom a bill is addressed is the:
A. Debtor
B. Creditor
C. Holder
D. Agent
2 The creditor of the business are called:
A. Assets
B. Liabilities
C. Capital 
D. Income
3 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
4 The const concept applied only to the assets and not to:
A. Expenses
B. Liabilities
C. Incomes
D. None of these
5 Profit & Loss a/c is prepared to ascertain
A. Gross Profit
B. Net Profit
C. Gross Loss
D. Real Profit
6 Gross profit is derived from
A. Trading a/c
B. Profit & Loss a/c
C. Trial Balance
D. Balance Sheet
7 Bad debts recovered should be credited to
A. Balance Sheet
B. Trading a/c
C. Profit & Loss a/c
D. None of these
8 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
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 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

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