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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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 Accounting

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

Net Sales represent

Question # 2

Income tax paid is a

Question # 3

Interest paid on loan is

Question # 4

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

Question # 5

Assets having some market value

Question # 6

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

Question # 7

Gross profit is derived from

Question # 8

Goods withdrawn by the proprietor for personal use should be credited to

Question # 9

Gross profit represents

Question # 10

Office rent is a

Question # 11

Financial accounting is mainly confined to preparation of:

Question # 12

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

Question # 13

Net profit is always

Question # 14

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

Question # 15

Interest on drawing is debited to

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

Sr.# Question Answer
1 Any mistake in ledger can be easily detected with the help of:
A. Journal 
B. Balance sheet
C. Trial balance
D. Financial statement
2 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
3 Interest paid on loan is
A. Abnormal Loss
B. Financial Expenses
C. Management Expenses
D. Maintenance Expenses
4 The money with which business is started is known as:
A. Capital
B. Creditor
C. Income
D. Debtor
5 Cash account is a:
A. Personal account
B. Real account
C. Nominal account
D. Both real and personal account
6 Office rent is a
A. Financial Expense
B. Abnormal Loss
C. Management Expense
D. Maintenance Expense
7 Gross profit represents
A. Opening stock + purchases
B. closing stock + direct expenses - sales
C. closing stock-purchases-direct expenses + sales
D. purchases - sales
8 Goodwill, patent, copyright are classified as
A. Current Assets
B. Fixed Assets
C. Tangible Assets
D. Wasting Assets
9 The creditor of the business are called:
A. Assets
B. Liabilities
C. Capital 
D. Income
10 Profit & Loss a/c is prepared to ascertain
A. Gross Profit
B. Net Profit
C. Gross Loss
D. Real Profit

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