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"

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

Gross profit represents

Question # 2

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

Question # 3

The creditor of the business are called:

Question # 4

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

Question # 5

Net Profit is transferred to

Question # 6

Goodwill, patent, copyright are classified as

Question # 7

Office rent is a

Question # 8

Wages paid for installing a machine should be debited to

Question # 9

The money with which business is started is known as:

Question # 10

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

Question # 11

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

Question # 12

The person to whom a bill is addressed is the:

Question # 13

Rent account' is a kind of:

Question # 14

Bad debts recovered should be credited to

Question # 15

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

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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 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
2 The money with which business is started is known as:
A. Capital
B. Creditor
C. Income
D. Debtor
3 Assets having some market value
A. Fictitious Assets
B. Real Assets
C. Unreal Assets
D. None of these
4 Goodwill, patent, copyright are classified as
A. Current Assets
B. Fixed Assets
C. Tangible Assets
D. Wasting Assets
5 Net Profit is transferred to
A. Trading Account
B. Balance Sheet
C. Capital a/c
D. Trial Balance
6 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
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 Office rent is a
A. Financial Expense
B. Abnormal Loss
C. Management Expense
D. Maintenance Expense
9 Rent account' is a kind of:
A. Real account
B. Personal account
C. Nominal account
D.
Capital account
10 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

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