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 Urdu Medium Subjects

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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

Goodwill, patent, copyright are classified as

Question # 2

The creditor of the business are called:

Question # 3

Gross profit represents

Question # 4

Profit & Loss a/c is prepared to ascertain

Question # 5

Gross profit is derived from

Question # 6

Net Profit is transferred to

Question # 7

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

Question # 8

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

Question # 9

The debts, the recovery of which is uncertain are called

Question # 10

Loss of good by fire should be credited to:

Question # 11

Interest paid on loan is

Question # 12

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

Question # 13

Net Sales represent

Question # 14

The bad debts which are showed in the trial balance are called

Question # 15

Income tax paid is a

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

Sr.# Question Answer
1 The creditor of the business are called:
A. Assets
B. Liabilities
C. Capital 
D. Income
2 The debts, the recovery of which is uncertain are called
A. Unbelievable debts
B. unrealized debts
C. doubtful debts
D. both b and c
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 From business point of view, interest on capital is considered as
A. An income
B. An Expense
C. A Profit
D. A Liability
6 Net profit is always
A. Equal to gross profit
B. more than gross profit
C. Less than gross profit
D. None of these
7 Net Sales represent
A. Sales - return outwards
B. Sales - return inwards
C. Sales - return to supplier
D. both b and c
8 Profit & Loss a/c is prepared to ascertain
A. Gross Profit
B. Net Profit
C. Gross Loss
D. Real Profit
9 Any mistake in ledger can be easily detected with the help of:
A. Journal 
B. Balance sheet
C. Trial balance
D. Financial statement
10 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

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