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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English
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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"

Try The MCQ's Test For Chapter 5 "Principles of accounting Icom Part 1 English Medium Chapter 5 Online Test"

  • Total Questions15

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

00:00
Question # 1

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

Question # 2

Rent account' is a kind of:

Question # 3

A bill from the point of view of a creditor is called a:

Question # 4

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

Question # 5

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

Question # 6

Profit & Loss a/c is prepared to ascertain

Question # 7

Interest paid on loan is

Question # 8

Interest on drawing is debited to

Question # 9

Gross profit is derived from

Question # 10

Net Profit is transferred to

Question # 11

The money with which business is started is known as:

Question # 12

Financial accounting is mainly confined to preparation of:

Question # 13

Assets having some market value

Question # 14

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

Question # 15

Net Sales represent

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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 Income received in advance during the year is
A. Prepaid Expenses
B. Accrued Income
C. Advance Expenses
D. Advance Income
2 The creditor of the business are called:
A. Assets
B. Liabilities
C. Capital 
D. Income
3 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
4 Financial accounting is mainly confined to preparation of:
A. Manufacturing statement
B. Financial statements
C. Production statement
D. Sale statement
5 Goods withdrawn by the proprietor for personal use should be credited to
A. Purchase a/c
B. Drawings a/c
C. Expenses a/c
D. Revenue a/c
6 Any mistake in ledger can be easily detected with the help of:
A. Journal 
B. Balance sheet
C. Trial balance
D. Financial statement
7 Rent account' is a kind of:
A. Real account
B. Personal account
C. Nominal account
D.
Capital account
8 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
9 Assets come into existence upon the happening of a certain event, are called:
A. Fixed assets
B. Fictitious assets
C. Floating assets
D. Contingent assets
10 Gross profit is derived from
A. Trading a/c
B. Profit & Loss a/c
C. Trial Balance
D. Balance Sheet

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