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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Urdu
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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"

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

00:00
Question # 1

Interest on drawing is debited to

Question # 2

Goods withdrawn by the proprietor for personal use should be credited to

Question # 3

The debts, the recovery of which is uncertain are called

Question # 4

Gross profit is derived from

Question # 5

Office rent is a

Question # 6

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

Question # 7

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

Question # 8

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

Question # 9

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

Question # 10

Loss of good by fire should be credited to:

Question # 11

Net Profit is transferred to

Question # 12

Net profit is always

Question # 13

Bad debts recovered should be credited to

Question # 14

Income received in advance during the year is

Question # 15

Cash account is a:

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

Sr.# Question Answer
1 Interest on drawing is debited to
A. Capital
B. Drawings
C. Sundry Creditors
D. Outstanding expense
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 In adjusting the cash balance one of the following is not taken into account:
A. Mistakes in the cash book
B. Mistake in the bank statement
C. Interest and dividends credited in the bank statement
D. None of the abvove
4 The const concept applied only to the assets and not to:
A. Expenses
B. Liabilities
C. Incomes
D. None of these
5 The bad debts which are showed in the trial balance are called
A. new bad debts
B. old bad debts
C. further bad debts
D. additional bad debts
6 Income tax paid is a
A. Business Expense
B. Business Revenue
C. Business Liability
D. Personal Expense
7 Rent account' is a kind of:
A. Real account
B. Personal account
C. Nominal account
D.
Capital account
8 Cash account is a:
A. Personal account
B. Real account
C. Nominal account
D. Both real and personal account
9 Gross profit is derived from
A. Trading a/c
B. Profit & Loss a/c
C. Trial Balance
D. Balance Sheet
10 Bad debts recovered should be credited to
A. Balance Sheet
B. Trading a/c
C. Profit & Loss a/c
D. None of these

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