Question # 1

Goodwill, patent, copyright are classified as

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Current Assets

Fixed Assets

Tangible Assets

Wasting Assets

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

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Fixed assets

Fictitious assets

Floating assets

Contingent assets

Goods withdrawn by the proprietor for personal use should be credited to

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Purchase a/c

Drawings a/c

Expenses a/c

Revenue a/c

The creditor of the business are called:

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Assets

Liabilities

Capital

Income

Bad debts recovered should be credited to

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Balance Sheet

Trading a/c

Profit & Loss a/c

None of these

Rent account' is a kind of:

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Real account

Personal account

Nominal account

Capital account

Wages paid for installing a machine should be debited to

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Wages a/c

Cash a/c

Machinery a/c

none of these

Income tax paid is a

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Business Expense

Business Revenue

Business Liability

Personal Expense

Interest paid on loan is

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Abnormal Loss

Financial Expenses

Management Expenses

Maintenance Expenses

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

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new bad debts

old bad debts

further bad debts

additional bad debts

Gross profit represents

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Opening stock + purchases

closing stock + direct expenses - sales

closing stock-purchases-direct expenses + sales

purchases - sales

The person to whom a bill is addressed is the:

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Debtor

Creditor

Holder

Agent

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

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Bill payable

Bill receivable

Bil acceptable

Bill rejectable

Cash account is a:

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Personal account

Real account

Nominal account

Both real and personal account

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

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Expenses

Liabilities

Incomes

None of these

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

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