Question # 1

Income tax paid is a

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Business Expense

Business Revenue

Business Liability

Personal Expense

Gross profit is derived from

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Trading a/c

Profit & Loss a/c

Trial Balance

Balance Sheet

Loss of good by fire should be credited to:

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Purchase account

Sales account

Loss by goods by fire account

Capital account

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

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Journal

Balance sheet

Trial balance

Financial statement

Interest paid on loan is

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Abnormal Loss

Financial Expenses

Management Expenses

Maintenance Expenses

Gross profit represents

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Opening stock + purchases

closing stock + direct expenses - sales

closing stock-purchases-direct expenses + sales

purchases - sales

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

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Expenses

Liabilities

Incomes

None of these

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

Financial accounting is mainly confined to preparation of:

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Manufacturing statement

Financial statements

Production statement

Sale statement

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

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Mistakes in the cash book

Mistake in the bank statement

Interest and dividends credited in the bank statement

None of the abvove

The money with which business is started is known as:

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Capital

Creditor

Income

Debtor

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

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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Rs. 200 will be deducted

Rs. 200 will be added

Rs. 400 will be added

Rs. 400 will be deducted

Bad debts recovered should be credited to

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Balance Sheet

Trading a/c

Profit & Loss a/c

None of these

Assets having some market value

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Fictitious Assets

Real Assets

Unreal Assets

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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