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Online Tests
Principles of Accounting Icom Part 2 English Medium Chapter 1 Online Test MCQs With Answers
Question # 1
The opening capitla is ascertained by preparing.
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Cash account
Opening statements of affairs
Total debtors account
Total creditors account
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Question # 2
Arithmetical accuracy of the books of accounts cannot be checked under.
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Single Entry system
Double entery system
None entery system
Both a and b
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Question # 3
In increased net worth method, profit or loss is calculated by preparing,
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Income and expenditure account
Profit and loss account
Statement of profit or loss
Balance sheet
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Question # 4
Under the conversion method of single entry credit salea are ascertained by preparing the.
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Total debtors account
Total creditors account
Total cash account
Total bills receivable account
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Question # 5
In single entry system both the aspects, debit and credit of a transaction are not recorded soit is.
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Incomplete and unscientific
Complete and scientific
Incompleted and scientific
Complete and unscientific
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Question # 6
Cash received from the debtors can be find out by preparing.
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Debtors account
Creditors account
Balance sheet
Trial balance
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Question # 7
The fingure of bills payable is worked out by preparing the.
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Total debtors account
Total creditors account
Cash book
Balance sheet
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Question # 8
Single entry system is generally adopted by,
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Small business concerns
Large business concerns
Medium business concerns
All of the above
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Question # 9
Cash paid to creditors can be woked out from.
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Debtora account
Creditors account
Balance sheet
None of theses
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Question # 10
The system in whihc accounting records are not kept strictly according to the double entery principle of book keeping is called.
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Single , entery system
Accrual system
Double enterysystem
Cash system
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Question # 11
Closing capital in single entry system is calculated by preparing,
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Opening statement of affairs
Closing statement of affairs
Opening balance sheet
Closing balance sheet
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Question # 12
To calculate the value of capital both at the beginning and at the end of year in single entry system we prepare,
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Balance sheet
Trading account
Trial balance
Statement of affairs
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Question # 13
If the cash sales are missing they are to be ascertained by the construction of.
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Debtors account
Creditors account
Cash account
None of these
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Question # 14
Acceptance received durinthe period must be debited to bills receivable account and credited to.
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Total bills receivable account
Total debtors account
total cash account
Total bills receivabel account
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Question # 15
How many methods are available to calculate the profit or loss under single entry system,
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One
Two
Three
Four
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Question # 16
Under single entry system sometimes,
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Double aspects of a transaction are recorded
Single aspect of a transaction is recorded
No aspect of a transaction is recorded
All of the above
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