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Online Tests
Principles of Accounting Icom Part 2 English Medium Chapter 1 Online Test MCQs With Answers
Question # 1
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 # 2
Single entry systme can bot be maintained by.
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Sole owner
Partnership concern
Joint stock companies
All of the above
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Question # 3
Under single entery system informatoin relating to expenses must be ascertained from the analysis of.
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Debtors account
Creditors account
Sales book
Cash book
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Question # 4
Both aspects of a transaction must be recorded in,
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Single entry system
Barter system
Double entry system
Islamic system
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Question # 5
Opening capital is calculated by taking the difference between,
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Opening assets and closing assets
Opening assets and closing liabilities
Opening assets and Opening liabilities
Closing assets and closing liabilities
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Question # 6
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 # 7
The closing balance of trade debtors can be located from.
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Total debtors account
Balance sheet
Bils receivable account
Cash book
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Question # 8
We cannot prepare the trial balance and precise balance sheet under,
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Single entry system
Double entry system
"a" and "b"
Barter system
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Question # 9
In single entery system only.
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Personal account are maintained
Real account are maintained
Nominal accounts are maintained
None of the above
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Question # 10
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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Question # 11
In single entry system,
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Personal accounts are maintained
Real accounts are maintained
Nominal accounts are maintained
None of the above
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Question # 12
According to companies ordinance, single entry system cannot be adopted by,
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Sole proprietorship
Partnership
"a" and "b"
Joint stock companies
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Question # 13
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 # 14
Bad debt written off always affect the
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Deblor's account
Creditors account
Cash account
All of the above
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Question # 15
Due to fresh capital introduced during the year, the closing capital will,
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Increase
Decrease
Constant
Multiply
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Question # 16
Net worth is equal to,
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Assets - Liabilities
Liabilities - Assets
Liabilities + Capital
Capital + Assets
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