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

Single entry systme can bot be maintained by.

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Sole owner

Partnership concern

Joint stock companies

All of the above

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

Both aspects of a transaction must be recorded in,

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Single entry system

Barter system

Double entry system

Islamic system

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

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

The closing balance of trade debtors can be located from.

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Total debtors account

Balance sheet

Bils receivable account

Cash book

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

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

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

In single entry system,

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Personal accounts are maintained

Real accounts are maintained

Nominal accounts are maintained

None of the above

According to companies ordinance, single entry system cannot be adopted by,

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Sole proprietorship

Partnership

"a" and "b"

Joint stock companies

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

Bad debt written off always affect the

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Deblor's account

Creditors account

Cash account

All of the above

Due to fresh capital introduced during the year, the closing capital will,

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Increase

Decrease

Constant

Multiply

Net worth is equal to,

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Assets - Liabilities

Liabilities - Assets

Liabilities + Capital

Capital + Assets

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Principles of Accounting Icom Part 2 English Medium Chapter 1 Online Test MCQs With Answers

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