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Online Tests
Principles of Accounting Icom Part 2 English Medium Chapter 1 Online Test MCQs With Answers
Question # 1
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 # 2
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 # 3
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 # 4
Due to drawings made during the year, the closing capital will,
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Increase
Decrease
Constant
Multiply
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Question # 5
Single entry system contains,
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A daybook or general journal
A cash book
Ledger accounts for individual customers and creditors
All of the above
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Question # 6
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 # 7
In appearance, the statement of affairs, is similar to a.
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Balance sheet
Profit and loss account
Trading account
Bank Reconciliation statement
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Question # 8
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 # 9
How many mathods are available to calculate the profit or loss under single entery system.
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One
Two
Three
Four
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