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

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Principles of Accounting Icom Part 2 English Medium Chapter 2 Online Test

Sr. # Questions Answers Choice
1 The income and expenditure account begins with. Opening debit balance Opening credit balance Opening balance None of these
2 The account of non trading concern are generally maintained according to. Mereantile accounging system Double entry system of book keeping Cash accounting system None of the above
3 Lagacies are generally treated as. Income Capitalized Assets Liability
4 Donation receivedin heavy amount are treated as. Revenue Capitaized Liability Assets
5 An income and expenditure account is. Normal account Real account Persoanl account None of these
6 Accured subscripttion represents. An expense An income An asset A liability.
7 The difference of the two sides of receipt and payment account represents. Opening cash balance Closing cash or bank balance Opening bank balance None of these
8 Income and expenditure account is usually accompanied by. Trail balance Balance sheet Cash book None of these
9 Income and expenditure accout is usually accompanied by. Trail balance Balance sheet Income and gains Liabilities
10 Credit side of iincome and expenditure account records. Expenses and losses Income and gains Assets Liabilities
11 Debit side of income and expenditur eaccount records. Expenses and losses Income and gains Assets Liabilities
12 Income and expenditur eaccount is prepared at the Start of the year Mid of the year End of the year At the start and ed of the year
13 Income and expenditur eaccount is prepared on. Cash basis Accrual basis Cahs of accural basis None of these
14 Income and expenditure account is equivalent to the. Receipt and payment account Balance sheet Cash book Profit and loss account
15 Receipt and payment account is prepared at the. Start of the year End of the year Mid of the financeial year None of these
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