More Classes
5th Class
6th Class
7th Class
8th Class
9th Class
10th Class
11th Class
12th Class
NAT I
NAT II
CSS
IQ
General Knowledge
MDCAT
ECAT
GAT General
GAT Subject
Other Links
Go to Home
Online Tests
Principles of Accounting Icom Part 2 English Medium Chapter 2 Online Test MCQs With Answers
Question # 1
In cash book
Choose an answer
Each entry is followed by narration
Ledger reference is recorded
Each transaction is recorded in chronological order
All of the above
Previous
Skip
Next
Question # 2
Capital fun of non trading concern is equal to.
Choose an answer
Assets + Income
Assets + Liabilities
Expenditure + Liabilities.
Assets - Liabilities
Previous
Skip
Next
Question # 3
the activities of non -trading concern are managed by the.
Choose an answer
Directors
Member
governing body
Promoters
Previous
Skip
Next
Question # 4
In receipt and payments account
Choose an answer
No narration is written
No ledger reference is recorded
Daily cash balance cannot be ascertained
All of the above
Previous
Skip
Next
Question # 5
Example of non-profit making organization
Choose an answer
Fan factory
Sugar industry
Hospital
Shoe factory
Previous
Skip
Next
Question # 6
The excess of total assets over total liabilituies of a concern is called.
Choose an answer
Surplus
Deficit
Capital fund
Profit
Previous
Skip
Next
Question # 7
The income and expenditure account begins with.
Choose an answer
Opening debit balance
Opening credit balance
Opening balance
None of these
Previous
Skip
Next
Question # 8
Subcription received during the current year is.
Choose an answer
An income
An expenditure
An asset
An liability.
Previous
Skip
Next
Question # 9
Receipts and payments account shows
Choose an answer
Debit and credit balances of ledgers
Incomes and expenditures
Cash receipts and payments
Assets and liabilities
Previous
Skip
Next
Question # 10
Surplus balance cna be shown in the balnce sheet as.
Choose an answer
Asset
Liability
Owner's equity
None of these
Previous
Skip
Next
Question # 11
Credit side of iincome and expenditure account records.
Choose an answer
Expenses and losses
Income and gains
Assets
Liabilities
Previous
Skip
Next
Question # 12
Non-profit making organization is also known as
Choose an answer
Non-profit seeking concern
Non-trading concern
Trading concern
"a" and "b"
Previous
Skip
Next
Question # 13
Income and expenditure accout is usually accompanied by.
Choose an answer
Trail balance
Balance sheet
Income and gains
Liabilities
Previous
Skip
Next
Question # 14
The main sources of income of for on -trading concern is.
Choose an answer
Subscriptions
Donations
Sales
Dividends on investment
Previous
Skip
Next
Question # 15
Receipts and payments account records the transactions of
Choose an answer
Revenue nature
Capital nature
Revenue and capital nature
None of these
Previous
Skip
Next
Question # 16
The basic club record or book of original entry in non-profit making organization
Choose an answer
Purchase book
Sales book
Cash book
"a" and "b"
Previous
Skip
Next
Back