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Online Tests
Principles of accounting Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
Usually every ______ entry affect both income statement and balance sheet
Choose an answer
Adjusting
Work sheet
Balance sheet
Ledger
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Question # 2
All those expenses which have become due but not paid are called
Choose an answer
Accrued revenue
Prapaid revenue
Outstanding expenses
Advance expenses
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Question # 3
Bill receivable book represents
Choose an answer
Ledger
Journal
Trail balance
All of above
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Question # 4
Discount deducted from the catalogue or list price is called:
Choose an answer
Trade discount
Cash discount
Catalogue discount
Credit discount
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Question # 5
Real accounts are related to:
Choose an answer
Assets
Expenses, losses and incomes
Customers, creditors
Incomes
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Question # 6
The const concept applied only to the assets and not to:
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Expenses
Liabilities
Incomes
None of these
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Question # 7
A bill from the point of view of a debtor is called
Choose an answer
Bill Acceptable
Bill Receivable
Bill Payable
None of these
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Question # 8
Worksheet contains ______ pairs of money columns
Choose an answer
Five
Four
Three
Two
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Question # 9
All the transactions recorded to credit sales are recorded in:
Choose an answer
Sale return book
Sales book
Cash book
Debtor's book
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Question # 10
The account of depreciation of building of Rs. 30,000 at 5% p.a. will be
Choose an answer
Rs. 20,00
Rs. 15,00
Rs. 25,00
Rs. 5,00
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Question # 11
Error of principle arises when
Choose an answer
Any transaction is incorrectly recorded, either wholly or partially
Any transaction is left wholly or partially
Any transaction is affects one account
Any transaction is recorded in fundamentally incorrect manner
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Question # 12
A document given by the seller to the buyer for credit sale of goods or assets is called
Choose an answer
Cash memo
Invoice
Voucher
None of these
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Question # 13
Any expenditure incurred to increase the earning capacity of a business
Choose an answer
capital expenditure
capital loss
revenue loss
revenue expenditure
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Question # 14
The expenditures which reduce revenue (profit) of the business are:
Choose an answer
Revenue expenditures
Capital expenditure
Fixed expenditures
Future expenditures
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Question # 15
Excise duty is a
Choose an answer
Direct revenue
Indirect revenue
Direct expense
Indirect expense
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Question # 16
The gross amount of goods sold or services performed during an accounting period is known as
Choose an answer
Purchase
Sale
Gross profit
Net profit
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