Question # 1

The favourable balance of bank statement is

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Credit Balance

Debit Balance

Zero Balance

Both b and c

The Amount of salary paid to Sohail should be debited to

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Sohail's a/c

Cash Account

Salaries a/c

Both a & c

The act result of the business activities is shown by:

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Profit and loss account

Profit and loss appropriation account

Trading account

Balance sheet

The amount invested by the owner in the business to produce revenue is known as

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Income

Asset

Capital

Liability

When saleable goods are bought in a business are called:

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Sales

Purchase

Assets

Goods

The process of recording business transaction in the journal is called

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Posting

Journalizing

Classifying

Entry

A cash account always shows

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Debit balance

Credit balance

Both debit and credit balance

Nil balance

All the time of endorsement of a bill the drawer credits:

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The drawee account

The endorser's personal account

Bill receivable account

Endorser's account

In form journal, the first column represents:

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Ledger Folio

Data

Amount

Debit

Our cheque to Babar & Bros, returned dishonoured should be credited to

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Cheque Account

Cash Account

Bank Account

Babar & Bros A/c

Gross profit is derived from

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Trading a/c

Profit & Loss a/c

Trial Balance

Balance Sheet

Net profit is always

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Equal to gross profit

More than gross profit

Less than gross profit

None of these

Work sheet is also used as a source to prepare ______

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Financial statement

Income statement

Position statement

Bank reconciliation statement

The Principle book of accounts is

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Journal

Ledger

Trial Balance

Balance Sheet

The person to whom bill is transferred will become

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Endorser

Creditor

Debtor

Endorsee

Accounting principles can be classified in

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three types

two types

five types

six types

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Principles of accounting Icom Part 1 English Medium Online Test MCQs With Answers

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