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Online Tests
Principles of accounting Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
A bill which is both drawn and payable within the geographical boundaries of a country
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Foreign Bill
Local Bill
Municipal Bill
Inland Bill
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Question # 2
Preliminary expenses incurred before the commencement of business
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revenue expenditure
capital expenditure
deferred revenue expenditure
capital loss
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Question # 3
Assets come into existence upon the happening of a certain event, are called:
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Fixed assets
Fictitious assets
Floating assets
Contingent assets
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Question # 4
The expenditures which reduce revenue (profit) of the business are:
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Revenue expenditures
Capital expenditure
Fixed expenditures
Future expenditures
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Question # 5
When two or more than two error occurred on the opposite side of the account and cancelled the affect of each are called
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Errors of omission
Compensating errors
Errors of commission
Errors of principle
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Question # 6
An expenditure incurred to the increases the profit earning of the concern is a:
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Revenue expenditure
Current expenditure
Capital receipt
Capital expenditure
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Question # 7
Unfavourable balance means
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Credit Balance in the Pass Book
Credit Balance in the Cash Book
Debit Balance in Bank Statement
Both b and c
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Question # 8
Financial accounting is mainly confined to preparation of:
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Manufacturing statement
Financial statements
Production statement
Sale statement
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Question # 9
Which book is used to record all credit purchases?
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Purchases book
Purchases book return
Cash book
Debit note book
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Question # 10
Deprecation is
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A Liability
A loss
An expense
Both b & c
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Question # 11
Outstanding expense given in adjustment is called
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An asset
A gain
An expense
A liability
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Question # 12
Goodwill, patent, copyright are classified as
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Current Assets
Fixed Assets
Tangible Assets
Wasting Assets
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Question # 13
Journal means
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Weekly
Monthly
Yearly
Daily
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Question # 14
The document evidencing cash receipts and payments and forming the basis for making entries in the cash book is called:
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Receipt voucher
Payment voucher
Cash voucher
Cash memo
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Question # 15
Cash account is concerned with:
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Real account
Personal account
Nominal account
Capital account
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Question # 16
Net sales equal to
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Sales - Returns outwards
Sales + Returns inwards
Sales - Returns inwards
Purchases - Returns inwards
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