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Online Tests
Principles of accounting Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
Financial accounting is mainly confined to preparation of:
Choose an answer
Manufacturing statement
Financial statements
Production statement
Sale statement
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Question # 2
In the preparation of worksheet the amounts in the trail balance are taken directly form the ______
Choose an answer
Ledger
Trail balance
Balance sheet
None of these
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Question # 3
The margin that is available to cover the other expenses for a period and to yield net income is known as
Choose an answer
Net profit
Gross profit
Net sales
Cost of goods sold
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Question # 4
Book used to record petty expenses and receipts
Choose an answer
Single Column Cash Book
Petty Cash Book
Double Column Cash Book
Treble Column Cash Book
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Question # 5
Transaction are recorded data wise, so journal is also called:
Choose an answer
Entry book
Transaction book
Chronological book
Voucher
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Question # 6
A credit sale was wrongly passed through purchases book, the rectification of the entry will:
Choose an answer
Increase the net profit by, double amount
Decrease the net profit
Decrease the net profit by double amount
Have no effect on the net profit
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Question # 7
Distinction between capital and revenue items is important for the preparation
Choose an answer
Balance sheet
Trading and profit or loss a/c
Bank reconciliation statement
Both a & b
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Question # 8
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 # 9
The effect of drawing on accounting equation is
Choose an answer
decrease in assets and decrease in liabilities
increase in both assets & liabilities
decrease in assets and increase in capital
none of these
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Question # 10
Adjusted ______ is used to prepare the income statement and balance sheet
Choose an answer
Trail balance
Ledger
Balance sheet
Bank statement
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Question # 11
The balance of petty cash book is a/an
Choose an answer
Asset
Liability
Expense
Income
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Question # 12
How many categories of accounts are
Choose an answer
two
three
four
five
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Question # 13
A bank reconciliation statement is prepared by:
Choose an answer
banker
Accountant of the business
Statutory auditors
Rigistar
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Question # 14
All those expenses which have not become due but paid in advance are called
Choose an answer
Accrued expenses
Outstanding expenses
Prepaid expenses
Payable expenses
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Question # 15
The book use to record all credit purchases is called:
Choose an answer
Purchases book
Purchase return book
Cash book
Creditor book
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