Question # 1

An expenditure, which is temporarily increase the profit making capacity of the business is called

Choose an answer

Deferred expenditure

Capital expenditure

Revenue expenditure

Non-recurring expenditure

Net Profit is transferred to

Choose an answer

Trading Account

Balance Sheet

Capital a/c

Trial Balance

The Legal tenor of a bill is

Choose an answer

Sixty Days

One Month

Eighty Days

Ninety Days

Unfavorable balances mean

Choose an answer

Credit balance in the pass book

Credit balance in the cash book

Debit balance in bank statement

Both b & c

The balance of the trading account is the transferred to:

Choose an answer

Profit and loss account

Balance sheet

Work sheet

Position statement

The process of totaling the data at the end of the period is called

Choose an answer

posting

casting

compensating

recording

A prepaid expense is

Choose an answer

An asset

A liability

An expense

An income

An expenditure, which increases the utility or productive capacity of an asset is treated as

Choose an answer

Revenue expenditure

Capital expenditure

Deferred expenditure

None of these

An expenditure, which is completely exhausted with in the current accounting period is known as

Choose an answer

Deferred expenditure

Revenue expenditure

Future expenditure

Non-recurring expenditure

Interest on drawings is

Choose an answer

An asset

A liability

An expense

A revenue

It is used to record only cash receipts and payments

Choose an answer

Single column cash book

Double column cash book

Treble column cash book

Sales book

Bookkeeping provides the

Choose an answer

primary information

secondary information

final information

insufficient information

A bill of exchange is a / an

Choose an answer

Promise

Unconditional Order

Request

Conditional Order

Any mistake in ledger can be easily detected with the help of:

Choose an answer

Journal

Balance sheet

Trial balance

Financial statement

Which account will be created in the presence of suspense account, if sales book is undercast by Rs. 500

Choose an answer

suspense A/c

sales A/c

cash A/c

none of above

Capital contributed by the partners is a:

Choose an answer

Revenue receipt

Capital receipt

Current receipt

Deferred receipt

More Classes

Other Links

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

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer