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

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Principles of accounting Icom Part 1 English Medium Online Test

Sr. # Questions Answers Choice
1 Profit or loss appropriation account is not prepared in the case of Partnership Joint stock company Sole tradership Partnership at will
2 The price of goods sold or services rendered to the customers is called Sale Profit Expense Revenue
3 Net profit is equal to Gross profit - expenses Sales - Cost of goods sold Sales - expenses Capital - expenses
4 Cash of sales is equal to Sales - purchases Purchases - return + closing stock Opening stock + Purchases (Net) - Closing stock Sales + Opening stock - (Purchases + Closing stock)
5 Gross profit equals to Net profit minus expenses Sales minus closing stock Purchases minus closing stock Sales minus cost of goods sold
6 Which of the following discloses the financial position of the business Trading account Profit or loss account Profit or loss appropriation account Balance sheet
7 It is prepared to determine the net profit or net loss Trading account Profit or loss account Cash book Balance sheet
8 It is prepaid to determine the gross profit or gross loss Trading account Profit or loss account Balance sheet None of these
9 Unfavorable balances mean Credit balance in the pass book Credit balance in the cash book Debit balance in bank statement Both b & c
10 The favorable balance of bank statement is Credit balance Debit balance Zero balance All of these
11 The favorable balance of cash book bank column is Credit balance Debit balance Both debit and credit balance None of these
12 Bank reconciliation statement is prepared by Banker Customer's accountant Auditors Manager
13 A statement which is used to reconcile the bank balance as per cash book with the balance as per pass book is called Bank statement Income statement Bank reconciliation statement Financial statements
14 Cash account is a Personal account Nominal account Real account Both personal and real account
15 paid to Nadeem cash Rs. 5000 and a cheque for Rs. 4800 in full settlement of his dued Rs. 10000 should be credited to Cash account Bank account Discount received account All of these
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