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 Received a cheque from Bilal Rs. 1900 in ful settlement of his debt Rs. 2000 should be debited to Cash account Discount allowed account Bank account Both a & b
2 Ahmed's cheque endorse to Akbar should be debited to Cash account Cheque account Akbar's account Ahmed account
3 Our cheque to Ali & Bros, returned dishonored should be credited to Cheque account Cash account Bank account Ali & Bros account
4 When cash is withdrawn from the bank for the personal use of the owner, must be debited to Cash account Bank account Drawings account Capital account
5 When cheque received, and deposited into bank, bank account must be Credited Debited Both debited & credited None of these
6 The money can be deposited into bank by means of Cash book Cheque book Pay-in-slip book Pass book
7 An entry which is recorded on the both sides of cash book is called Simple entry Compound entry Combined entry Contra entry
8 It is used to record cash, bank and discount transactions on debit and credit side Single column cash book Petty cash book Double column cash book Treble column cash book
9 A double column cash book is used to record Cash transactions only Cash and bank transaction Cash, bank and discount transaction None of these
10 It is used to record only cash receipts and payments Single column cash book Double column cash book Treble column cash book Sales book
11 .The cash book is a Subsidiary journal Ledger account Subsidiary journal and ledger Trial balance
12 Credit purchases are recorded in Purchases book Creditors book Cash book Purchases returns book
13 A cash account always shows Debit balance Credit balance Both debit and credit balance Nil balance
14 All cash purchases and cash sales are recorded in Cash book Purchases book Sales book Purchases and sales book
15 A document evidencing cash receipts and payments and forming the basis for making entries in the cash book is called Receipt voucher Cash voucher payment voucher Cash memo
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