Question # 1

A transaction is recorded on the same days as its takes place, so journal is also called:

Choose an answer

A day book

A history book

An entry book

Ledger book

Deprecation is

Choose an answer

A Liability

A loss

An expense

Both b & c

When cheque received, and deposited into bank, bank account must be

Choose an answer

Credited

Debited

Both debited & credited

None of these

Income tax paid is a

Choose an answer

Business expense

Revenue for business

Liability of business

Personal expense

Receipts, which are non-recurring by nature, are called

Choose an answer

revenue receipts

current receipts

capital receipts

capital profit

Assets come into existence upon the happening of a certain event, are called:

Choose an answer

Fixed assets

Fictitious assets

Floating assets

Contingent assets

Premium on issue of shares of a company represents

Choose an answer

capital loss

capital profit

capital payment

none of these

______ is prepared to avoid errors in the permanent records of accounting

Choose an answer

Work sheet

Ledger

Bank statement

Balance sheet

The periodical total of purchases returns book is posted to

Choose an answer

Debit of returns outwards account

Credit of returns inwards account

Debit of returns inwards accounts

Credit of returns outwards account

Retiring a bill under rebate means:

Choose an answer

Making payment for the bill before the due date

Making payment for the bill after the due date

Dishonouring bill

None of the above

Cheques issued to a creditor but not presented for payment are called

Choose an answer

Un Credited Cheques

Uncollected Cheques

Un Presented Cheques

Dishonoured Cheques

Bank account is a:

Choose an answer

Personal account

Real account

Nominal account

None of these

Net sales equal to

Choose an answer

Sales - Returns outwards

Sales + Returns inwards

Sales - Returns inwards

Purchases - Returns inwards

Error of posting effects:

Choose an answer

One account

Two accounts

Three accounts

Four accounts

An expenditure, which is incurred to increase to profit earning capacity of a business concern, is called

Choose an answer

Deferred expenditure

Current expenditure

Capital expenditure

Recurring expenditure

In the preparation of the worksheet the amounts on the trail balance columns are taken directly from

Choose an answer

Journal

Ledger

Trail balance

Transaction

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