Question # 1

The const concept applied only to the assets and not to:

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Expenses

Liabilities

Incomes

None of these

The cash book is a

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Subsidiary Journal

Ledger Account

Subsidiary Journal and Ledger

Trial Balance

The Amount of salary paid to Sohail should be debited to

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Sohail's a/c

Cash Account

Salaries a/c

Both a & c

Financial statement is prepared from the amount given in

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Trail balance columns

Adjustments columns

Cash columns

Adjusted trail balance columns

An Entry which is recorded on the both sides of cash book is called

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Simple Entry

Compound Entry

Combined Entry

Contra Entry

Errors which affect one account can be

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errors of principle

errors of posting

errors of omission

none of these

How many columns are drawn on one side of three column cash book ?

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Five Columns

Six Columns

Seven Columns

Eight Columns

Retiring a bill under rebate means:

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Making payment for the bill before the due date

Making payment for the bill after the due date

Dishonouring bill

None of the above

All the transactions recorded to credit sales are recorded in:

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Sale return book

Sales book

Cash book

Debtor's book

The book which is used to record all goods returned by us to our supplier is called

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Returns inwards book

Purchases book

Return outwards book

Sales book

Cash of sales is equal to

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Sales - purchases

Purchases - return + closing stock

Opening stock + Purchases (Net) - Closing stock

Sales + Opening stock - (Purchases + Closing stock)

A prepaid expense is

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An asset

A liability

An expense

An income

Received a cheque from Bilal Rs. 1900 in ful settlement of his debt Rs. 2000 should be debited to

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Cash account

Discount allowed account

Bank account

Both a & b

Capital contributed by the partners is a:

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Revenue receipt

Capital receipt

Current receipt

Deferred receipt

An income which has earned but not received is called

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Unearned income

Accrued revenue

Revenue received in advance

None of these

Excise duty is a

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Direct revenue

Indirect revenue

Direct expense

Indirect expense

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

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