Question # 1

The time after which the bill is to be paid

Choose an answer

Grace Days

Tenor

Due Date

Extra Days

Disagreement in balances may arise owing to mistake or mistakes in the:

Choose an answer

Cash book only

Bank statement

Cash book or bank statement

Bank column of the cash book only

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

Bad debts are

Choose an answer

Deferred expenditure

Revenue expenditure

Capital expenditure

None of these

Cash account is concerned with:

Choose an answer

Real account

Personal account

Nominal account

Capital account

Wages paid for installing a machine should be debited to

Choose an answer

Wages a/c

Cash a/c

Machinery a/c

none of these

Worksheet provides complete information for preparing

Choose an answer

Income statement

Position statement

Financial statement

Bank reconciliation statement

A ______ is a large columnar sheet of paper

Choose an answer

Worksheet

Balance sheet

Journal

None of these

The favorable balance of cash book bank column is

Choose an answer

Credit balance

Debit balance

Both debit and credit balance

None of these

Subsidiary books are called the book of:

Choose an answer

Original entry

Secondary entry

Temporary entry

Basic entry

The ______ is not a part of the permanent accounting record

Choose an answer

worksheet

Journal

Ledger

Trail balance

Our cheque to Babar & Bros, returned dishonoured should be credited to

Choose an answer

Cheque Account

Cash Account

Bank Account

Babar & Bros A/c

Cost of redecorating a cinema hall is a

Choose an answer

Capital expenditure

Capital loss

Revenue expenditure

None of these

From business point of view, Interest on capital is considered as

Choose an answer

An income

An expense

A profit

A liability

An expenditure, incurred to improve the position of the business is known as

Choose an answer

Deferred expenditure

Revenue expenditure

Capital expenditure

Recurring expenditure

Error of principle involves an incorrect allocation of expenditure or receipt between.

Choose an answer

Capital and revenue

Capital and capitalized

Revenue and deferred revenue

Revenue and revenue

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