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Online Tests
Principles of accounting Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
Goods returned by customers are
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purchases
purchases returns
sales returns
sales
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Question # 2
If sales return for Rs. 3,000 were incorrectly included in sales book, gross profit will be
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overstated by Rs. 3,000
understated by Rs. 6,000
understated by Rs. 3,000
overstated by Rs. 6,000
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Question # 3
A sale of Rs. 1000 to Farid, was credited to his account, it will affect
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Sales account
Farid account
Cash account
Both a & b
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Question # 4
It is prepaid to determine the gross profit or gross loss
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Trading account
Profit or loss account
Balance sheet
None of these
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Question # 5
Rent account' is a kind of:
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Real account
Personal account
Nominal account
Capital account
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Question # 6
If any expense omitted to be recorded it will
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Overstate the profit
Understate the profit
Both a & b
No effect on profit
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Question # 7
Some expenses are incurred at the time of the sate of an asset. The Amount will be debited to:
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Assets account
Expenses account
Cash account
Purchases account
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Question # 8
When a drawee honours his acceptance, he will credit
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Capital Account
Drawer Account
Bill Payable Account
Cash Account
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Question # 9
Wrong allocation of capital and revenue items of expenses represents
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error of casting
error of principle
compensation error
error of commission
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Question # 10
Unfavorable balances mean
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Credit balance in the pass book
Credit balance in the cash book
Debit balance in bank statement
Both b & c
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Question # 11
Distinction between capital and revenue items is important for the preparation
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Balance sheet
Trading and profit or loss a/c
Bank reconciliation statement
Both a & b
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Question # 12
Income statement is prepared to ascertain the net result of the business concern under
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British accounting system
American accounting system
Cash system of accounting
None of these
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Question # 13
Income tax paid is a
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Business expense
Revenue for business
Liability of business
Personal expense
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Question # 14
The book in which all cash transaction are primarily recorded is called
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Pass book
Cheque book
Finance book
Cash book
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Question # 15
The ______ is not a part of the permanent accounting record
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worksheet
Journal
Ledger
Trail balance
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Question # 16
Which book is used to record all cash receipts and cash payments?
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Sale book
Purchase book
Cash book
Petty cash book
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