Question # 1

A trial balance can be constructed by

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Three Methods

Two Methods

Four Methods

Five Methods

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

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Deferred expenditure

Current expenditure

Capital expenditure

Recurring expenditure

Allowance for doubtful debts normally has a

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Debit balance

Credit balance

Both debit & credit balance

None of these

Which one of the following is not considered the permanent part of the accounting record?

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Journal

Trail balance

Ledger

Work sheet

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

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Journal

Ledger

Trail balance

Transaction

Expired cost of fixed assets means

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Appreciation

Amortization

Depreciation

None of these

The act result of the business activities is shown by:

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Profit and loss account

Profit and loss appropriation account

Trading account

Balance sheet

Which one of the following is a direct expense?

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Packing expense

Advertisement expense

Manufacturing expense

Traveling expense

Preliminary expenses incurred before the commencement of business

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revenue expenditure

capital expenditure

deferred revenue expenditure

capital loss

Trading account is the account which is prepared to determine the:

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Only gross profit of the business

Only gross loss of the business

Gross pro0fit or the gross loss of the business

None of the above

A table lost by fire should be debited to

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Table a/c

Furniture a/c

Loss by Fire a/c

Purchases a/c

If the balance of suspense account is credit then it will be shown in balance sheet on

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Asset side

Asset and liability side

Asset and capital side

Capital and liability side

A Ledger is a book in which

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Only Personal & Cash Accounts are Opened

Only Real Accounts are Opened

Only Nominal Accounts are Opened

All Real, Nominal and Personal Accounts are Opened

The creditor of the business are called:

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Assets

Liabilities

Capital

Income

All cash purchases and cash sales are recorded in

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Cash book

Purchases book

Sales book

Purchases and sales book

Cash account is a:

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Personal account

Real account

Nominal account

Both real and personal account

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

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