11th Class ICom Part 1 Principles of Accounting Chapter Wise Online MCQ Test With Answers PDF

Principles of accounting Icom Part 1 English Medium Online Test

Sr. #	Questions	Answers Choice
1	The money with which business is started is known as:	Capital Creditor Income Debtor
2	Rent account' is a kind of:	Real account Personal account Nominal account <div>Capital account</div>
3	The creditor of the business are called:	Assets Liabilities Capital  Income
4	The const concept applied only to the assets and not to:	Expenses Liabilities Incomes None of these
5	Financial accounting is mainly confined to preparation of:	Manufacturing statement Financial statements Production statement Sale statement
6	The concession given by the supplier to the buyer on purchases of good is known as:	Sales discount Trade discount Purchase discount Discount received
7	The excess of gross profit on sale over total operating expenses is called:	Cost of goods sold Gross profit Net profit None-operating income
8	All the direct expenses are charged to:	Balance sheet Profit and loss account Trading account None of these
9	Retiring a bill under rebate means:	Making payment for the bill before the due date Making payment for the bill after the due date Dishonouring bill None of the above
10	All the time of endorsement of a bill the drawer credits:	The drawee account The endorser's personal account Bill receivable account Endorser's account
11	When boan statement shown a debit total balance it means:	Overdraft  as per cash book Unfavourable balance as per cash book Favourable balance as per cash book Overdraft as per bank statement
12	When ban column of a cash book shows a debit balance it means:	Overdraft as per bank Unfavourable balance as per cash book Favourable balance as per cash book Favourable balance as per pass book
13	Discount deducted from the catalogue or list price is called:	Trade discount Cash discount Catalogue discount Credit discount
14	The document evidencing cash receipts and payments and forming the basis for making entries in the cash book is called:	Receipt voucher Payment voucher Cash voucher Cash memo
15	In journalizing the page numbers of the ledgers are written in:	The first column of journal The second column of journal The third column of journal The fourth column of journal

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