Question # 1

All the bills given to the creditors are recorded in

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Creditor's book

Bills payable book

Bills receivable book

Bank book

Subsidiary books are called books of

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Original entry

Secondary entry

Final entry

Basic entry

When boan statement shown a debit total balance it means:

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Overdraft as per cash book

Unfavourable balance as per cash book

Favourable balance as per cash book

Overdraft as per bank statement

Accounting principles can be classified in

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three types

two types

five types

six types

Book used to record petty expenses and receipts

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Single Column Cash Book

Petty Cash Book

Double Column Cash Book

Treble Column Cash Book

It is the price of goods sold or services provided by a business to its customers

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Asset

Cost

Capital

Revenue

Profit or loss appropriation account is not prepared in the case of

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Partnership

Joint stock company

Sole tradership

Partnership at will

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

Bank reconciliation statement is prepared by

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Banker

Customers Accountant

Auditor

Manager

When a drawee honours his acceptance, he will credit

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Capital Account

Drawer Account

Bill Payable Account

Cash Account

Error of posting effects:

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One account

Two accounts

Three accounts

Four accounts

Assets come into existence upon the happening of a certain event, are called:

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Fixed assets

Fictitious assets

Floating assets

Contingent assets

Profit & Loss a/c is prepared to ascertain

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Gross Profit

Net Profit

Gross Loss

Real Profit

Goods purchased from Robin have been posted to Rahim account, it is an:

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Error of omission

Error of casting

Error of posting

Error of commission

The errors in which amount have occurred on the opposite sides of two or more accounts and have concealed themselves in the net result, are:

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Error of principle

Errors of omission

Errors of commission

Compensating error

Cost of goods sold is equal to

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sales - purchases

purchases + closing stock - returns outwards

Opening stock - closing stock + purchase + returns inwards

Opening stock + purchases - returns outwards - closing stock

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

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