Question # 1

Ahmed's cheque endorse to Akbar should be debited to

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Cash account

Cheque account

Akbar's account

Ahmed account

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

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

If the total of the credit side of an account exceeds that of debit side of the same account, it is called

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Credit Balance

Debit Balance

Balancing

Zero Balance

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

Journal is prepared in

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Columnar form

Vertical form

Horizontal form

Row form

All those expenses which have not become due but paid in advance are called

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Accrued expenses

Outstanding expenses

Prepaid expenses

Payable expenses

The first successful step of Double Entry System is

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Leger

Journal

Final Account

Trial Balance

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

The act of withdrawing a bill of exchange from circulation when it had been paid before the due date

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Renewal of a Bill

Discounting of a Bill

Endorsement of a Bill

Retiring of a Bill

A balance sheet is a

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Statement of income and expenditure

Statement of debtors and creditors

Financial statement of a business on a particular date

Statement of profit earned by a busniess

Which book is used to record all credit purchases?

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Purchases book

Purchases book return

Cash book

Debit note book

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

Financial accounting is mainly confined to preparation of:

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Manufacturing statement

Financial statements

Production statement

Sale statement

The process of totaling the data at the end of the period is called

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Posting

Casting

Compensating

Recording

Interest on drawing is debited to

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Capital

Drawings

Sundry Creditors

Outstanding expense

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

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