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

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Principles of accounting Icom Part 1 English Medium Online Test

Sr. # Questions Answers Choice
1 In form journal, the first column represents: Ledger Folio Data Amount Debit
2 Cash account is concerned with: Real account Personal account Nominal account Capital account
3 The rules of the debiting the receiving and crediting the giver is applicable to: Persona account Real account Nominal account Expense account
4 In accounting all business transactions are recorded which have: Dual aspect Single aspect  None of the above Economic aspect
5 When saleable goods are bought in a business are called: Sales  Purchase Assets Goods
6 The owner of the business is known as: Sale man Agent Proprietor Employee
7 All those expenses which are incurred to convert raw-materials into finished goods are called: Direct expenses Indirect expenses Administrative expenses Sales expenses
8 A many buy  Rs. 40,000 worth good and sells them for Rs. 50,000. His gross profit is: Rs.10,000 Rs.20,000 Rs,30,000 Rs. 40,000
9 When a bill is discharged the acceptor debits: Creditors account Cash account Bill payable account Bill receivable account
10 At the time of drawing a bill the drawer credits: Debtors account Creditors account bill receivable account Suppliers account
11 When bank column of a cash book shows a credit balance, it means: Cash balance Bank balance Under draft Over draft
12 A bank reconciliation statement is  prepared by: banker Accountant of the business Statutory auditors Rigistar
13 Subsidiary books are called the book of: Original entry Secondary entry Temporary entry Basic entry
14 The transaction for which non separate book is maintained are recorded in: Journal proper Bills receivable book Bills payable book Cash book
15 A Journal is generally kept on: A columnar basis A row basis A single line basis Vertical basis
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