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 Narration is always written: Above each entry Below each entry Between of each entry None of these
2 Nominal account are related to: Assets and liabilities Expenses, losses and incomes Customers, creditors etc Capital account
3 Real accounts are related to: Assets Expenses,  losses and incomes Customers,  creditors Incomes
4 The concept of conservation will have the effect of: Understatement of assets Under statement of liabilities Overstatement of assets None of the above
5 Any activity undertaken for the purpose of earning profit is called: Performance Dealing Business Duties
6 Which cash is paid or received in an exchange the transaction is called: Sale transaction  Cash transaction Credit transaction None of the above
7 The expenditures which reduce revenue (profit) of the business are: Revenue expenditures Capital expenditure Fixed expenditures Future expenditures
8 The balance of the trading account is the transferred to: Profit and loss account Balance sheet Work sheet Position statement
9 Trading account is the account which is prepared to determine the: 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
10 Bill receivable account is a: Nominal account Personal account Real account Expenses account
11 A bill of exchange is drawn by: A debtor A creditor A holder Endorsee
12 Bank account is a: Personal account Real account Nominal account None of these
13 The statement which contains the explanation of different in  cash book and bank statement is known as: Bank statement Cash statement Balance statement Bank reconciliation statement
14 All the transactions recorded to credit sales are recorded in: Sale return book Sales book Cash book Debtor's book
15 The book use to record all credit purchases is called: Purchases book Purchase  return book Cash book Creditor book
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