Question # 1

Debts which are repayable in the course of less than one year bur more than one month are called

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Quick liabilities

Deferred liabilities

Contingent liabilities

Liquid liabilities

A document is sent to customer when he returns the goods is called

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Promissory note

Debit note

Currency note

Credit note

The book use to record all credit purchases is called:

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Purchases book

Purchase return book

Cash book

Creditor book

An expenditure, which is temporarily increase the profit making capacity of the business is called

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Deferred expenditure

Capital expenditure

Revenue expenditure

Non-recurring expenditure

Net Profit is transferred to

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Trading Account

Balance Sheet

Capital a/c

Trial Balance

Sales returns book periodical total is posted to

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Debit of returns inwards account

Credit of returns inwards account

Debit of returns outwards account

Credit of returns outwards account

If any expense omitted to be recorded it will

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Overstate the profit

Understate the profit

Both a & b

No effect on profit

The book which is used to record all goods returned to us by our customers is called

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Returns outwards book

Returns inwards book

Sales book

Cash book

The periodical total of purchases book is posted to the

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Debit of purchases account

Credit of purchases account

Credit of cash account

Debit of sales account

The cash book is a book of

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Compound entry

Original entry

Final entry

Simple entry

Capitalized expenditure are shown in

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Trading a/c

Profit or loss a/c

Income statement

Balance sheet

Net Sales represent

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Sales - return outwards

Sales - return inwards

Sales - return to supplier

both b and c

A Ledger is a book in which

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Only Personal & Cash Accounts are Opened

Only Real Accounts are Opened

Only Nominal Accounts are Opened

All Real, Nominal and Personal Accounts are Opened

Petty cash book is a branch of

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Pass Book

Cash Book

Journal

Ledger

Patent is an example of

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Assets

Liabilities

Income

Expense

Unfavourable balance means

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Credit Balance in the Pass Book

Credit Balance in the Cash Book

Debit Balance in Bank Statement

Both b and c

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

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