Question # 1

A Ledger is a book in which

Choose an answer

Only Personal & Cash Accounts are Opened

Only Real Accounts are Opened

Only Nominal Accounts are Opened

All Real, Nominal and Personal Accounts are Opened

The valuation of closing stock is at

Choose an answer

Cost price

Market price

Cost or market price whichever is lower

Cost or market price whichever is higher

Which one of the following is appeared in the balance sheet ?

Choose an answer

revenue expenditure

capital expenditure

deferred revenue

both b,c

If any income omitted to be recorded it will

Choose an answer

Overstate the profit

Understate the profit

Both a & b

having no effect on profit

The account of depreciation of building of Rs. 30,000 at 5% p.a. will be

Choose an answer

Rs. 20,00

Rs. 15,00

Rs. 25,00

Rs. 5,00

The person to whom bill is transferred will become

Choose an answer

Endorser

Creditor

Debtor

Endorsee

A bill of exchange is drawn by:

Choose an answer

A debtor

A creditor

A holder

Endorsee

Financial accounting is mainly confined to preparation of:

Choose an answer

Manufacturing statement

Financial statements

Production statement

Sale statement

The periodical total of purchases book is posted to the

Choose an answer

Debit of purchases account

Credit of purchases account

Credit of cash account

Debit of sales account

Bad debts are business

Choose an answer

Expenses

Liabilities

Assets

Revenue

Goods sold to Ali for Rs. 50,000 recorded in purchases day book will affect

Choose an answer

purchases A/c

sales account

purchases, sales & Ali account

purchases & sales account

A document evidencing cash receipts and payments and forming the basis for making entries in the cash book is called

Choose an answer

Receipt voucher

Cash voucher

payment voucher

Cash memo

Unearned income are known as:

Choose an answer

Incomes

Expenses

Liabilities

Assets

Accommodation bills are drawn accepted and endorsed

Choose an answer

Without any Consideration

for some Consideration

for Quarter Consideration

none of the above

The person to whom a bill is addressed is the:

Choose an answer

Debtor

Creditor

Holder

Agent

All the transactions related to credit sales are recorded in

Choose an answer

Sales returns book

Sales book

Cash book

Credit note book

More Classes

Other Links

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

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer