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 A transaction is recorded on the same days as its takes place, so  journal is also called: A day book A history book An  entry book Ledger book
2 Transaction are recorded data wise, so journal is also called: Entry book Transaction book Chronological book Voucher
3 Personal account are related to: Assets and liabilities Expenses, losses Customers, creditors etc. Incomes
4  Salary outstanding account relevant to: Representative personal account  Artificial person's account Natural persons account Nominal accounts
5 In double entry system of bookkeeping every business transaction affects: Debit or credit side of the same account Two accounts The same side of the same account None of the above
6 Book-keeping is mainly concerned with: Recording of business transactions Recording classifying and summarizing the recorded data Interpreting the recorded data None of the above
7 The errors in which amount have occurred on the opposite sides of two or more accounts and have concealed themselves in the net result, are: Error of principle Errors of omission  Errors of commission Compensating error
8 Error due to wrong allocation as expenditure between capital and revenue is regarded as: Error of omission Error of principle  Compensating errors Error of Commission
9 An expenditure incurred to the increases the profit earning of the concern is a: Revenue expenditure Current expenditure Capital receipt Capital expenditure
10 An expenditure which is incurred again and again is a: Capital expenditure Future expenditure Deferred expenditure Revenue expenditure
11 Which of the following discloses the financial position of the business: Trading account Profit and loss account Profit and loss appropriation account Balance sheet
12 The act result of the business activities is shown by: Profit and loss account Profit  and loss appropriation account Trading account Balance sheet
13 A bill of exchange contains: An unconditional order A promise A request A conditional order
14 Disagreement in balances may arise owing to mistake or mistakes in the: Cash book only Bank statement Cash book or bank statement Bank column of the cash book only
15 A copy of the customer's account in the bank's ledger is called:  Deposit statement Balance statement Bank statement Customer
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