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Online Tests
Principles of accounting Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
The amount by which the revenue for a particular period of time exceed from expenses incurred to generate them is called
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Gross income
Net income
Revenue
Expenses
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Question # 2
Cash account is concerned with:
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Real account
Personal account
Nominal account
Capital account
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Question # 3
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
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Question # 4
Patent is an example of
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Assets
Liabilities
Income
Expense
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Question # 5
All the acceptances received from the debtors are recorded in
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Cash book
Bills payable book
Debtor's book
Bills receivable book
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Question # 6
Receipts which are non-recurring by nature:
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Capital receipts
Revenue receipts
Short term receipts
Capital profit
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Question # 7
Adjusted ______ is used to prepare the income statement and balance sheet
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Trail balance
Ledger
Balance sheet
Bank statement
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Question # 8
A credit sale was wrongly passed through purchases book, the rectification of the entry will:
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Increase the net profit by, double amount
Decrease the net profit
Decrease the net profit by double amount
Have no effect on the net profit
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Question # 9
If the total of the credit side of an account exceeds that of debit side of the same account, it is called
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Credit Balance
Debit Balance
Balancing
Zero Balance
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Question # 10
Net profit plus expenses is equal to
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purchases
Cost of goods sold
Capital
Gross profit
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Question # 11
Which of the following normally has a credit balance
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Machinery a/c
Purchases a/c
Stock a/c
Sales a/c
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Question # 12
The cash book is a book of
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Compound entry
Original entry
Final entry
Simple entry
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Question # 13
Expenditure, which helps to maintain the business efficiency is called
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Revenue expenditure
Deferred expenditure
Capital expenditure
Future expenditure
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Question # 14
Personal account are related to:
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Assets and liabilities
Expenses, losses
Customers, creditors etc.
Incomes
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Question # 15
Income statement is prepared to ascertain the net result of the business concern under
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British accounting system
American accounting system
Cash system of accounting
None of these
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Question # 16
Narration is always written:
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Above each entry
Below each entry
Between of each entry
None of these
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