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 All cash purchases and cash sales are recorded in: Sales book Purchases book Both a & b Cash book
2 Journal shows all necessary information regarding. The document A transaction The accounting Meeting
3 Accounts relating to persons of firms are called: Real accounts Proprietary accounts Personal accounts Nominal accounts
4 Events which are related with money are called: Monetary events Non - monetary events None-social events Political events 
5 The recording of transaction chronologically in the book  of accounts is called: Summarizing Classifying Recording None of above
6 The system of recording transaction based on dual concept is called Double account system Double entry system Single entry system Management system
7 If sales return for Rs. 3,000 were incorrectly included in sales book, gross profit will be overstated by Rs. 3,000 understated by Rs. 6,000 understated by Rs. 3,000 overstated by Rs. 6,000
8 Which account will be created in the presence of suspense account, if sales book is undercast by Rs. 500 suspense A/c sales A/c cash A/c none of above
9 If the error committed in the capital account, it will affect trading account profit & loss account trading and profit & loss account balance sheet
10 Any difference in trial balance is transferred to sales account nominal account purchases account suspense account
11 Goods sold to Ali for Rs. 50,000 recorded in purchases day book will affect purchases A/c sales account purchases, sales & Ali account purchases & sales account
12 The process of totaling the data at the end of the period is called posting casting compensating recording
13 Suspense means certainty uncertainty surly none of these
14 Wrong allocation of capital and revenue items of expenses represents error of casting error of principle compensation error error of commission
15 An error completely omitted to be entered in the journal partial error error of posting error of casting complete error
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