Question # 1

The cash book is a book of

Choose an answer

Compound entry

Original entry

Final entry

Simple entry

In three column cash book, discount column is

Choose an answer

Totaled

Balanced

Carry Forward

Both a and b

A double column cash book is used to record

Choose an answer

Cash transactions only

Cash and bank transaction

Cash, bank and discount transaction

None of these

Gross profit represents

Choose an answer

Opening stock + purchases

closing stock + direct expenses - sales

closing stock-purchases-direct expenses + sales

purchases - sales

Transaction, having short-term effects are known as

Choose an answer

Revenue transaction

Capital transaction

Non-monetary transaction

Paper transaction

The profit which is earned during the ordinary course of business is regarded as:

Choose an answer

Capital profit

Revenue profit

Revenue loss

Long term profit

Our cheque to Babar & Bros, returned dishonoured should be credited to

Choose an answer

Cheque Account

Cash Account

Bank Account

Babar & Bros A/c

Discount deducted from the catalogue or list price is called:

Choose an answer

Trade discount

Cash discount

Catalogue discount

Credit discount

The act result of the business activities is shown by:

Choose an answer

Profit and loss account

Profit and loss appropriation account

Trading account

Balance sheet

All the bills given to the creditors are recorded in

Choose an answer

Creditor's book

Bills payable book

Bills receivable book

Bank book

paid to Nadeem cash Rs. 5000 and a cheque for Rs. 4800 in full settlement of his dued Rs. 10000 should be credited to

Choose an answer

Cash account

Bank account

Discount received account

All of these

When ban column of a cash book shows a debit balance it means:

Choose an answer

Overdraft as per bank

Unfavourable balance as per cash book

Favourable balance as per cash book

Favourable balance as per pass book

Sales are equal to

Choose an answer

Cost of goods sold + Profit

Gross profit - cost of goods sold

Cost of goods sold - gross profit

None of these

The favorable balance of bank statement is

Choose an answer

Credit balance

Debit balance

Zero balance

All of these

Left hand side of an account is called

Choose an answer

Debit Side

Credit Side

Both a & b

None of these

The transaction for which non separate book is maintained are recorded in:

Choose an answer

Journal proper

Bills receivable book

Bills payable book

Cash 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