Question # 1

Bad debts are

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deferred expenditure

revenue expenditure

capital expenditure

none of these

Receipts which are non-recurring by nature:

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Capital receipts

Revenue receipts

Short term receipts

Capital profit

Usually every ______ entry affect both income statement and balance sheet

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Adjusting

Work sheet

Balance sheet

Ledger

Allowance for discount on account receivable is calculated on the amount of account receivable

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Before deducting the allowance for doubtful debts

Left after deducting the allowance for doubtful debts

Before deducting the actual bad debts

None of these

Office rent is a

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Financial Expense

Abnormal Loss

Management Expense

Maintenance Expense

Capital contributed by the partners is a:

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Revenue receipt

Capital receipt

Current receipt

Deferred receipt

The expenses which are incurred for the generation of revenues from the sales of goods are called

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Non-operating expenses

Selling expenses

Operation expenses

Administrative expenses

Accommodation bills are drawn accepted and endorsed

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Without any Consideration

for some Consideration

for Quarter Consideration

none of the above

Net profit plus expenses is equal to

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purchases

Cost of goods sold

Capital

Gross profit

Cost of redecorating a cinema hall is a

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Capital expenditure

Capital loss

Revenue expenditure

None of these

Errors of omission affects

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One account

Two account

Three account

None of these

Transaction, having short-term effects are known as

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Revenue transaction

Capital transaction

Non-monetary transaction

Paper transaction

The effect of drawing on accounting equation is

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decrease in assets and decrease in liabilities

increase in both assets & liabilities

decrease in assets and increase in capital

none of these

______ must be prepaid for testing ledger accounts, adjusting entries and financial statement

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Work sheet

Balance sheet

Bank statement

Trail balance

A Ledger is a book in which

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Only Personal & Cash Accounts are Opened

Only Real Accounts are Opened

Only Nominal Accounts are Opened

All Real, Nominal and Personal Accounts are Opened

Goods purchased from Robin have been posted to Rahim account, it is an:

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Error of omission

Error of casting

Error of posting

Error of commission

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

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